Beban, a business licensed by the Central Bank of Bahrain to operate a crowdfunding platform, has acquired a 36% stake from Foras, a well-known investment firm based in Abu Dhabi that specializes in creative startups in the MENA region.
The objective of this strategic investment is to support the expansion of startups and improve the region’s entrepreneurs’ access to capital.
“This acquisition marks a significant milestone for both companies,” said Mohamed Abouelnaga, Founder of Foras. We are excited about the potential to collaborate and drive growth in the MENA startup landscape through Beban Crowdfunding and our collective mission to empower entrepreneurs.
We aim to bridge the gap between SMEs seeking funding and regional individual and accredited investors, as the venture capital funding market in Africa alone is valued at $2.9 billion while the SMEs credit group is valued at $450 billion, whereas the crowdfunding market is expected to reach USD 40.03 billion by 2033. By providing innovative solutions to access funding through Sharia‘a-compliant Murabaha debt and equity crowdfunding that will enable SMEs to solve their current liquidity issues and will pave the way for them to succeed and make a lasting impact.”
With a distinctive approach to equity investment, Beban Crowdfunding has made a name for itself in the crowdfunding space. It combines opportunities from the local and regional ecosystem that help entrepreneurs obtain the necessary resources to fund their projects with those featured in the Beban TV Show.
Foras has a track record of raising awareness of investments in the area through its media channels, including the Elmal Elhalal podcast, so with this investment, the platform is poised to broaden its offerings and further support the entrepreneurial ecosystem.
