Al Waha Fund, managed by Bahrain Development Bank, and international investment company Hambro Perks have announced the launch of HP Spring Studios.
The fintech venture studio will be based out of the new headquarters in Manama, Bahrain.
The studio will both co-found and invest directly in next-generation fintech startups with top-performing entrepreneurs. An internal team that covers the entire capacity spectrum across product, engineering and operations will help to accelerate start-up towards product/market fit.
Startups will work closely with Al Waha Fund and Hambro Perks’ local and global network of private and public institutions, including the National Bank of Bahrain, Mumtalakat and Batelco, to drive customer acquisition and secure future funding rounds to close.
The studio aims to create new highly qualified jobs in Bahrain for both local and international talent, both in the core team and in the startups it helps launch.
HP Spring Studios will not only focus on attracting highly qualified international talent, but also on training local talent through upskilling, internships and educational initiatives in collaboration with local institutions.
With the launch of the new studio, Hambro Perks will be an active member of Bahrain’s fintech ecosystem, investing, developing talent, participating in events and promoting Bahrain as an investment destination.
Areije Al Shakar, Director and Fund Manager of Al Waha Fund, commented: “We are proud to be part of this initiative which will prove to be a valuable resource for both local entrepreneurs and communities who will benefit from new fintech solutions in Bahrain. Al Waha was founded to help startups overcome challenges around access to finance. HP Spring Studios will significantly improve the region’s fintech ecosystem, not only empowering startups, but also helping to improve the way people save, send, lend , manages and invests their money on.
She added: “We are excited about the future of fintech startups in the MENA region and look forward to working together with our partners and extensive network to support the next generation of tech entrepreneurs in their journeys.”
Dominic Perks, CEO of Hambro Perks, commented: “The opportunity for entrepreneurs to develop fintech solutions to help meet the MENA region’s challenges has never been more compelling. To date, high barriers to entry have limited the potential for innovation. HP Spring Studios exists to solve the problems experienced by entrepreneurs in the region.
“When the portfolio startups are ready to scale, the studio and Hambro Perks will bring in trusted global co-investors to the Bahrain-based operating companies, not only creating more jobs, but also facilitating capital infusion and attracting additional talent and investors to Bahrain.”
