The fund was launched at a forum in Manama in May
Bahrain’s Al Waha Fund of Funds has successfully closed its $100 million fundraising round, the Bahrain Development Bank (BDB) announced on Sunday.
In a statement, the BDB noted that the limited partners’ advisory committee met for the first time last week to close the $100 million, setting the strategic direction of the fund.
During the meeting, the committee also approved the allocation of $35 million into a series of venture funds. The LPs include Mumtalakat, National Bank of Bahrain, Batelco Group, Tamkeen and BDB, amongst others and where BDB is the GP managing the fund.
“We are very pleased to announce the successful closure of the fund and we have already made encouraging progress in allocating the capital raised,” said Sheikh Mohammed bin Essa Al Khalifa, chairman of the Al Waha Fund of Funds advisory committee.
“One of the key constraints on the development of the startup and technology ecosystem in the region is lack of access to capital,” he added. “This fund can help to make a significant difference to that challenge, enabling entrepreneurs to realise the potential of their ideas.”
The Al Waha Fund of Funds was launched at the Gateway Gulf Forum in May.