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Foras, a prominent investment firm based in Abu Dhabi and focused on innovative startups in the MENA region, has announced its acquisition of a 36% stake in Beban, a licensed company by the Central Bank of Bahrain as a Crowdfunding Platform Operator. This strategic investment aims to foster the growth of startups and enhance access to capital for entrepreneurs throughout the region.
“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.”
Beban Crowdfunding has established itself as a significant player in the crowdfunding landscape, providing a unique take on equity investment as it brings together opportunities highlighted in the Beban TV Show as well as other opportunities from the local and regional ecosystem that support entrepreneurs with essential resources to secure funding for their ventures. With Foras’ investment, the platform is set to expand its offerings and further support the entrepreneurial ecosystem as Foras has a proven record of increasing awareness in the region regarding investments through its media channels such as Elmal Elhalal podcast.
From his end, Sh. Hamed AlKhalifa, Chairman of Hope Ventures Holding, the parent company of Beban, commented saying “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. Together, we are committed to fostering innovation and providing more with Beban Crowdfunding which has provided alternative funding for businesses in Bahrain and the GCC with over $250,000 secured from more than 5000 individual and corporate investors.”
This collaboration between Beban and Foras is an important step on the path to the development of new features and resources, ultimately benefiting both entrepreneurs seeking funding and investors looking for promising opportunities.
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