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.