Bahrain’s Al Waha has announced that it is making a substantial investment in the Bedaya Fund I, a seed-stage fund by venture capital firm Shorooq Partners. The investment comes off as a renewed sign of confidence in the region’s startup sector even as the street virus from China continues to wreak havoc on the global economy.
In other words, the addition of Shorooq Partners to Al Waha’s portfolio underlines that despite the COVID-19 pandemic, investors are stilling looking for new opportunities to support the startup ecosystem — more so in sectors like FinTech and HealthTech that have so far played a key role during the ongoing crisis.
Areije Al Shakar, Fund Director at Al Waha Fund of Funds, said, “Startups have a major role to play in accelerating the GCC economy during the ongoing global health crisis, and we are proud to partner with a regional firm that understands the importance of backing new ventures at the earliest of stages.”
Shorooq Partners focuses on early-stage MENA-based tech startups in FinTech, software, and other tech-enabled businesses. The fund particularly emphasizes on the up-and-coming startups from Bahrain, Egypt, Jordan, Saudi Arabia, and the UAE.
Al Sharkar added: “Shorooq Partners has gone from success to success by investing in fast-growth sectors such as FinTech and software, and here at Al Waha we look forward to supporting the next phase of that growth. […] This partnership also shows that Bahrain is not only an attractive investment option for international venture capitalists, but also for those already based in the Middle East and looking to expand their reach within the region.”