Flip through the latest issue of Gulf Weekly.
Five of Bahrain’s top emerging startups attracted a whopping $1 million in investments, as they competed in Beban, Bahrain’s version of Shark Tank.
The chart-topper was edtech platform Lumofy with the $500,000 it netted in the opening episode in a funding round led by Hope Fund, which was joined by JEO Capital Management and two angel investors, Yaser Alghamdi and Abdulrahman Al Jiffry.
Pleased at receiving support, Lumofy founder Ahmed Faraj said: “This investment will open doors for Lumofy to develop even further, giving it greater value and creating more opportunities for the platform to reach its full potential.”
The start-up aims to encourage organisations to diagnose, engage and track competencies and provide automated and personalised learning experiences leading to a competitive advantage.
The first episode of Bahrain’s ‘Shark Tank’ also included pitches by two other technology start-ups: UniPal - an application that provides special offers and discounts to university students, and Printme Online - a platform that facilitates personalising a variety of products with printed images and designs.
All companies that pitched received support from Hope Ventures with banking institute BIBF and tech giant Huawei joining to offer the founders access to knowledge building content and trips to Huawei’s headquarters in China.
Dallaspresso, a localised coffee and tea capsule specialist, got a cash influx of $212,000 during the food and beverage-themed second episode.
The beverage business plans to use the funds to expand regionally having already entered Kuwait and Oman.
Perked up with the support, Ali Mohsin, co-founder of Dallaspresso, said: “As a long-time coffee lover, it was important to launch a business that exhibited a unique Arabic flavour profile. Dallaspresso has garnered the attention of investors as they also believe in the potential of this large and promising market.”
The company makes coffee capsules in flavours ranging from Arabic to Turkish and European as well as tea premixes including cardamom and saffron karak.
It was a triple treat as three sports entrepreneurs bagged $50,000 worth of business in the third episode.
Making a pitch for women’s sportswear brand Inclus, founder Reem Al Doy received a pre-order from Spartan Fitness Bahrain owner Faris Alkooheji for 1,000 outfits to equip his sports ventures and businesses.
An overjoyed Ms Al Doy said: “I pitched on the show for investment, but what I got was better – a customer! I had only sold 200 outfits before the show and this order will help boost my sales tremendously. The incoming revenue will help me develop my business the same way the investment would have; now I will be able to launch my website and take on larger orders.”
The episode also featured entrepreneurs Mohammed Saad and Rasoul Shukrullah, the founders of BaSpoLab - a specialised laboratory that helps develop athletic performance, as well as Yusuf Zaman, the founder of Ryde; a smart performance centre for virtual cycling and running.
Ryde received digital screen marketing on billboards in prime locations through Gulf Media International (GMI), while BaSpoLab is to enter a partnership with a nutrition platform, take part in competitions, and receive PR and communications services.
Commenting, Mr Zaman said: “The recent boom in cycling across the kingdom has driven us to start our business. Ryde aims to meet the needs and expectations of those passionate about the sport by providing them with a safe, indoor space that steers them away from the traffic-ridden roads and hot climate.”
Mr Shukrullah said the upcoming partnerships would help the company to grow regionally in the future.
“Fitness is more than just about regular exercise, and at BaSpoLab, we are dedicated to providing our customers with a better understanding of their bodies in order to enhance their performance levels and ultimately achieve their health goals,” he added.
Before the lights went out, signalling the end of the first season, Silent Power, a Bahraini-made solar-powered water-cooling solution, got $133,000 in funding from Hope Ventures alongside private investors.
The renewable solution operates from a state-of-the-art factory, producing an innovative cooling product to the modern water tank using solar panels.
Silent Power has a vision to expand its business beyond the domestic market through various distribution channels and partnerships with regional distributors.
The company also plans to enhance existing products, introduce new ones, and upgrade its manufacturing process with the support of their new investors.
“The SP-250 solar cooler is an alternative to the modern water tank that can be easily used throughout the region,” explained Silent Power co-founder Mohammed Abdulaal.
A number of businesses also received opportunities to support their businesses, such as advance orders worth $120,000 made by investors who purchased products from businesses, closing significant deals.
Entrepreneurs additionally gained access to unique business opportunities with professionals in the field through training and mentorship from sector experts.
The show also saw the doling out of more than $85,000 worth of perks, courtesy of seven partners, who provided complementary training, logistics, and marketing services to accelerate the growth of the businesses.
Applications have now been opened up for the second season which will give 20 start-ups a chance to pitch! Interested entrepreneurs can email hello@hopefund.bh or visit www.hopefund.bh/beban to register.
