Bahrain’s Al Waha Fund of Funds has invested in Venture Souq’s FinTech Fund I, the region’s first sector-specific fund focused on FinTech across the Middle East and North Africa (MENA) region and Pakistan.
According to the statement, “The $50 million fund invests in early-stage FinTech and SaaS companies and focuses on important subsectors including payments infrastructure, alternative credit, digital banking, PropTech, InsureTech, and personal financial management, working closely with innovative regional entrepreneurs that are disrupting financial services.”
VentureSouq intends to use its FinTech skills and connections to help Bahrain and the broader region develop the next generation of category-defining FinTech startups.
Furthermore, VentureSouq has been active in Bahrain for years as one of Al Waha Fund of Fund’s partner funds. The venture capital firm has worked with local accelerators and has already invested in one startup in Bahrain.
“We are honored to be working alongside our partners in Bahrain, Al Waha Fund of Funds, to enhance the FinTech and greater tech ecosystem in the Kingdom and the region. The new FinTech fund taps into the opportunity to empower a growing market that is in its early days. Due to the intersection of increased flexibility amongst regulators and a push towards digitization, the FinTech space has become very interesting for investors.”
As global investors in more than 40 international FinTech companies, the VentureSouq FinTech Fund team is aiming to bring their global experiences to the region and continue to advance the development of the FinTech ecosystem in Bahrain and the wider MENA region.
Ms. Areije Al Shakar, Fund Director at Al Waha Fund of Funds said, “The FinTech opportunity in MENA is evolving in today’s hyperconnected and digitized world, and we are proud to be working directly with VentureSouq’s FinTech Fund I to tap into the growing sector, in addition to providing first-hand access to the Bahraini market. The partnership aims to bridge the gap between MENA and Bahrain, to provide mentorship, networking, and funding opportunities for the region.”
VentureSouq’s FinTech fund is backed by other Limited Partners (LPs) across the GCC such as Jada Fund of Funds, Saudi Venture Capital Company (SVC), UAE’s DisruptAD, ADQ’s venture platform, Mubadala Investment Company, and OFC, the Middle East investment arm of The Olayan Group.