Bahrain’s Al Waha Fund of Funds makes major investment in UAE seed-stage venture capital firm Shorooq Partners

Bahrain’s Al Waha Fund of Funds makes major investment in UAE seed-stage venture capital firm Shorooq Partners

Areije Al Shakar and Shane Shin

Bahrain's Al Waha has become one of the first Fund of Funds to make a substantial investment in the Bedaya Fund I of seed-stage venture capital firm Shorooq Partners, in a renewed sign of confidence in the startup sector during the ongoing COVID-19 pandemic.



UAE-based Shorooq Partners - which has supported 23 firms including on-demand truck aggregator Trukker and hybrid robo-advisor Sarwa - plans to enhance its presence in the island Kingdom while working to find, support and enable the next wave of regional founders.



The funding injection is the latest announced by Al Waha, which was launched in 2018 to drive greater venture capital investment across the Middle East. Al Waha Fund provides market access for organisations looking to invest in the region, as well as for portfolio companies looking to expand.



The addition of Shorooq Partners to Al Waha's portfolio shows that despite the ongoing global pandemic, investors are actively seeking new opportunities to support startups - particularly in sectors such as FinTech and HealthTech which have played an increasingly important role during the crisis.



Founded by Shane Shin and Mahmoud Adi, Shorooq Partners focuses on early-stage technology startups in FinTech, platforms,