North Africa: IFC mulls $15m investment in VC fund
The International Finance Corporation (IFC) has disclosed a proposed equity commitment of up to $15 million in BECO Booster Fund III, a venture capital fund domiciled in the Cayman Islands. The fund will invest in technology startups (late seed to series B) across the Middle East and North Africa (MENA) region.
The fund will be managed by BECO Capital Investments, a limited liability company domiciled in Dubai, UAE. BECO is owned by the two managing partners – Dany Farha and Yousef Hammad.
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