MANAMA: UAE-headquartered Shorooq Partners has launched a new office in Bahrain, headed by partner Samir Yamani.
The new office is the fifth location for the venture capital (VC) firm which has built a presence in Saudi Arabia, Egypt, and Pakistan as well as the UAE.
Driven by a strategy based on building long-term relationships with both investors and startups across the kingdom, Shorooq’s presence in the country is based within Bahrain Fintech Bay (BFB).
This location will allow the VC to interact directly with institutional investors, BFB resident FinTech startups and provide first-hand opportunities for mentorship and investment.
The opening of the new office follows Shorooq’s acquisition of Bahrain-based investment and advisory firm Autarky Capital earlier this year.
Bahrain’s Al Waha Fund of Funds, set up to drive greater venture capital investment in the Middle East, invested in Shorooq Partners in 2020.
The investment was a result of Shorooq’s active support of the next wave of innovative startups – such as Pure Harvest, an agri-tech startup that has raised $60 million during the first half of 2021, having mastered the technology for controlling climates inside their farms to grow fruits and vegetables in the deserts of the UAE and Saudi; or TruKKer, the leading logistics aggregator in the region, which also has 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.
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