BECO Capital has successfully raised $370 million for two new funds, expanding its ability to support founders from pre-seed to IPO in the UAE and Saudi Arabia.
Why it matters: This significant capital influx is expected to help entrepreneurs turn their ideas into successful businesses, contributing to the region’s economic growth and development.
The details:
- The raise includes $120 million for BECO Fund IV, the firm’s fourth early-stage fund, and a $250 million Growth Fund.
- BECO Fund IV is designed to back companies in proptech, construction tech, retail tech, fintech, and AI-based technology sectors, focusing on startups with higher capital efficiency and optimized profit margins.
- The Growth Fund targets investments in companies from Series B through pre-IPO, aiming to deploy average investments of $20 million into both existing BECO portfolio companies and new opportunities.
BECO Capital currently manages a portfolio of 35 companies and has celebrated two unicorn exits so far: Careem, which was acquired by Uber in 2020 for $3.1 billion, and Property Finder, which BECO exited earlier this year for over $1 billion.
What they’re saying:
- “With the close of these two funds, BECO expands its ability to support founders from Pre-Seed to IPO, offering stage-appropriate capital and deep engagement to help build enduring technology companies rooted in the Gulf,” the firm stated in a press release.
- “We believe in the potential of the Gulf region and are dedicated to backing founders who have the vision and capability to build transformative companies,” said Dany Farha, Co-founder and Managing Partner.
What’s next: With this new capital, BECO Capital is well-positioned to take advantage of the growing opportunities in the Gulf’s burgeoning tech and startup landscape.
