STARTUP WATCH- UAE’s Beco closes second VC fund: Beco Capital has closed its second startup fund at USD 100 mn, exceeding its initial USD 80 mn target, the Dubai-based venture capital firm said in a press release (pdf). Among those committing capital to the fund were Rimco Investment, the International Finance Corporation, Warba Bank and sovereign capital committed by Al Waha Venture Capital Fund of Funds out of Bahrain. The company specializes in investing in seed and series A stage tech startups, and providing follow-on capital to its best performing portfolio investments. Beco has to date invested in 22 companies through its two funds — including in household names Careem, Property Finder, and Vezeeta. It has also raised north of USD 1 bn in “follow-on capital,” led Swvl’s USD 8 mn landmark series A funding, and co-led e-commerce startup MaxAB’s recent USD 6.2 mn round.

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