Mena Angel Investor Summit helps 40 start-ups get funding
MANAMA: Six years since it started the Mena Angel Investor Summit has helped at least 40 start-ups get funding with a strike rate of about 20 per cent, it has emerged.
Hosted by Bahrain since inception, the summit is organised by Tenmou, Bahrain’s first Business Angels Company, and the Economic Development Board (EDB).
The summit’s founder and chief executive of Tenmou Hasan Haider told the GDN on the sidelines of the event yesterday that nearly 200 start-ups have pitched for funding at the summit over the last six years.
The Mena Angel Investor Summit, he said, is one of a kind in the region allowing for angel investors, accelerators, and venture capitalists from around the world to interact and share best practices, while providing an opportunity for start-ups from around the Mena region to pitch for funding at the event.
“We have also tried to build it up as a platform to raise awareness about angel investment and support in Bahrain and the Mena region and explore new areas of funding or investment for innovative entrepreneurial ideas.”
The summit works because the ecosystems in all the different markets tend to be very separate and fragmented, he said.
He thinks recent developments in Bahrain like the regulatory sandbox for fintech firms, crowdfunding rules and Bahrain Investment Market are “amazing and unmatched by anyone else in the region”.
“The EDB under Khalid Al Rumaihi has seen a shift in focus in attracting high-calibre start-ups and trying to figure out how to make the environment for them in Bahrain really attractive,” he added.
Mr Haider feels funding remains a challenge for start-ups not just in Bahrain but across the region and the EDB’s fund of funds programme as it takes shape should help address that to some extent.
This year’s edition of the event saw more than 200 angel investors and entrepreneurs in attendance as over 30 start-ups made a pitch for funding.
Established with a start-up capital of BD1 million, Tenmou aims to support entrepreneurs with business assistance, including financial investment advice, mentorship and practical guidance.
It invests an average of BD20,000 to BD30,000 for a stake of 20pc to 30pc in each project that meets its criteria, in addition to a three-month mentorship programme, including support services, at no cost to the entrepreneurs.
Source: http://www.gdnonline.com/Details/267493/Mena-Angel-Investor-Summit-helps-40-start-ups-get-funding
