Bahrain
Foras Acquires 36% Stake in Beban Crowdfunding to Boost MENA Startup Ecosystem. Foras, a leading Abu Dhabi-based investment firm specializing in innovative startups across the MENA region, has announced its acquisition of a 36% stake in Beban, a Central Bank of Bahrain-licensed crowdfunding platform operator. This strategic investment aims to accelerate the growth of startups and enhance access to capital for entrepreneurs throughout the region, marking a significant milestone in the MENA entrepreneurial landscape.
A Strategic Partnership for Growth
The acquisition underscores Foras’ commitment to empowering entrepreneurs and bridging the funding gap for small and medium-sized enterprises (SMEs). Mohamed Abouelnaga, Founder of Foras, expressed his enthusiasm about the collaboration, stating, “This acquisition marks a significant milestone for both companies. 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.”
Abouelnaga highlighted the immense potential of the crowdfunding market, which is projected to reach $40.03 billion by 2033. “We aim to bridge the gap between SMEs seeking funding and regional individual and accredited investors,” he added. “By providing innovative solutions through Sharia-compliant Murabaha debt and equity crowdfunding, we will enable SMEs to solve liquidity issues and pave the way for their success.”
Beban Crowdfunding: A Platform for Innovation
Beban Crowdfunding has emerged as a key player in the crowdfunding space, offering a unique approach to equity investment. The platform showcases opportunities highlighted in the Beban TV Show, as well as other ventures from the local and regional ecosystem, providing entrepreneurs with essential resources to secure funding.
With Foras’ investment, Beban is poised to expand its offerings and strengthen its support for the entrepreneurial ecosystem. Foras brings a proven track record of increasing investment awareness in the region through its media channels, including the popular Elmal Elhalal podcast.
A Shared Vision for the Future
Sheikh Hamed AlKhalifa, Chairman of Hope Ventures Holding, the parent company of Beban, welcomed Foras as a strategic partner. “We are thrilled to welcome Foras as a strategic partner. Their expertise and extensive network will be instrumental in enhancing our platform and expanding our support for entrepreneurs,” he said.
AlKhalifa emphasized Beban’s achievements to date, noting that the platform has secured over $250,000 from more than 5,000 individual and corporate investors, providing alternative funding for businesses in Bahrain and the GCC. “Together, we are committed to fostering innovation and providing more opportunities for entrepreneurs and investors alike,” he added.
Driving Innovation and Access to Capital
The collaboration between Foras and Beban represents a significant step forward in the development of new features and resources for the crowdfunding platform. This partnership will benefit both entrepreneurs seeking funding and investors looking for promising opportunities, ultimately contributing to the growth of the MENA startup ecosystem.
Foras’ investment aligns with its mission to support innovative solutions and drive sustainable growth in the region. By leveraging Beban’s platform and Foras’ expertise, the partnership aims to create a robust ecosystem that empowers entrepreneurs and unlocks new opportunities for investors.
A Bright Future Ahead
As the MENA region continues to emerge as a hub for innovation and entrepreneurship, the collaboration between Foras and Beban is set to play a pivotal role in shaping the future of the startup landscape. With a shared vision of fostering innovation and providing access to capital, this partnership promises to make a lasting impact on the region’s entrepreneurial ecosystem.
