Hope Ventures, the investment arm of Hope Fund, concluded its first edition of the Bidaya program on January 11, 2022, selecting two Bahraini idea stage businesses to receive a total of BHD 20,000 in investment funds. The business ideas were; Gold Souq, by Nawaf Saeed, and Truck.ly, by Abdulla Alrayyes. Each project will receive BHD 10,000 in funding to take their ideas to the next level in return for an equity stake in their companies.
The merit-based selection process of the Bidaya Program favored recipients who exhibited high levels of drive and competencies towards their unique business concepts. Gold Souq is a sharia compliant e-commerce marketplace for gold and silver jewelry and Truck.ly is a business-to-business truck logistics platform that connects land transport carriers to shippers requiring land transport services.
The Bidaya entrepreneurship training program was launched in November to empower Bahrainis to turn their ideas into a viable business. The program, divided into two phases, saw the first phase welcome 40 participants shortlisted from 417 applicants, providing them with the knowledge and tools needed to refine their business concepts.
Out of the 40, a total of 15 participants advanced to the second and final phase where they were presented with the opportunity to pitch their businesses to Hope Ventures and a panel of private investors. The early introductions made to the investors will support the founders to receive follow on funding after launching their products and services.
Concluding the Program, General Manager of Hope Ventures, Fajer Al Pachachi, stated: “All participants have done a tremendous job throughout the Program and are prime examples of the local talent Hope aims to invest in. Every business begins with an idea, and with the right founder mindset and entrepreneurial skills, it can develop into a full-fledged business that can compete regionally and internationally.
Through the Bidaya Program, we were able to foster an environment that identifies strong entrepreneurs and business potential for Equity Investment. We are excited to welcome the selected founders to our portfolio and to take this partnership to new heights of success.”
To learn more about Hope’s programs and initiatives, please visit their website.