BECO Capital Launches New Initiative to Fund 10 MENA Founding Teams at $150,000 Each
The world-renowned UAE-based venture capital firm wants to support the region’s most extraordinary founding teams to create the next big thing, forged in the crucible of the current global crisis.
To date, BECO Capital - established in 2012 - has invested in the region’s most remarkable success stories, including Careem and Property Finder. Its past investments have collectively raised over $1 billion and created more than 9,000 jobs in the region. Only last year, the firm closed its second fund with $100 million, exceeding its own target by 20%.
Until the end of 2020 (or until they found their chosen 10), BECO is accepting applications from individuals or founding teams who have received no prior funding, 10 of whom will be selected for up to $150,000. Only projects in the idea stage will be considered, and even if you don’t have an idea, BECO - focused on finding and cultivating the next generation of entrepreneurs - will help you develop one.
“We are here for the underdogs; those fearless leaders who want to chase their dreams,” reads the initiative’s announcement."Those ambitious individuals that want to change our region and our world for the better. 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.”
Amir Farha, Managing Partner of BECO Capital, elaborates on the ethos behind the initiative, especially now when the regional ecosystem is facing a downturn that has proved catastrophic to many: “We spend more time understanding the people behind ideas, which is why we make it mandatory to apply with a video describing yourself...As an investor in the region, we felt that it is our responsibility to push everyone forward; to empower future founders, and give them the chance to create something, especially during this period.”
