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Tenmou, Bahrain’s first angel investment firm, says it has been selected from a record number of five local tech startups.
Tenmou achieved an astonishing exit multiple of 6 times the initial investment in an average of less than 4 years, much higher than the market average of 2.6 times the initial investment in 3.5 years.
As the first angel investment firm in Bahrain to achieve this goal, Moore’s Exit Score exceeds the industry’s overall performance indicator for start-up exits.
Speaking at a press conference at Collective Hub – Yateem Branch today (June 13), Suhail Ghazi Algosaibi, Chairman of Tenmou, emphasized the importance of its breakthrough achievement.
Algosaibi underscored the company’s commitment to supporting local entrepreneurs through grant programs.
He said that this successful exit is a testament to Tenmou’s strategic vision and progressive philosophy in investing in promising Bahraini start-ups with potential for scalability.
Exits were made through acquisitions by Gro Partners Fund, with two of the startups exiting fully and three others partially exiting.
The complete exit includes the Malaeb App, as well as Faceki, a platform specializing in security app solutions and AI facial recognition technology.
Some of the exit deals include Unipal App, which provides financial solutions for students, including discounts and promotions for various local and international stores, and Eat App, which provides an online restaurant reservation system.
The partial exit also includes “The Collective Hub”, one of Tenmou’s standout projects. The Collective Hub specializes in co-working spaces for startups, freelancers, investors and other complementary business services such as professional meeting rooms and networking events.
A partial exit from the project will facilitate collaboration with the new fund as a strategic partner, helping to invest in the opening of new branches for The Hub, in addition to the three current ones.
However, Tianmou will continue to play its main role and retain share ownership in the three existing subsidiaries.
“The profitable exit transaction is fundamental to Tenmou’s business operations. This exit is in line with our expansion plan to capitalize on the changing needs and potential of today’s technology market, particularly its growing growth in providing solutions for human development AI innovations,” Algosaibi noted.
Explaining the company’s next phase of its business plan, CEO Nawaf Alkoheji said this will include continuing efforts to realize the best investment opportunities by backing funding for 15 new technology startups over the next three years.
“This is in line with our commitment to enhance sustainability and growth opportunities at the local and regional level,” he said.
“Since its inception in 2011, Tenmou has funded over 30 startups, created 200 jobs in the market to date, and enabled startups to raise $10 million in follow-on funding from local and regional investors. funding,” he added.
Tenmou is Bahrain’s first angel investment firm, with 16 investors participating, including local businessmen and companies such as Alba and the Development Bank of Bahrain.
The company’s activities include several initiatives aimed at supporting the financing and development of start-ups.
These initiatives are not limited to funding opportunities, but also extend to various development initiatives, such as mentoring and mentoring for start-ups, connecting them with a network of experienced entrepreneurs.-TradeArabia News Service
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