Bahrain’s Al Waha Fund of Funds invests in $50m fintech fund

Bahrain’s Al Waha Fund of Funds is investing in MENA-based VentureSouq’s FinTech Fund I, the region’s first sector-specific fund focused on fintech across the MENA region and Pakistan.

The $50m fund invests in early-stage fintech and software as a service companies and focuses on key subsectors, including payments infrastructure, alternative credit, digital banking, proptech, insuretech and personal financial management, working closely with regional entrepreneurs that are disrupting financial services.

VentureSouq is aiming to use its fintech experience and connectivity to help build the next cohort of category-defining fintech companies in Bahrain and the broader region. The company 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.

Suneel Gokhale, general partner of VentureSouq, said, “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 digitisation, the fintech space has become very interesting for investors.”

Areije Al Shakar, fund director at Al Waha Fund of Funds added that 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”.

We’re excited to announce our latest investment into @VentureSouq‘s $50 million FinTech fund to empower the growing sector in #MENA and tap into the opportunity in the region! Learn more: https://t.co/iojObg4oW5 pic.twitter.com/w3G6JZBwOK

— Al Waha Venture Capital Fund of Funds l Bahrain (@AlwahaFund) January 6, 2022

VentureSouq’s fintech fund is backed by other entities 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.