Two Bahraini startups have bagged total funding of $160,000 during the first episode of entrepreneurship-themed reality TV show Beban’s second season.
Steel Masters, a Bahrain-based manufacturer of customised barbeque equipment, grills, smokers, and food trucks, co-founded by Mahdi Taheri and Hussain Yousif, raised $120,000 from Hope Ventures and private investors as the show inspired by famous American TV series Shark Tank, went on air last Wednesday.
Commenting on the cash infusion, Mr Taheri, who’s also the chief executive of Steel Masters, said, “Being a chef for 17 years, my co-founder and I started Steel Masters to meet the demand of BBQ lovers who are looking for the right equipment for the right price.
We always had our eyes and efforts set on going regional, with Oman being our first stop. The investment raised on Beban will enable us to further expand regionally at a faster rate.”
Hope Ventures, the investment arm of Hope Fund and the producer of the series, also invested $40,000 along-side private investors in Frozen Nutrition, a platform that offers preservative and sugar-free fresh frozen fruits and detox cubes.
Expressing excitement on receiving the investment through Beban, Mr Al Aradi said, “Starting a business that caters to an underserved segment of society was key to me. We will be developing Frozen Nutrition’s operations, increasing our production of frozen fruits and detox cubes, and utilising the expertise of Hope’s co-investors to mentor us through growth.”
Steel Masters and Frozen Nutrition were among five businesses featured in the first episode including The Collector – a smart safe implementation specialist, Sakani – a real estate application that allows customers to find property, and iTadweer – a manual recycling process regulating cloud-based platform, making a pitch to a panel of regional investors for investment and strategic business opportunities.
The three-member panel was made up of Villa Mamas Restaurants founder Roaya Saleh, United Enterprises Group managing director Mohamed Al Aali, and angel investor Suhail Algosaibi, with Hope Fund chairman Aymen Almoayed acting as moderator.
Explaining that Hope’s investment in Steel Masters and Frozen Nutrition was an “investment in Mahdi, Hussain, and Mohammed”, Hope Ventures general manager Fajer Al Pachachi said: “These founders demonstrated true determination and knowledge of their businesses” industries with a willingness and vision to grow and expand on a regional level.”
She added: “Steel Masters has a competitive edge over the ready-made equipment market through its personalisation and adherence to its clients’ precise needs and affordability, while Frozen Nutrition fills a gap in the local food and beverages market “and we are thrilled about our co-investment in both businesses with our co-investors who will strategically empower these businesses to scale.”
A new episode of Beban will air on Bahrain TV at 6pm every Wednesday this month and after the telecast, episodes will be available for viewing anytime on the streaming platform, Shahid.
avinash@gdnmedia.bh
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