Dubai,
United Arab Emirates – BECO Capital, a leading early-stage venture
capital firm, announced a $20M investment from SVC further strengthening its
commitment to supporting the burgeoning Saudi startup ecosystem. The investment
marks a key moment in BECO’s ongoing efforts to back the region’s most
promising technology companies, with a specific focus on Saudi Arabia’s
emerging market.
“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,” said Dany Farha, Co-Founder and Managing Partner at BECO Capital. “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.”
A Track
Record of Success in Saudi Arabia
The investment from SVC aligns with BECO
Capital’s active participation in the Saudi startup market in recent years,
where the firm has been a lead investor in the Kingdom’s most promising
technology startups. Recent investments include leading rounds in Brkz, a
pioneering construction tech platform, and Ejari, an innovative PropTech
company, and Mala, a Riyadh-headquartered FinTech startup.
Managing Partner Yousef Hammad, a Saudi
national, recently appeared on ‘Riyada’
on Al Arabiya, where he highlighted
BECO Capital’s successful exits, including the recent 17x return on Property Finder. He discussed BECO’s investment
strategy as well as its commitment to fostering a strong venture ecosystem.
“Saudi Arabia remains a key focus for BECO, and
we’re excited to contribute to the growth of its startup ecosystem,” said
Yousef Hammad, Managing Partner at BECO Capital. “We see immense potential in
Saudi entrepreneurs and are committed to helping them scale and drive
innovation in this rapidly evolving market.”
Driving
Thought Leadership and Ecosystem Growth
As part of BECO’s ongoing engagement with the
regional ecosystem, Dany Farha
recently participated in a panel discussion at the Future Investment Initiative (FII), where he spoke about the
evolving fundraising environment and BECO’s 12-year journey in venture capital.
BECO Capital’s investment strategy targets Seed
to Series A startups, with Saudi Arabia representing a primary focus market.
While sector-agnostic, the firm maintains clear investment theses across
various sectors of interest and is currently publishing a comprehensive four-part series, Part I and Part II recently published here, examining the development and implications of
AI in the region.
The collaboration between BECO Capital and SVC
represents a significant step forward in strengthening the regional startup
ecosystem, combining BECO’s proven track record in identifying and supporting
the next generation of innovative startups in Saudi Arabia.
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About BECO
Capital
BECO Capital is the largest non-governmental
venture capital firm in the Gulf. Since its inception in 2012, BECO Capital has
helped the regional tech ecosystem to develop from its nascent stages to its
current dynamism, emerging as a leading force behind many of the region’s most
notable success stories. Among these is Careem, the trailblazer in regional
ride-hailing that was acquired by Uber for $3.1 billion, Property Finder, the
real estate marketplace that BECO exited for $1B in April 2024, alongside innovative
companies like Kitopi and Fresha.
About SVC
SVC is an investment company that was
established in 2018. It is a subsidiary of the SME Bank, part of the National
Development Fund. SVC aims to stimulate and sustain financing for startups and
SMEs from pre-seed to pre-IPO through funds and direct investments in startups
and SMEs Further information is available at www.svc.com.sa.