RIYADH: Bahrain-based venture capital fund Al Waha Fund of Funds and Israel’s LionBird Fund are to launch the LionBird III, an $85 million digital health-focused fund, Wamda reports.
The report noted that the partnership is based on the latter’s proven track record of helping startups to mark their presence in the US health care market.
“We are very pleased to be able to partner with LionBird in its latest fund, and to help startups in the region access advice on digital health best practices, and support in penetrating the lucrative US health care market,” said Khalid Al Rumaihi, CEO of Mumtalakat and vice chairman of Al Waha Fund.
He added: “Al Waha offers state-backed capital funds to help support entrepreneurs to establish and scale their companies. In doing so, we are helping to accelerate the development of a vibrant startup and venture capital ecosystem in the Middle East.”
Jonathan Friedman, partner at LionBird, said that the new partnership with Al Waha Fund of Funds will help expand the company’s presence in the Middle East and North Africa region.
“We believe we are well-positioned to support startups in Bahrain and the region plan their entry into the US market,” he added.
LionBird is based in Tel Aviv and is a US-focused digital health fund that specializes in seed-stage venture capital. It also guides startups to enter the already competitive health care market in the US and will help them connect with the right experts and partners.