BECO Capital, an early-stage venture capital firm based in Dubai has secured $100 million for the Middle East and North Africa (MENA) focused tech startup fund, tagged ‘BECO Fund II’.
According to BECO Capital, the secured $100 million for the BECO Fund II exceeded its initial $80-million target. The firm explained that the improved technology investment landscape in the region fueled the investment influx.
The BECO Fund II investors include; Dubai-based Rimco Investments, the International Financial Corporation (IFC), Bahrain’s Al Waha Venture Capital Fund of Funds, Warba Bank, Watar Partners, and KAAF Investments.
Founded in 2012, BECO Capital invests in early-stage tech startups that have engineering teams in the MENA region. BECO aims to invest in diverse startups at the seed and Series-A stage. It also provides follow-on capital to the performing companies.
The firm has currently made 22 investments with its portfolio cutting across Egyptian startups; Vezeeta, Swvl, and MaxAB. BECO’s investments have unanimously raised over $1-billion in follow-on capital and created over 9000 jobs in the MENA region.
BECO Capital co-founder and managing partner, Dany Farha said they believe former beneficiaries of the fund will go on to have the equivalent impact of PayPal in the region. He noted that the companies will be building the next wave of great companies that will serve regional and global markets.
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