Bahrain Mumtalakat Holding Company, the sovereign wealth fund
of the Kingdom of Bahrain, in partnership with the Labour Fund (Tamkeen) announces its
sponsorship of the “Startup of the Year” competition for the second consecutive year, following the
successful launch of the competition’s inaugural edition.
As part of this collaboration, Mumtalakat will conduct a comprehensive feasibility study of winning
companies from last year’s StartUp Bahrain Pitch events. Based on this assessment, Mumtalakat will
select one or more companies deserving of the esteemed title of “Startup of the Year” and invest in
them via direct capital injections, subject to a predetermined set of pre-approved terms and
conditions, in light of this evaluation.
Commenting on this occasion, His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, CEO of
Mumtalakat, said, “We are pleased to collaborate again with the Labour Fund (Tamkeen) through
the Startup Bahrain platform for the opportunity to identify innovative and pioneering startups
locally. Following the success of last year’s inaugural edition of the competition, in which ‘Lumofy’
and ‘Early Riser’were announced as winners, Mumtalakat will provide the necessary support to help
this year’s winners achieve growth and success”.
“This aligns with Mumtalakat’s ongoing efforts to support the national economy by investing locally
in innovative and promising projects that will generate employment opportunities, promote
economic diversification, and enhance the role of public and private sector partnerships in the
Kingdom,” he added.
Tamkeen Chief Executive, Her Excellency Ms. Maha Abdulhameed Mofeez, expressed her
enthusiasm to collaborate once again with Mumtalakat within this strategic initiative that aims to
enhance entrepreneurship in the Kingdom and create a supportive and nurturing ecosystem for
entrepreneurs in Bahrain.
She added, “The Startup Bahrain Pitch initiative was launched to address the challenges faced by
startups in obtaining the necessary funding to expand their projects. This initiative has also
contributed to equipping many entrepreneurs with the skills required to present their projects to
attract potential investors with at the hands of entrepreneurship experts and specialists. We are
proud of the innovative Bahraini startups that have achieved their funding goals and expanded their
projects through this initiative and look forward to the participation of more entrepreneurs in this
year’s second edition.”
This collaboration underscores Mumtalakat and Tamkeen’s commitment to fostering innovation,
nurturing the spirit of entrepreneurship, and contributing to achieving economic diversification in
the Kingdom by leveraging their respective expertise and resources within the “Team Bahrain” to
create an empowering environment for startups to thrive, grow, and contribute to enhancing
national economic growth.
More than 100 entrepreneurs have gained valuable experience through the training program, which
emphasises investment strategies, business expansion, and project development, with 82
entrepreneurs successfully qualifying for the pitch events since the StartUp Bahrain Pitch initiative’s
inception. The Labour Fund (Tamkeen) provides a variety of programs designed to support diverse
enterprises and strengthen the private sector’s role as a key driver of economic growth in the
Kingdom. In addition, Tamkeen offers employment and career development initiatives aimed at
positioning Bahraini talent as the preferred choice for employment.
