Tenmou launches the first Middle East angel investors network

The first MENA Angel Investors Network (MAIN) recently was launched as part of this year’s MENA Angel Investors Summit in Bahrain, hosted by Bahraini angel investor group Tenmou.

The network will connect angel investors from the Gulf region, the eastern Mediterranean and North Africa to share experiences and discuss financial opportunities.

“While I was an investor in the region I didn’t know others existed,” Hasan Haider, CEO of Tenmou and the man behind the concept of MAIN, told the Gulf News Journal. “The USA, Europe and Asia all have networks, but there was a gap in the Middle East market. So my idea was to bring everyone together to exchange best practices and create awareness in angel investment.”

The group will act as an association that combines different angel groups in the region. Each member is expected to pitch ideas to help improve knowledge transfer between investors, create best practices among members and exchange ideas. The group also will cooperate on cross border deals and work to raise awareness about angel investment in the region.

Companies such as  Flat6Labs, an angel investor and startup incubator that started in Cairo and has since branched out to Dubai and the United Arab Emirates, are looking forward to their participation in the association.

The creation of MAIN will further solidify Bahrain as an investment hub in the Middle East. The country has systematically built up its tourism, metals, transport and finance sectors as the oil it once relied on dwindles.

It also has one of the freest markets in the Middle East, and holds trade agreements with the United States and 46 other countries.

Tenmou launched in 2011 to support upcoming entrepreneurs with financial investments and mentorship. Its investments include successful projects such as Eat, the country’s largest table reservation app. The group was established with a startup capital of $2.7 million and invests an average of $53,000 for a stake of 20 percent in each project. After a three-month mentorship program, startups are invited to present at the annual MENA Angel Investors Summit.

The MENA Angel Investors Summit is held in partnership with the Economic Development Board in Bahrain. This year the summit hosted more than 200 investors who heard pitches from more than 45 startups.  Entrepreneurs came from around the Middle East, including companies from Sudan and Turkey.