Shorooq expands into Bahrain with support from Al Waha Funds
UAE-based Shorooq Partners has launched a new office in Bahrain, its fifth location in the MENAP region (Middle East, North Africa, and Pakistan), after building a presence in Saudi Arabia, Egypt, and Pakistan. The opening of the new office follows Shorooq’s acquisition of Bahrain-based investment and advisory firm, Autarky Capital, earlier this year in order to provide a suite of products that follow the funding journey of a startup in the MENAP region, and to expand Shorooq’s alternative financing capabilities.
The Shorooq Partners Bahrain headquarters is based within Bahrain Fintech Bay and will allow the VC to interact directly with institutional investors, resident FinTech startups and provide first-hand opportunities for mentorship and investment.
Bahrain’s Al Waha Fund of Funds invested in Shorooq Partners in 2020 as a result of its active support of the next wave of innovative startups – such as Pure Harvest and TruKKer, both of which have operations throughout MENAP, including Bahrain.
Shorooq Partners is the only VC fund to receive funding from all sovereign wealth funds in the GCC, as well as Jordan, and the only GCC fund manager to receive investment from the Korean sovereign wealth fund Korea Venture Investment Corporation (KVIC) along with other top tier investors.
Samir Yamani, partner at Shorooq Partners, and heading up the Bahrain operations, said, “This is a tremendously exciting time for us in Bahrain. This market, MENA and the wider Asia-Pacific region are replete with investment opportunity right now. Bahrain’s strengths as an investment and innovation hub with exceptional talent and potential for growth, coupled with Al Waha’s continuous support and backing, made Manama the obvious choice for our next regional office. With a physical presence here in the Kingdom, we are looking forward to working directly with founders to empower the next wave of early-stage tech startups in Bahrain and abroad.”