So next month, the Bahrain Economic Development Board (EDB) decided something that’s going to be of great benefit to the startup community here in Bahrain, can you guess what it is?
According to the managing director of EDB, Simon Galpin, they’re about to launch a 4100m ‘superfund’ next month to support the growth of startups in Bahrain. “We’re putting in place in the next month or so a ‘fund of funds’, which will aim to attract venture capitalists in Bahrain. They don’t have to only invest in Bahraini companies, they can invest from Bahrain in start-ups across the region,” Simon said.
Since its establishment in 2000, the EDB has been working towards developing and improving the country’s economy through driving investment and encouraging the development of key sectors such as information and communications technology in addition to SMEs and startups.
Mr. Galpin also added that EDB’s role is to help “fill gaps” in funding in Bahrain since smaller companies find access to finance and funding quite challenging.
“If you dilute globally orientated, high-growth start-ups that are looking to pivot, to build networks very, very quickly, with a traditional SME they don’t really always fit together so we have to be a bit careful about that,” he said.[Source]