Lumofy and Early Riser Secure Mumtalakat Investment Following ‘Startup of the Year’ Win

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 organised 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 the Co-Founder and Co-CEO of Middle East Venture Partners (MEVP) Walid Mansour, followed by presentations to the esteemed judging panel. This panel comprised the Senior Director of the Local Impact Investments Department at Mumtalakat Hussein Al-Qaseer; the Senior Manager of Corporate Strategy and Planning at Mumtalakat Aisha Al-Balushi; the 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, the 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 on the occasion.

"Such initiatives align with Tamkeen's strategic objective of positioning the private sector as the primary engine of the national economy, thus solidifying Bahrain's reputation as a regional hub for innovation and business excellence."

The ‘Startup of the Year’ competition builds upon the success of the Startup Bahrain Pitch over the past year. This initiative, supported by the Ministry of Industry and Commerce, Tamkeen, the Economic Development Board, and the Bahrain Development Bank, and held under the umbrella of the Small and Medium Enterprises Development Board, paves the way for a more vibrant entrepreneurial ecosystem in Bahrain.

Through this initiative, Mumtalakat in collaboration with Tamkeen aim to invest in promising local startups with the purpose of facilitating economic diversification and strengthening the Kingdom of Bahrain's position regionally and internationally as an incubator for innovation and pioneering ventures, in addition to contributing towards creating jobs for national talent.