Bahrain’s first angel investor Tenmou has announced that some of the most prominent angel investors will attend the Middle East and North Africa (Mena) Angel Investor Summit next week in the kingdom.

Organised in strategic partnership with the Economic Development Board (EDB), the event is being held on May 11 and 12 at the Four Seasons Hotel Bahrain Bay, said a report in the Gulf Daily News (GDN), our sister publication.

This year's summit features 45 start-ups from Bahrain, Saudi Arabia, the UAE, Lebanon, Morocco, Palestine, Egypt and Jordan.

They will pitch to more than 200 angel investors to obtain funding to fuel their business growth.

Start-ups taking part in the inaugural edition last year raised nearly $2 million in funding from regional and international angel investors.

It attracted more than 150 angel investors and 50 entrepreneurs from the Middle East, North Africa, Europe and Silicon Valley in the US.

Tenmou chief executive Hasan Haider said he expects a 30 per cent increase in the number of participants this year.

“Our objective is to build a robust support system within the Mena region with Bahrain as the hub for angel investors to exchange deal-flow, learn best practices and raise awareness,” he said.

EDB chief executive Khalid Al Rumaihi said events such as these were important to showcase talented individuals and innovative start-up businesses from across the region to connect for the knowledge, network and capital they need to realise their potential.

According to a study conducted by KPMG last year, entrepreneurs and SMEs contribute more than 28 per cent to Bahrain's GDP, he said.

Established with a start-up capital of BD1 million ($2.7 million), Tenmou invests an average of BD20,000 for a stake of on average 20 per cent in each project that meets its criteria.

It will provide a three-month mentorship period, including support services, at no cost to the entrepreneurs. - TradeArabia News Service