Al Waha Fund of Funds

Overview

Established in 2018, Al Waha Fund of Funds is a $100 million initiative aimed at fostering a dynamic venture capital community in the MENA region. The government-led fund focuses on investing in venture capital funds that directly invest in or have a strategic interest in the MENA region, particularly at seed, early, and growth stages. With a sector emphasis on technology, fintech, and smart cities, Al Waha seeks to bolster the startup ecosystem by supporting venture capital investors and positioning Bahrain and the wider region as hubs for technological innovation. The fund's investment strategy involves backing venture capital funds that either invest in technology businesses or deliver strategic impact through their networks and expertise. By providing access to its portfolio of venture capital managers and limited partners, Al Waha offers a unique platform for venture capitalists, granting them ecosystem support in Bahrain, partnership opportunities, and networks. The investment period is five years, with a fund term of 10 years and two possible extensions of one year each from its close on April 30, 2018. As of April 30, 2023, Al Waha Fund of Funds has completed its investment period. The fund has invested in several regional and global venture capital funds, including BECO Capital, Middle East Venture Partners, 500 Startups, Finch Capital, and MSA Capital. These investments aim to bridge markets and support the growth of innovative tech entrepreneurs across the MENA region. The fund is managed by Bahrain Development Bank and backed by limited partners such as Bahrain Mumtalakat Holding Company (Mumtalakat), Batelco, National Bank of Bahrain, Tamkeen, and Osool Asset Management.

Investment Focus

• Commitment to support Bahrain-based startups through mentorship and knowledge transfer
• Strong team dynamics, skills, and expertise
• Investment strategy focused on innovative technology with preference for the MENA region
• Creating greater access to funding through venture capital in Bahrain and MENA
• Strong investment track record, portfolio, and risk management
• Stimulate startup growth through building bridges and providing access to markets
• Investment strategy focused on innovative technology with a preference for the MENA region

Portfolio Companies