Bahrain Development Bank releases USD 100 mln VC fund

Bahrain Development Bank has declared that the money will provide additional capital to startups in Bahrain and across the Middle East through venture capital funds currently established in Bahrain, and by attracting new funds to the region.

Al Waha Fund of Funds officials have stated that the key constraints on the development of the startup and technology ecosystem in the region is lack of access to capital. The limited partners advisory committee met for the first time to close the USD 100 million, setting the direction of the fund, and approved the allocation of USD 35 million into a series of venture funds.

Bahrain Development Bank adds that Bahrain’s startup ecosystem has benefitted from a number of initiatives and reforms in recent years, as part of the Economic Vision 2030. These include a reduction in the minimum capital required for starting a business, measures to enable onshore crowdfunding in conventional and Shari’ah-compliant finance and the introduction of a regulatory sandbox.