• The startup ecosystem in Bahrain was reported to generate USD 1.2 billion between July 2021 and December 2023.
• Fintech is attracting most of Bahrain’s startup funding supported by the Bahrain FinTech Bay and the Central Bank of Bahrain. 
• The GCC state is especially committed to fostering the Tech ecosystem with recent investments for Unipal and Calo. 

Bahrain’s startup ecosystem was reported to generate USD 1.2 billion between July 2021 and December 2023 in the 2024 Global Startup Ecosystem Report (GSER).  In 2023,  Bahrain witnessed major startup support and funding from key players such as Tamkeen,Tenmou and Hope Fund. 

Additionally, the GCC state is committed to fostering the ecosystem especially in tech which is a key development focus for them. In particular, Fintech is attracting most of Bahrain’s startup funding supported by key players such as Bahrain FinTech Bay and the Central Bank of Bahrain. 

Tamkeen and Alba

Aluminium Bahrain (Alba) joins the Open Innovation Programme supported by Bahrain’s Labour Fund (Tamkeen) and managed by Brinc MENA. The programme connects enterprises with innovative Bahraini startups and SMEs. In order to develop cutting edge solutions to address challenges and enhance operational efficiency, drive sustainability and foster economic growth.  The Programme aims to drive innovation within Alba and contribute to the growth and development of Bahrain’s vibrant startup ecosystem. 

A joint committee composed of Tamkeen, Brinc and Alba will oversee the selections of startups and SMEs. The startups and SMEs task will be to develop and implement innovative solutions aimed at managing diverse data sources and enhancing asset reliability across Alba’s operations. This collaboration aligns with Tamkeen’s strategic priorities for 2025, which focus on enhancing the position and competitiveness of Bahrainis in the private sector. 

Bahrain’s FinTech

Coming up is Bahrain’s  Fintech Revolution Summit near the end of February. The summit will bring together key players across the fintech ecosystem. In addition, it will showcase fintech innovations from providers such as  cybersecurity firms, E-payment,wallet companies, forex software providers, payment gateway companies and others and the forefront of finance technology. 

Towards the end of December 2024, the National Bank of Bahrain (NBB) released their selection of the 10 teams to move forward with their Digital Banking Challenge which is in partnership with Bahrain FinTech Bay (BFB).  The teams chosen will participate in a six-week incubation programme to help them transform their ideas into business-ready digital banking solutions. Moreover, the end goal is to allow the programme graduates to efficiently navigate the fintech space.

Reboot Coding Institute (Reboot01) in partnership with BFB launched a new initiative called MENA Innovation Academy (MENA-IA). The academy will combine the expertise of both the BFB and Reboot01 in order to cultivate talents and foster fintech expertise. In partnership with top global universities, the academy will offer expertise in a diverse variety of courses and programs including fintech,insurtech, regtech,digital transformation, strategy,leadership and deep technical skills.

All in all, Bahrain is setting itself up in all areas to develop fintech talent and startups. 

Tech Startups 

At the end of December 2024,  Calo the Bahraini food-tech startup secured USD 25 million Series B funding round led by Nuwa Capital. In addition, to STV, Khawirzimi Ventures and regional family offices. Calo uses AI to tailor meal plans to individual fitness goals and dietary preferences. With the funding, they aim to further enhance their  AI-driven personalization, roll out exciting new products and delve into retail space. They are also planning to expand internationally through mergers and acquisition. Moreover, their boldest goal is aiming for an initial public offering (IPO) in Saudi Arabia by 2027. 

Ahmed Al Rawi, Founder and CEO of Calo, said that,  “There is no reason why we can’t export innovation from the region to the rest of the world. The top 10 food brands globally earn $300 billion a year, none of which are solving the health problem.”

Also around the same time, Unipal, Bahraini based Edtech startup, raised a pre-series A funding round led by Falak Angels to drive their growth across the region. Moreover,Unipal is a student centric discount platform that connects brands with youth. 

Adwa Aldakheel, CEO of Falak Investment Hub, said  “Unipal is more than a discount platform; it’s a partner for brands aiming to connect with influential youth and a supporter of students enhancing their daily lives.”

Ultimately, in their fintech and tech startup scene, Bahrain is thriving in funding, fostering talent and forging strategic partnerships. Their outlook onto 2025 is promising.