MANAMA: Bahrain’s Al Waha Fund of Funds has invested in BY Venture Partners’ new $50 million fund.

Declining to disclose the size of its outlay in BY Fund II, Al Waha said it has deployed 60 per cent of its $100m corpus in nine venture capitalists (VCs) since inception.

The fund aims to back companies that will help fuel the region’s transformation across industries that have been impacted by the pandemic.

With the Al Waha partnership, BY aims to bridge the funding gap between start-ups in Bahrain and the Mena region and global markets.

The partners have developed a detailed ecosystem support programme for start-ups in Bahrain, which includes coaching, mentorship, and connecting local start-ups with a network of advisors and investors.

In addition, BY will collaborate with Al Waha’s group of local partners on direct co-investment opportunities.

Areije Al Shakar, fund director at Al Waha Fund of Funds, said: “Our investment in BY Venture Partners bridges the gap between start-ups in Bahrain and the Mena region and global markets, offering mentorship and networking opportunities in addition to a collaborative ecosystem. With a business-friendly environment and substantial amount of tech talent, Bahrain is attracting worldwide interest as a digital innovation hub in the region.”

Backed by a network of operators and industry groups, BY has recently moved its head office to Hub71 in Abu Dhabi.

New investments made through the VC have capitalised on the accelerating tech trends disrupting industries such as retail, financial services, food-tech, mobility and healthcare.

Also commenting was Abdallah Yafi, co-founder and managing partner at BY Venture Partners, who said: “We’ve reached a tipping point for tech investments in MENA and this is a fascinating time for start-ups in the Middle East. Bahrain has become an attractive destination for founders today and we’ve seen strong companies across industries emerge as winners from the Bahraini ecosystem.”

avinash@gdn.com.bh

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