Procural, an artificial intelligence (AI)-driven business-to-business (B2B) procurement platform, and Parcel, a digital delivery service connecting businesses to on-demand drivers, were named joint winners of the second annual ‘Startup of the Year’ competition yesterday.
The prestigious award, organised by Bahrain’s sovereign wealth fund Mumtalakat and the Labour Fund (Tamkeen), saw the two companies selected after Mumtalakat assessed previous ‘StartUp Bahrain Pitch’ winners. Mumtalakat will now directly invest in both Procural and Parcel, subject to pre-approved terms.
The winners were announced at a special ceremony at the Bahrain National Museum, attended by high-profile dignitaries including Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa, Central Bank of Bahrain Governor Khalid Humaidan and Industry and Commerce Minister Abdulla bin Adel Fakhro.
The initiative is part of efforts to support high potential Bahraini ventures and empower entrepreneurs to drive economic growth and diversify income sources.
Procural is a Bahrain-based cloud platform for commercial tenders that uses innovation to streamline procurement by connecting buyers with a diverse network of suppliers. Parcel is a delivery platform offering logistics solutions and services to households and small businesses across the kingdom.
Shaikh Salman emphasised the vital role of the private sector in advancing economic development and creating high-quality opportunities for Bahraini citizens. He highlighted the contribution of entrepreneurs to enhancing Bahrain’s global competitiveness in the field of entrepreneurship through innovative and creative ventures.
He reiterated Bahrain’s ongoing efforts to foster a supportive environment for entrepreneurship, backed by programmes and initiatives that help emerging enterprises grow and compete across sectors.
“These efforts contribute to the comprehensive development process under the leadership of His Majesty King Hamad and the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister,” he noted.
Shaikh Salman also underscored the strategic role of Tamkeen in promoting employment, training, career progression and entrepreneurship through targeted initiatives, in line with the directives of Prime Minister’s Court Minister and Tamkeen board of directors chairman Shaikh Isa bin Salman bin Hamad Al Khalifa.
“The competition is one of several initiatives aimed at supporting innovation and encouraging startups to scale and compete regionally and internationally. It does so by facilitating access to investment and providing support that enables the creation of quality employment opportunities, while enhancing Bahrain’s position as a regional hub for business and investment.”
Mumtalakat chief executive Shaikh Abdulla bin Khalifa Al Khalifa said the company’s objective is to invest in promising local ventures that contribute to national economic growth and strengthen Bahrain’s position as a regional and international centre for innovation and entrepreneurship.
Tamkeen CEO Maha Mofeez reiterated the fund’s commitment to supporting startups as key contributors to the national economy. She highlighted Tamkeen’s role in providing opportunities and tailored support to help emerging Bahraini ventures grow, achieve sustainability, and increase their capacity to generate employment for local talent.
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