BDB closes $100m venture capital fund

Monday 25 June 2018 10:19 AM

Bahrain Development Bank
Bahrain Development Bank

Bahrain Development Bank (BDB) has announced that the Al Waha Fund of Funds has successfully closed its $100 million fundraising round, making it the first active venture capital fund of funds in the region.

The announcement marks an important milestone for the region’s growing startup ecosystem. It will provide additional capital to innovative and technology-driven startups in Bahrain and across the Middle East through venture capital funds currently established in Bahrain, and by attracting new funds to the region.

The Limited Partners (LP) Advisory Committee met for the first time last week to close the $100 million, setting the strategic direction of the fund, and approved the allocation of $35 million into a series of venture funds. The LPs include Mumtalakat, National Bank of Bahrain, Batelco Group, Tamkeen and Bahrain Development Bank, amongst others and where BDB is the GP managing the fund.

Shaikh Mohammed bin Essa Al Khalifa, chairman, Al Waha Fund of Funds Advisory Committee, said: “We are very pleased to announce the successful closure of the fund and we have already made encouraging progress in allocating the capital raised.