Bahrain’s Al Waha teams up with UK’s Hambro Perks for fintech VC fund

 Bahrain’s Al Waha teams up with UK’s Hambro Perks for fintech VC fund

The Bahrain-based Al Waha fund and the UK-based technology-focused investment firm Hambro Perks have together launched a new venture capital vehicle that will invest in and co-found fintech startups.

Al Waha did not divulge the size of the new fund or any other financial details. Al Waha is managed by the Bahrain Development Bank.

“The opportunity for entrepreneurs to develop fintech solutions to help address the MENA region’s challenges has never been more compelling,” said Dominic Perks, chief executive of Hambro Perks. “To date, high barriers to entry have been limiting the potential for innovation.”

The new vehicle, called HP Spring Studios, will invest in companies that will work with Al Waha’s other portfolio companies. The vehicle will also get the backing of a number of other financial institutions, both public and private.

The announcement comes about a year and a half after Hambro Perks announced the first close of its $50 million Oryx Fund. Oryx is also backed by the Saudi Venture Capital, Riyadh Valley and a number of regional family offices.

The Oryx Fund targets early-stage startups in the Middle East and North Africa (MENA) region. In June last year, the fund invested in Abu Dhabi health-tech startup Alma Health.

The new venture studio will be based out of Bahrain’s capital, Manama.

“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,” said Areije Al Shakar, director and fund manager at Al Waha Fund.

Vivek Sinha

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