UAE’s Beehive raises $5 mln from Saudi, Dubai funds

01/10/2017 Argaam

 

UAE-based peer-to-peer lending platform Beehive said it has secured $5 million as Series A funding from Saudi Arabia's Riyad Taqnia fund, the Mohammed bin Rashid Fund - the financial arm of Dubai SME and several other regional investors.

 

The company, which specializes in arranging funding for small and medium-sized enterprises (SMEs) in the Middle East, said the latest funding takes the total amount raised by Beehive since its launch to $10.5 million.

 

Beehive said it has successfully facilitated more than 200 funding requests from SMEs since it was founded in November 2014, with companies raising a total of around $35 million from investors.

 

Riyad TAQNIA Fund is a 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 & sustainability and advanced materials.

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