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Venture Capital Fund Bahrain Invests in Bahraini smart building company "vBuildings Co WLL"

Venture Capital Bahrain Fund, the first SME investment fund in Bahrain, has partnered with vBuildings Co WLL, a smart building and grid solutions business led by entrepreneurs Mr. Mohamed Radhi and Mr. Ahmed Bayoumi. Venture Capital Bahrain Fund was established by Venture Capital Bank with contribution from the Bahrain Development Bank and a group of private investment companies interested in developing the local economy.

vBuildings was established in Bahrain to provide innovative solutions to utility and telecom companies, and real estate developers and managers. It designs, sources and implements competitive smart building services and smart grid solutions built on flexible IT platforms and robust electromechanical infrastructures. The signing ceremony was attended by Mr. Abdullatif Mohammed Janahi, Chairman of Venture Capital Fund Bahrain, Mr. Saeed Haji, Executive Director - Venture Capital and Business Development Venture Capital Bank , and the two entrepreneurs responsible for vBuildings; Mr. Radhi and Mr. Beyoumi

During the signing ceremony with vBuildings, Mr. Abdullatif Mohammed Janahi, Chairman of the Venture Capital Fund Bahrain, welcomed this partnership and stressed the keenness of the Fund to support small and medium enterprises in the Kingdom of Bahrain. "Venture Capital Fund was established in order to create a suitable environment for ambitious projects, and strengthen the creative thinking, with the creation of job opportunities in Bahrain", he said.

Mr. Janahi added: "VCFund Bahrain invested in vBuildings after fulfilling the necessary pre-requisite for its investment in SME's. The VCFund Bahrain Investment team has collaborated with the Company owner in preparing the business plan and the investment case. This agreement confirms our faith in Bahraini companies. Despite the large and influential role SMEs play in any economy, most of these enterprises face difficulty in acquiring suitable and sufficient financing, thus hindering their growth and profitability potential. This is one obstacle the VCFund Bahrain is trying to eradicate, through investing in the ideas and energy of entrepreneurs to grow their operations from a local business to one with a regional reach. VCFund's framework and methodology in studying and executing investments rely heavily on highlighting the success factors in these projects while mitigating the risks and challenges they face. VCFund Bahrain aims first and foremost to help those companies with growth potential that need the financing and expertise to manage and execute their future growth plan".

Mr. Hajji, Executive Director Venture Capital & Business Development at Venture Capital Bank (The Fund Manager), expressed his delight with the signing of the agreement and stated that the Fund's investment in vBuildings is based on its belief in the entrepreneurial capability of the two founders, their team, and the growth opportunities which it can exploit within this region and beyond.

Mr. Haji added " Venture Capital Bank has the responsibility of fund management and structuring and executing transactions and projects targeted for the Fund. The Fund is working to meet the needs of small and medium enterprises in the Kingdom of Bahrain that would benefit from equity funding between US$250,000 and US$3 million. The Fund is the first in a series of investment funds aimed at Bahrain and other countries in the Middle East and North Africa."

For their part, the vBuildings owners welcomed this partnership and stressed their keenness to take advantage of the opportunities in the region as part of their plans to secure the status of vBuidlings as one of the leading companies in provision of innovative solutions for the development of smart buildings and smart grids in the region. They expressed their gratitude to Venture Capital Fund Bahrain for its trust in them and their team, stressing that Venture Capital Fund Bahrain's initiative will contribute to the advancement of vBuildings and strengthen its position in the Kingdom of Bahrain and the region.

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For further inquiries, please contact:
May Marzooq
Corporate Communications & Marketing
Tel: +973 17 518 872
Fax: +973 17 518 880
Email: marzooq@vc-bank.com

© Press Release 2011