Al Waha Fund of Funds, managed by Bahrain Development Bank, and international investment firm Hambro Perks have launched the MENA region’s first fintech venture studio, HP Spring Studios, in order to support the startups in the region.
HP Spring Studios, which will be based out of its new headquarters in Manama, represents a significant boost for MENA’s fintech and startup ecosystem. The studio will both co-found and invest directly into next-generation fintech startups with exceptional entrepreneurs.
According to the statement, “An in-house team covering the full capability spectrum across product, engineering, and operations will help accelerate startups towards product or market fit.”
Further, startups will work closely with Al Waha & Hambro Perks’ local and global network of private and public institutions, including the National Bank of Bahrain, Mumtalakat, and Batelco, to drive customer traction and secure future funding rounds to exit.
“We are proud to be part of this initiative which will prove a valuable resource to both local entrepreneurs and communities who will benefit from new fintech solutions in Bahrain. Al Waha was founded to help startups overcome challenges around access to funding. HP Spring Studios will significantly enhance the region’s fintech ecosystem, not only empowering startups, but also helping to materially improve the way people save, send, lend, manage, and invest their money. We are excited about the future of fintech startups in the MENA region and look forward to working alongside our partners and extensive network to support the next generation of tech entrepreneurs in their journeys.”
The studio aims to create new highly skilled jobs in Bahrain for both local and international talent, on both its core team and at the startups it helps to launch.
According to the statement, “HP Spring Studios will not only focus on attracting highly skilled international talent, but also on training local talent through upskilling, internships, and educational initiatives in partnership with local institutions.”
Mr. Dominic Perks, Chief Executive at Hambro Perks, commented that, “The opportunity for entrepreneurs to develop fintech solutions to help address the MENA region’s challenges has never been more compelling. To date, high barriers to entry have been limiting innovation potential. HP Spring Studios exists to solve for the problems experienced by founders in the region.”
“Once portfolio startups are ready to scale, the studio and Hambro Perks will bring in trusted global co-investors to the Bahrain-based operational companies, not only creating further jobs but also facilitating capital inflows and attracting further talent and investors to Bahrain,” Mr. Perks added.