Tenmou, Bahrain’s first Angel Investment Company today announced that it has achieved a remarkable exit from 5 Bahraini tech startups with a record-breaking track record. Tenmou earned an impressive exit multiple of 6 times its initial investment in an average of less than 4 years, which is significantly higher than the market’s average exit multiple recouping 2.6 times the original investment in 3.5 years.
Suhail Ghazi Algosaibi, the Chairman of Tenmou, stressed the company’s commitment to supporting local entrepreneurs through funding initiatives. He stated that this successful exit is proof of Tenmou’s strategic vision and progressive philosophy in investing in promising Bahraini startups with potential for scalability.
“Profitable exit deals are fundamental to Tenmou’s business operations. This exit aligns with our expansion plans, which aim to capitalize on the evolving needs and potential of today’s tech market, especially with growing AI innovations in providing solutions for human development,” Algosaibi explained.
The exit was accomplished through acquisition by Gro Partners Fund, with complete exit from two startups and partial exits from three others.
The complete exit included Malaeb App, as well as Faceki, a platform that specializes in providing secure application solutions with AI-powered facial recognition technology.
The partial exit deal included Unipal App, which provides financial solutions for students, including offering discounts and promotions for various local and international stores, and Eat App, which offers an online restaurant reservation system.
The partial exit also included “The Collective Hub”, one of Tenmou’s prominent projects. The Collective Hub specializes in providing a co-working space for startups, freelancers, investors, and other complementary business services such as professional meeting rooms and networking events. The partial exit from this project will facilitate collaboration with the new fund as a strategic partner to contribute to investing in opening new branches for The Hub, in addition to the current three branches. However, Tenmou will continue to play its primary role and maintain ownership of shares in the existing three branches.
On his part, the CEO of Tenmou, Nawaf Alkoheji, explained that the company’s business plan for the next phase will include continuing efforts to achieve optimal investment opportunities by supporting the funding of 15 new tech startups over the next three years.
“This comes in line with our commitment to enhancing sustainability and growth opportunities at the local and regional levels.
“Tenmou has funded more than 30 startups since its establishment in 2011 and has contributed to creating 200 job opportunities in the market to date, as well as enabling startups to raise follow up funding from local and regional investors worth $10 million,” He pointed out.
