Beehive raises $5 million investment
Peer-to-peer (P2P) lending Beehive 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), as well as several other regional investors.
This latest fundraise brings the total raised by Beehive to $10.5 million since its launch.
“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,” said Craig Moore, Beehive Founder and CEO.
To date, Beehive has successfully facilitated finance over $35 million (AED 130 million) to more than 200 business funding requests and registered more than 5000 international investors. In March, Beehive became the first P2P lending platform in MENA to be regulated.
“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 fulfils a clear financing need. We are particularly excited to support the company’s expansion into Saudi Arabia where it would finance Saudi SMEs,” commented Adel Al-Ateeq, Acting CEO, Riyad Capital.
Launched in 2014, Beehive uses innovative technology to directly connect businesses with investors, giving SMEs faster access to lower cost finance and giving investors attractive returns and diversified risk.
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 its focus is on continued growth and broadening its 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 & Sustainability and Advanced Materials.