Bahrain-based fund of funds Al Waha has reportedly made a “substantial” investment in a US-based venture capital (VC) firm Lumia Capital.
The figures have not been disclosed but the Lumia Capital Fund II launched in June 2019 with the aim of raising between $100 and 150 million.
The $100 million Al Waha fund was launched a year earlier to support international VC firms looking to expand their presence in the Mena region. So far it has deployed 58% of its capital, investing in a number of local and international VC firms and fund managers including two UAE-based firms Middle East Venture Partners and BECO Capital as well as Chinese fund manager MSA Capital
The deal with San Francisco-based Lumia Capital is intended to help Bahraini startups access Lumia’s numerous funds outside the Mena region, according to Al Waha.
“The investment in Lumia Capital brings startup centric Silicon Valley to the Gulf and follows closely on from our investment in China’s MSA Capital,” said Areije Al Shakar, fund director at Al Waha.
“Bahrain is fast establishing itself as a key tech hub in Mena, and is an ideal base for our regional operations," added Christopher Rogers, partner at Lumia Capital.
© 2020 funds global mena