Dubai-based venture capital (VC) firm BECO Capital has closed its second fund at $100 million. The VC will continue investing in early stage technology startups from seed to Series A stage across the Middle East and North Africa (Mena) region.
To date, BECO has made 22 investments across its two funds in startups that include Careem and Property Finder. The first fund has had four exits to date according to a press statement from the company.
“There have been substantial leaps in the technology and innovation landscape in Mena. Company like SWVL, Wahed and Kitopi, which we have backed, are now exporting business model innovation from Mena o the rest of the world,” said Dany Farha, co-founder and managing partner at BECO Capital.
Investors in the second fund include the International Financial Corporation (IFC), Bahrain’s Al Waha Venture Capital Fund of Funds and Saudi Arabia-based Watar Partners.