Craig Moore, Beehive Founder and CEO

Dubai based P2P platform, Beehive, has raised an amount of $4 million from Riyad TAQNIA Fund (RTF)  in a recent Series B round. The Series A round, also led by RTF, helped the platform secure $5 million. This along with the seed funding rounds bring the total amount raised to $15.1 million since its launch in 2014.

Craig Moore, Beehive Founder and CEO said, “This investment is a testament to the success of the Beehive digital model and demonstrates RTF’s continued commitment to our growth. The investment will help us execute the exciting expansion plans we have for the GCC and South East Asia.”

The investment is aimed at driving the Gulf Cooperation Council as well as fund its SouthEast Asian expansion.

“Beehive has proven itself as a leading fintech pioneer in the region, using innovative digital solutions to improve SME financing accessibility. We’re keen to support their future growth plans which include expansion into Saudi Arabia, bringing new funding options to Saudi businesses,” commented Adel Al-Ateeq, Deputy CEO, Riyad Capital.

Beehive has recently introduced a partnership with Thanachart Bank in Thailand to provide a new Value Chain Financing Program for SMEs.

Beehive P2P is based in the MENA region and directly connects businesses looking for finance with investors, creating mutually beneficial partnerships for growth.

Saudi Arabian venture capital fund, Riyad Taqnia Fund, has been founded by Riyad Capital and TAQNIA and is backed by institutional investors in Saudi Arabia. It invests in the areas of ICT, Energy & Sustainability and Advanced Materials.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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