BECO Capital, a leading venture capital firm based in Dubai, has committed up to $150,000 to help exceptional founders and teams get their ideas off the ground.
BECO will identify 10 founding teams in the MENA and, apart from the $150,000, will provide them with the company's network and additional support in exchange for 10 percent equity.
"For those of you in the job market that have recently been laid off, and for those of you looking to leave your job but are too afraid to make the move, this is the best time to start something and we are here to help you make it happen," the VC firm cited in its website.
BECO prefers tech-enabled ideas and is looking out for startups that have received no prior funding. "You have to be based in the Middle East or from the Middle East. Preference for teams of two or more… but don’t worry if you’re on your own. Having an idea is preferred… if not, don’t worry we’ll help you come up with one," the website stated.
In October 2019, BECO closed its second fund at $100 million, significantly more than its target of $80 million.
The VC has made 22 investments across its two funds to date. Its Fund I have seen four exits so far, the most recent of which include Uber’s acquisition of Careem in March 2019, and Cisco’s acquisition of Voicea in August 2019, which previously acquired BECO’s portfolio company Wrappup in April 2018.
(Writing by Seban Scaria, editing by Daniel Luiz)
#STARTUP #DUBAI #INVESTMENT #WEALTH
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2020