Manama, Bahrain: Tenmou, Bahrain’s first ‘Business Angels company’ recently announced its partial exit from the mobile application “Eat”, earning a 20 X return on its initial investment following the application’s successful launch. This partial exit marks the first of its kind in the history of startups in Bahrain.
Raising US$ 4.2 million to-date, successfully expanding from the Kingdom across the United Arab Emirates and greater GCC area to a total of 22 countries, the mobile app accommodates more than 1,200 restaurants, and serving more than 3.5 million diners.
This decision comes in line with Tenmou’s vision of revamping its investment model and reusing the exit amount to invest in new and upcoming start-ups across the Kingdom in the months to come. By focusing its modern facilities and dedicated funds towards continuing to drive the Company’s vision forward, thereby accelerating the growth of start-ups in order to positively impact the entrepreneurial ecosystem in Bahrain.
Chief Executive Officer of Tenmou, Mr. Nawaf Alkoheji, revealed, “We are proud to witness the growth of “Eat” having supported its development from the early seed stages up until the success story it is today, on the verge of becoming one of the leading providers of tech solutions in the F&B industry.”
The “Eat” application simplifies the traditional restaurant booking process for its users by providing them with convenience of reserving a table across a wide range of locations online; as well as offering restaurateurs and hoteliers the convenience of a digital booking management platform to optimise and manage reservations.
"We are currently seeking high potential, innovative and motivated Bahraini startups to support their growth; our efforts will remain focused on launching additional success stories, creating a truly collaborative environment and start up ecosystem within the Kingdom in pursuance of Tenmou’s commitment to contributing to the diversification sources of the national income in light of the Kingdom's Economic 2030 Vision,” he added
Nezar Kadhem, Founder of “Eat App” revealed, “I came to Tenmou with just an idea, no revenue, no product and no customers. Tenmou realized the opportunity, took the risk and agreed to invest and help us focus on the necessary milestones in our early stages. With their advice and guidance, we achieved good traction and that helped us raise further funding and grow. Years later, I’m proud to say that we are the first exit for Tenmou, delivering a valuation of more than 20x the value since our inception. We were able to grow Eat App to a product serving more than 2400 restaurants across the world and seated over 5 million dinars. We’re proud to put Bahrain on the global scene, and hope to continue to grow Eat to the next level, and become the best restaurant management tool on the planet.”
Tenmou has also successfully launched various other applications, including “Mala3eb”; an app that allows users to book football stadiums throughout the Kingdom of Bahrain and Saudi Arabia along with “Fish Transporter (Fish Me)” which delivers fresh fish to any location in Bahrain and many more.
Each project under the umbrella of Tenmou receives practical advice and coaching from experienced Board Members and investors in the form of regular workshops and training sessions, which aims to equip and mentor future entrepreneurs on best practices such as how to deal with difficult business scenarios.
This press release has been issued by TRACCS Bahrain.
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Tenmou launched in 2011 and aims to provide both financial and advisory support to Bahraini entrepreneurs enabling them to develop their businesses at the seed stage. It also aspires to provide budding entrepreneurs with increased opportunities of learning, giving rise to success stories under the guidance of the Company’s shareholders, business leaders and investors, who have a wealth of real life experience in the business world.
© Press Release 2019