Bahrain-based Tenmou has announced its partial exit from the mobile application Eat, earning a return 20 times its initial investment following the application’s successful launch.
This partial exit marks the first of its kind in the history of start-ups in Bahrain, it said in a statement.
Raising $4.2 million to-date and expanding from Bahrain, across the United Arab Emirates and greater GCC area to a total of 22 countries, the mobile app accommodates more than 1,200 restaurants, and serves more than 3.5 million diners.
Tenmou said the decision comes in line with its vision of revamping its investment model and reusing the exit amount to invest in new start-ups across the kingdom in the months to come.
CEO Nawaf Alkoheji said: “We are proud to witness the growth of Eat having supported its development from the early seed stages up until the success story it is today, on the verge of becoming one of the leading providers of tech solutions in the F&B industry.”
He added: "We are currently seeking high potential, innovative and motivated Bahraini startups to support their growth; our efforts will remain focused on launching additional success stories, creating a truly collaborative environment and start up ecosystem within the kingdom."
Nezar Kadhem, founder of Eat app, said: “I’m proud to say that we are the first exit for Tenmou, delivering a valuation of more than 20x the value since our inception.”
Tenmou has also launched various other apps including Mala3eb, an app that allows users to book football stadiums throughout Bahrain and Saudi Arabia along with Fish Transporter (Fish Me) which delivers fresh fish to any location in Bahrain.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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