Dubai-based venture capital (VC) firm Beco Capital has raised $100 million after closing its second fund.
The figure is in excess of the fund’s initial $80 million target, according to the company’s statement. Backers in Beco Fund II include Dubai-based Rimco Investment, the World Bank-backed International Financial Corporation and Al Waha Venture Capital Fund of Funds, an arm of the Bahrain sovereign wealth fund.
Beco, founded in 2012, invests in early stage startups in the region, three of which are ride-hailing firm Careem, UAE-based website Property Finder and bus-hailing app Swvl.
According to its statement, its investments have collectively raised over $1 billion in follow-on capital and created more than 9,000 jobs in the region.
Its first fund has seen four exits so far, including Uber’s acquisition of Careem and Cisco’s purchase of Voicea.
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