Bahrain's Mumtalakat and Tamkeen Announce Procural and Parcel as 'Startup of the Year' Winners
Procural and Parcel, two promising Bahraini startups, have been named the winners of the second edition of the prestigious "Startup of the Year" competition. The announcement was made at a ceremony attended by high-level officials, including H.E. Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy. The initiative is a partnership between the Bahrain Mumtalakat Holding Company (Mumtalakat), the Kingdom's sovereign wealth fund, and the Labour Fund (Tamkeen).
By the Numbers
2: Winning startups named Startup of the Year.
2nd: The edition of this annual competition.
12: The number of finalists who competed, having won previous pitch rounds.
6: The number of "Startup Bahrain Pitch" rounds held last year to select the finalists.
A Culmination of a Year-Long Competition
The "Startup of the Year" award is the final stage of a competitive journey for Bahrain's most promising startups. The winners were selected from a pool of 12 ventures that had already achieved first place in the six "Startup Bahrain Pitch" rounds held throughout the previous year. This process ensures that the final winners represent the best of the cohort after a year of development and evaluation.
Meet the Winners
The two companies crowned "Startup of the Year" operate in key technology sectors:
Procural: A cloud-based digital platform for commercial tenders that innovates the procurement process by connecting buyers with a diverse range of sellers.
Parcel: A specialized platform that provides delivery solutions for homes and small businesses within the Kingdom of Bahrain.
Strategic Investment and Support
As part of their prize, both Procural and Parcel will receive direct investment from Mumtalakat. This strategic funding, subject to agreed-upon terms, is designed to accelerate their growth, help them scale their operations, and enhance their competitiveness both regionally and internationally.
Leadership on Fostering Bahraini Innovation
Top officials praised the initiative's role in bolstering the Kingdom's economy. H.E. Shaikh Salman bin Khalifa Al Khalifa highlighted the crucial role of entrepreneurs in enhancing Bahrain's competitiveness on the global stage. H.E. Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat, added, "Mumtalakat aims to invest in promising local projects to contribute to the development of the national economy and enhance Bahrain's leading position as a hub for innovation." Similarly, H.E. Maha Abdulhameed Mofeez, CEO of Tamkeen, affirmed the fund's commitment to supporting startups as a key pillar of the national economy.
Looking Ahead
This partnership between Mumtalakat and Tamkeen is a powerful example of Bahrain's coordinated strategy to build a thriving entrepreneurial ecosystem. By providing direct investment and high-level recognition, the "Startup of the Year" initiative creates tangible opportunities for local companies, supports economic diversification, and helps to create high-quality jobs for the national workforce.
Source: Al Watan News