Doha VC invests in Cityneon; Dubai’s BECO, Global Ventures bet on US firm

 Doha VC invests in Cityneon; Dubai’s BECO, Global Ventures bet on US firm

Qatar-based Doha Venture Capital has invested in a Singapore company while Dubai-based BECO Capital and Global Ventures have backed a US-based startup, as Gulf investors continue to look for opportunities in other regions.

Doha VC, the venture capital arm of the Qatar Free Zone, has invested in Cityneon Holdings, a Singaporean exhibition entertainment company. The investment is part of Cityneon’s $235-million funding round.

The round, Cityneon’s second, was led by existing investors including Pavilion Capital, Cityneon executive chairman Ron Tan as well as EDBI Pte Ltd. Several other investors including Seatown Holdings participated.

Seatown and Doha VC are new investors and will own about 4% of the group, according to a press statement. It did not specify exactly how much money the two institutions had pumped into Cityneon.

Doha VC was set up in 2018 and manages assets in excess of $1 billion.

BECO Capital, Global Ventures

The two Dubai-based investment firms have put fresh capital into Silicon Valley fintech startup Tribal Credit.

The US company raised a total of $34.3 million in its Series A round led by QED Investors and Partners for Growth.

Existing investors BECO Capital, Global Ventures, OTG Ventures and Endure Capital as well as new investor Endeavor Catalyst chipped in, too.

Tribal Credit CEO Amr Shady said the capital infusion will allow the company to accelerate its growth in Mexico and help remove financial barriers for small and mid-sized enterprises.

Tribal Credit said the round also includes a $3 million infusion from the nonprofit Stellar Development Foundation, which champions its open-source Stellar blockchain network. The funds will be used to integrate Tribal’s blockchain products onto the Stellar network.

BECO Capital typically invests in late seed, pre-Series A and Series A rounds. The sector-agnostic firm says its initial investment in a startup is up to $2 million, though it can go as high as $5 million.

The firm has about 20 companies in its portfolio. It has also exited a few companies, including ride-hailing venture Careem.

Global Ventures says it focuses on emerging economies. It has invested in more than two dozen companies.

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Aman Malik

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