Beehive, a peer-to-peer lending platform, has secured $4 million (Dh14.7m) in follow-on investment from a Saudi Arabia-based venture capital firm as the start-up looks to expand its footprint to GCC markets and beyond.
The latest investment is part of a Series B funding round from Riyad Taqnia Fund (RTF) that brings Beehive’s total funding raised since its launch in 2014 to $15.5m, it said in a statement. Series B funding refers to a later round of funding, post seed financing, where an entity raises capital from venture capital firms.
“This investment is testament to the success of the Beehive digital model and demonstrates RTF’s continued commitment to our growth,” Craig Moore, Beehive founder and chief executive said. “The investment will help us execute the exciting expansion plans we have for the GCC and South East Asia.”
The firm, which is the first peer-to-peer lending platform in the Middle East and North Africa region to be regulated by the Dubai regulator Dubai Financial Services Authority, directly connects businesses looking for finance with investors.
The company has successfully facilitated funding of nearly $100m to more than 450 business funding requests and registered nearly 10,000 international retail and institutional investors, according to its statement.
The RTF investment follows the recent announcement of Beehive’s partnership with Thanachart Bank in Thailand to provide a new financing programme for small- and medium-sized enterprises.