Dubai-based Startup Beehive Raises $5 Million and Heads Off to Enter the Saudi Market
The round was led by Saudi VC Riyad Taqnia Fund and the Mohammed Bin Rashid Fund. The P2P lending startup, founded in 2014, involves investors directly investing into businesses via an online platform.
Beehive, a Dubai-based peer-to-peer (P2P) lending platform, has just secured $5 million investment as part of a Series A round led by Saudi VC Riyad Taqnia Fund and the Mohammed Bin Rashid Fund (MBRF). The round of investment, which included other regional investors, brings the total funds raised by Beehive to $10.5 million since its launch, Inc Arabia states.
The startup, founded by Craig Moore, connects business with investors so they can raise money through peer-to-peer lending. It facilitates Sharia-compliant financing solutions for established SMEs seeking finance from Dhs 100,000 ($27,200) for up to three years. The startup indicates it facilitated finance to more than 200 business, totalling over $35 million in funding requests since its inception in 2014, while registering more than 5000 international investors. Earlier in March, the startup became the first P2P lending platform in the MENA region to be regulated by the Dubai Financial Services Authority.
“Beehive has attracted us as the pioneering regulated P2P lending platform in MENA. It has engaged in building strategic agreements with government and large corporates in the UAE, where it fulfills a clear financing need. We are particularly excited to support the company’s expansion into Saudi Arabia where it would finance Saudi SMEs,” said Riyad Capital's Acting CEO, Adel Al-Ateeq. Beehive Founder and CEO Craig Moore indicated that this latest round will serve the company to grow the product and expand into Saudi Arabia.
Main photo: Beehive CEO, Craig Moore, on Fintech panel at Arabnet Dubai.
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