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uTrack TV receives funding from 500 Startups in US

MANAMA, April 15, 2015

Bahrain-based uTrack TV, a Tenmou-partnered company, is set to receive international funding from 500 Startups, a leading venture capitalist in San Francisco, US.

The company had initially pitched their concept to an international audience at last year’s Mena Angel Investors Summit, which included live streaming the event itself on smartphones and tablets via a new mobile TV application, said a statement.  

This selection makes uTrack TV the first start-up company in the GCC to enter a high-profile Accelerator Program conducted by 500 Startups in the Silicon Valley.

Over the next few months, the company will join other high-profile portfolio companies who will be filmed on the SyFy TV channel documentary series in the US.

Sami Jalal, chairman of Tenmou, said: “We are very proud of uTrack TV for this milestone achievement. Their hard work and commitment in furthering their business has gained them international recognition by the world’s leading venture capitalists, 500 Start-ups in Silicon Valley, San Francisco. This recognition is not only a success for Tenmou and uTrack TV but also for Bahrain.

“At Tenmou, our strategic objective is to organise events such as the Mena Angel Investors Summit which provides an excellent platform for the high-potential innovative entrepreneurs to connect with angel investors from around the world. We look forward to many more of our aspiring Bahraini entrepreneurs to actively participate at this year’s Summit and be rewarded.”

Khalid Al Rumaihi, chief executive of the EDB, said: “Events such as the Mena Angel Investor Summit provide the ideal platform to showcase the talent and high calibre of Bahraini companies to an international audience and enable them to access funding from a wide range of sources.

“The success of uTrack emphasises the potential for entrepreneurs in Bahrain as well as the importance of the support network that helps them to thrive. A recent survey by Ernst & Young found that 70 per centof young Bahrainis were interested in starting their own business and these businesses have a very important role to play in the Kingdom’s economic growth in the future.”

Over the past two years, uTrack TV has provided live-streaming of more than 100 events and produced more than 15 clips and documentaries including the Bahraini Royal Endurance and Equestrian team participations in the 2013 and 2014 season.

They have also helped large corporations and new broadcast stations build their own channels to live stream their events and conferences over the web. In addition, uTrack TV signed contracts to cover several high-profile events in Bahrain, Saudi Arabia, UAE, and Oman, and also partnered with several motorsport associations this year. - TradeArabia News Service




Tags: Funding | Tenmou |

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