MANAMA: Edtech platform Lumofy and localised coffee capsule specialist Dallaspresso are among Hope Ventures’ three best performing portfolio companies in Q1-2022.
Hope Fund’s investment arm acquired equity in the two start-ups during the first season of Beban, Bahrain’s first entrepreneurial-themed reality show that was aired on BTV in February.
Lumofy has grown its client base by 120 per cent in Q1 and onboarded seven new corporate clients regionally including Bahrain Public Transport Company, Bahrain National Holding, Saudi Diesel, ProCloud, and DISC Middle East.
The growth in the number of clients increases Lumofy’s ongoing annual contract value by 214pc as the Bahrain-based employee learning platform helps organisations accelerate capability-building.
Funding received by the company from Hope Ventures and private investors during Beban also marks its first investment round.
Meanwhile, Dallaspresso has recorded 128pc sales growth, achieving 20pc of its annual sales target in Q1.
The increase in demand in both B2B and B2C segments for Dallaspresso’s localised compressed coffee and tea capsules that are compatible with both Nespresso and Dolce Gusto machines reflects the company’s ongoing efforts to enhance factory production and efficiency, increase output, and strengthen distribution.
The company currently offers seven types of Karak and 13 coffee capsules, with a focus on Arabic coffee.
Following its participation in Beban, Dallaspresso raised a funding of $212,000 from Hope Ventures alongside members of the private sector.
Hope Ventures’ portfolio companies’ performance reflects the strength of Hope’s three-step investment model that focuses on identifying high potential and scalable businesses, co-investing in them alongside the private sector, and accelerating their growth towards international expansion, said portfolio and investor relations manager Ameena Bucheeri.
Set up in 2020, Hope Fund is an initiative by His Majesty King Hamad’s representative for humanitarian work and youth affairs and Royal Humanitarian Foundation chairman Shaikh Nasser bin Hamad Al Khalifa to support youth projects.
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