News

IFC puts $15m into Beco Capital startup funds

Dubai-based investment manager Beco Capital has secured a total of $15 million from International Finance Corporation (IFC), the asset management arm of the World Bank, to support venture capital funds that target Mena-based technology startups. The arrangement with IFC comprises a $5 million investment into Beco’s first $50 million startup fund, launched back in 2012, while $10 million will go into Beco’s latest venture capital fund which is looking to raise up to $100 million. Beco’s inaugural fund has to date invested in 16 tech companies in the region including Careem, Property Finder and Vezetta. The second fund is aiming to support 24 startups over the next five years. The IFC investment is designed to both provide follow on funding to the companies in the portfolio and also attract more funding from other large investors such as Saudi-based Rimco and Bahrain Development Bank’s Al Waha Fund of Funds, according to Belco. It is not the first time that IFC has invested in Mena-based venture capital funds having previously worked with Wamda Capital and Egypt-focused Algebra Ventures. ©2018 funds global mena

Executive Interviews

INTERVIEW: Totally mega

Jun 13, 2018

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

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Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

Roundtables

MENA ROUNDTABLE: ‘The story is about reforms’

Jun 13, 2018

Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.

SOUTH AFRICA ROUNDTABLE: Airline syndrome

Jun 13, 2018

Our panellists tell us that instead of launching competing national projects, African countries should work together for the sake of a bigger capital market. Chaired by George Mitton in Cape Town.