Dubai, UAE-based venture capital firm BECO Capital has today raised $20 million from Riyadh, Saudi Venture Capital (SVC) in a bid to strengthen Saudi Arabia’s startup ecosystem. One of the leading venture capital firms in the MENA region, BECO Capital invests in early-stage technology companies.
Speaking of the development, Dany Farha, Co-Founder and Managing Partner at BECO Capital, in a press statement said,
“We’re thrilled to deepen our partnership with SVC, a respected institution whose mission aligns with ours: driving growth and innovation in Saudi Arabia’s technology sector,” He said
“This collaboration is a natural extension of BECO’s continued investment in Saudi startups and underscores our long-term commitment to the Kingdom’s entrepreneurial ecosystem.” He added
This collaboration between BECO Capital and SVC marks a significant step in strengthening the regional startup ecosystem that combines BECO Capital’s track record in identifying and supporting the next generation of innovative startups in the Kingdom of Saudi Arabia.
BECO Capital counts the Dubai-based diversified tech company Careem which spearheaded the ride-hailing domain in the MENA region and acquired by UBER for $3.1 billion in early 2020. BECO is also the first institutional investor of the UAE-based real estate startup Property Finder which operates in the UAE, Bahrain, Saudi Arabia, Lebanon, Egypt, Morocco, and Turkey among others. BECO Capital exited Property Finder for $1 billion in April 2024. Besides this, the venture capital firm also counts innovative startups like Kitopi and Fresha.
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