Lumofy and Early Riser secure Mumtalakat investment following ‘Startup of the Year’ win

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

Lumofy and Early Riser were crowned winners in the inaugural ‘Startup of the Year’ competition, sponsored by the Kingdom’s sovereign wealth fund, Mumtalakat, and organized by the Labour Fund (Tamkeen). Both companies are set to receive direct investment from Mumtalakat.

The primary objective of the ‘Startup of the Year’ competition, in its inaugural edition, is to spotlight emerging Bahraini ventures that have excelled in previous Startup Bahrain Pitch rounds.

It offers these ventures a platform to showcase their innovative concepts before a discerning panel of judges, who select the most promising projects to become recipients of support aimed at fostering their growth.

The event commenced with an inspirational address by Co-Founder and Co-CEO of Middle East Venture Partners (MEVP) Walid Mansour, followed by presentations to the esteemed judging panel.

This panel comprised Senior Director of the Local Impact Investments Department at Mumtalakat Hussein Al-Qaseer; Senior Manager of Corporate Strategy and Planning at Mumtalakat Aisha Al-Balushi; Local Impact Investments Manager at Mumtalakat Dr. Marwa Al -Sabbagh; and Director of Entrepreneurship, Technology and Strategic Initiatives at Tamkeen Marwa Aleskafi.

Shaikh Abdulla bin Khalifa Al Khalifa, Mumtalakat CEO, commended the initiative on its resounding success and lauded the collaborative efforts of Mumtalakat and Tamkeen in nurturing the next generation of Bahraini entrepreneurs and investing in their groundbreaking projects.

“The competition epitomizes our commitment to local investment and partnerships with the private sector, with the aim of fostering economic growth in the Kingdom through innovation,” he said. Tamkeen Chief Executive, Maha Abdulhameed Mofeez congratulated the winners and underscored the significance of such initiatives in nurturing national talent and amplifying the growth potential of the startup ecosystem.

“Our partnership with Mumtalakat aims to promote promising ventures and provide them with essential support, thereby contributing to the success of the entrepreneurial landscape and broader private sector recovery,” she said.