Bahrain-based Al Waha Fund of Funds announced on Monday its participation in LionBird III, an $85 million digital health-focused fund, floated by Tel Aviv-based venture capital LionBird.
Al Waha’s partnership with LionBird will also seek to aid Bahraini and GCC startups in navigating the complex US healthcare market and connecting with the right experts and partners, the company said in a statement.
LionBird is a US-focused digital health fund that specialises in seed-stage venture capital.
“We are pleased to be able to partner with LionBird in its latest fund and to help startups in the region access advice on digital health best practices, and support in penetrating the lucrative US healthcare market,” said Khalid Al Rumaihi, chief executive officer of Mumtalakat and vice chairman of Al Waha Fund.
Al Waha also said it was partnering with LionBird based on the latter’s track record of success helping startups access the burgeoning US healthcare market.
Jonathan Friedman, partner at LionBird, said the partnership with Al Waha Fund will give the venture capital access to innovation and networking opportunities in Bahrain, expanding its exposure in the MENA region.
“We believe we are well-positioned to support startups in Bahrain and the region as they plan their entry into the US market,” Friedman said.
The US currently spends around 17 percent of its GDP on healthcare, around twice as much than most other developed countries. Post-pandemic, the US healthcare market is undergoing significant shifts, which are opening new opportunities for startups.
There is a greater focus on health-tech startups as the sector pivots towards outpatient services and solutions such as telemedicine.
The digital startups in the US are estimated to have raised about $30 billion in 2021 across 729 deals, with investment in the market nearly doubling compared to 2020.
Al Rumaihi said Al Waha was committed to connecting the startup ecosystem in Bahrain and the Gulf with others around the world, providing a supportive environment for tech businesses to thrive.
“There are significant opportunities for the region’s startups in international markets, but the lack of access to capital remains a significant challenge for entrepreneurs,” Al Rumaihi, said.
The partnership between Al Waha Fund and LionBird could also lead to more Israeli companies choosing Bahrain as the location for their Middle East headquarters as they seek to leverage Al Waha Fund’s unique platform of value creation, Al Rumaihi added.
Al Waha Fund, launched in 2018 with a $100 million corpus with the aim of driving greater venture capital investment in the region, has deployed $80 million in 11 venture capital funds to date.
Source:https://www.arabianbusiness.com/startup/bahrains-al-waha-to-invest-85mn-in-israel-based-digital-health-focused-fund