Dubai-based venture capital firm Beco Capital raised USD 370 mn across two new funds with the goal of backing companies spanning pre-seed to IPO stages in the UAE and Saudi Arabia, according to a press release (pdf). The raise includes the USD 120 mn Beco Fund IV, the firm’s fourth early-stage vehicle, and a USD 250 mn growth fund.

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Beco Fund IV will invest in startups from pre-seed to Series A, following a sector-agnostic strategy with a focus on construction tech, fintech, proptech, consumer and retail tech, and application software. It is led by Managing Partners Dany Farha (LinkedIn), Abdulaziz Sheikh Al Sagha (LinkedIn), and Yousef Hammad (LinkedIn).

The Growth Fund will deploy an average of USD 20 mn into companies from Series B through pre-IPO, targeting both existing Beco portfolio firms and new prospects. It is led by General Partner Amer Alaily (LinkedIn).

About Beco Capital: Established in 2012, the firm manages over USD 820 mn in assets, with a majority of its investments directed to the UAE and Saudi Arabia. It has delivered nine exits to date, including two unicorns.

IN OTHER INVESTMENT NEWS-

Abu Dhabi-based VC Iliad Partners announced the second closing of its USD 50 mn Iliad Partners Tech Ventures Fund I, according to a press release (pdf). The fresh close brings in three Greek banks — Eurobank, National Bank of Greece, and Piraeus Bank — as strategic LPs, marking their first VC investment in MENA.

Iliad is positioning the fund as a venture bridge between MENA and Europe, with Greece as the gateway. The entry of the Greek banks is expected to add equity and debt financing options, later-stage capital, corporate client access, European market entry, financial services expertise, and exit windows, particularly for fintech.

REMEMBER- Iliad reached first close on its fund in December 2024. The fund targets pre-series A and series A B2B software startups in the UAE and Saudi Arabia, with a focus on fintech, logistics, and proptech. Around 10% of commitments are earmarked for European startups, particularly Greek ones, expanding into the Mena region.

Current backers include Saudi’s Jada Fund of Funds (a subsidiary of Saudi’s Public Investment Fund), the Olayan Family, Masarrah Investment Company, MLM Investments, and the Constantakopoulos Family of Greece, alongside other GCC and European family offices.

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