Thursday 01, November 2018 by Kudakwashe

Dubai’s BECO Capital secures $10 million for new fund from IFC

 

In 2012, the international Finance Corporation (IFC) invested $5 million in BECO Capital’s inaugural $50 million investment vehicle.

The IFC has announced that it is investing a total of $15 million in a pair of investment funds managed by BECO Capital, in an effort to support technology start-ups and drive innovation across the MENA.

In a statement, IFC stated that BECO Capital has been an early backer of some of the region’s most successful technology companies, including Careem, Property Finder and Vezeeta.

IFC, a member of the World Bank Group, also invested $10 million in BECO’s newest venture capital fund, which is expected to reach up to $100 million. 

Mouayed Makhlouf, IFC Director for the MENA, said that start-ups in emerging markets are innovating in critical areas like health-tech, fintech and e-logistics, which are pivotal to tackling some of the most pressing development challenges and have the potential to realise strong returns. 

To-date, BECO’s inaugural fund has supported 16 technology companies and the second fund is expected to support 24 start-ups over five years.

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