Beehive raises $5m investment for Saudi-based venture capital fund.
Beehive, Mena's leading peer to peer lending (P2P) platform, has secured $5 million investment as part of a Series A round led by Riyad Taqnia Fund and supported by the Mohammed Bin Rashid Fund (MBRF), the financial arm of Dubai SME, as well as several other regional investors.
This latest fundraise brings the total raised by Beehive to $10.5 million since its launch.
Craig Moore, Beehive founder and CEO, said: "We're delighted to have the support of our strategic investors in this latest round which demonstrates the appetite for investment into fintech businesses in the region and will enable us to further expand the Beehive digital model and drive product and market expansion."
To date, Beehive has successfully facilitated finance over $35 million to more than 200 business funding requests and registered more than 5,000 international investors. In March, Beehive became the first peer to peer lending platform in Mena to be regulated. Launched in 2014, Beehive uses innovative technology to directly connect businesses with investors, giving SMEs faster access to lower cost finance and investors attractive returns and diversified risk.
"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 Adel Al-Ateeq, acting CEO, Riyad Capital.
Abdul Baset Al Janahi, CEO of Dubai SME, who will also be joining the Beehive board, said: "Beehive is a fintech pioneer and we've already seen our strategic partnership with them translate into immediate and tangible results for SMEs and our investment will further strengthen that commitment."
"Beehive is an SME for SMEs and our focus is on continued growth and broadening our reach to create further opportunities that will drive the ecosystem," added Rick Pudner, Beehive chairman.
Riyad Taqnia Fund (RTF) is a Saudi Arabia-based venture capital fund founded by Riyad Capital and Taqnia. It is backed by leading institutional investors in Saudi Arabia and invests in the areas of ICT, Energy and Sustainability and Advanced Materials. - TradeArabia News Service
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|Publication:||TradeArabia (Manama, Bahrain)|
|Date:||Oct 1, 2017|
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