Bahrain Development Bank (BDB) says the $100m fundraising round for the first active venture capital fund of funds in the region has closed successfully.

The Al-Waha Fund of Funds will provide capital to innovative and technology-driven start-ups in Bahrain and across the Middle East through venture capital funds currently established in Bahrain, and by attracting new funds to the region.

The Limited Partners (LP) Advisory Committee met for the first time last week to close the $100m, setting the strategic direction of the fund, and approved the allocation of $35m into a series of venture funds.

The LPs include Mumtalakat, National Bank of Bahrain, Batelco Group, Tamkeen and Bahrain Development Bank, amongst others and BDB is the general partner managing the fund.

The fund was launched at Gateway Gulf investor forum in Manama on 10 May. There were $26bn of infrastructure projects showcased at the event including investment-ready projects worth $18bn, with another $8bn of projects in the planning stages.