Property Finder Exit Extends BECO Capital Returns to New Highs in MENA Venture Capital
*BECO Capital marks a historic exit with Property Finder, achieving a 2.41x DPI ratio, setting new venture capital benchmarks in MENA.*
*DUBAI, UNITED ARAB EMIRATES / ACCESSWIRE / May 26, 2024 / *BECO Capital, a leading early-stage venture capital firm in the UAE and one of the largest non-governmental venture firms with $486 million in assets under management, today announced a landmark achievement in fund distribution, setting a new benchmark in the region with a 2.41x Distribution to Paid-In (DPI) capital ratio from its Fund I off the back of their $1B+ valuation exit from Property Finder.
This achievement underscores BECO Capital's commitment to supporting the best tech entrepreneurs in the region and delivering top quartile returns to investors. "It has been an absolute pleasure and privilege to have invested in Property Finder, backing one of the region's best entrepreneurs in Michael Lahyani," said *Dany Farha, Co-Founder and Managing Partner at BECO Capital*. "As venture investors, we have to return capital to our limited partners and sunset the fund. Otherwise, we would have loved to remain investors for much longer, as they have only just gotten started."
Notably, this builds on BECO Capital Fund I's history of successful exits, including the high-profile acquisition of Careem, by Uber for $3.1 billion in January 2020. The DPI ratio
achieved not only demonstrates tangible, realized gains but also emphasizes the repeatable nature of BECO Capital's investment approach.
"Our investment in Property Finder is a testament to our methodical strategy and belief in supporting ventures that not only lead their markets but also contribute significantly to the regional economy," added *Dany Farha*. "This marks our second $1B+ exit after Careem, and we have more in the stable, such as Kitopi amongst others."
Reflecting on the collaboration with BECO Capital, *Michael Lahyani, founder of Property Finder*, credited them for their decisive support, saying, "At the time when BECO invested 11 years ago, I had raised money prior from a strategic investor, however securing broader regional investment was challenging. It took Dany's foresight to understand that building a real estate classifieds platform was something potentially big. It is my hope that this event sets the precedent for other founders in the region to take their innovative companies to new heights, in turn creating returns that fuel the entrepreneurial ecosystem across MENA."
The emphasis on long-term companies' growth and DPI as metrics of success highlights this milestone as evidence of the MENA region's capacity to generate returns comparable to, or even exceeding, those of established VC hubs like Silicon Valley. This achievement demonstrates a maturing local venture capital ecosystem, capable of delivering significant returns to investors and enhancing its global stature as a leading centre for technology and innovation.
*Ends*
*About BECO Capital*
BECO Capital is one of the largest non-governmental venture capital firms in the MENA region. Since its inception in 2012, BECO Capital has helped the regional tech ecosystem to develop from its nascent stages to its current dynamism, emerging as a leading force behind many of the region's most notable success stories. Among these is Careem, the trailblazer in regional ride-hailing that was acquired by Uber for $3.1 billion, alongside innovative companies like Kitopi and Fresha.
*Media contact:*
Hiba Al Masoud
Email address: Hiba@scope-ae.com
*SOURCE:* BECO Capital
View the original press release on accesswire.com