BECO Capital, a Dubai-based regional venture capital firm focused on technology investments in the Gulf Cooperation Council (GCC), recently announced that it has invested in the first cybersecurity startup in the Middle East-North Africa (MENA) region.
The company has invested in MYKI, a Beirut-based cybersecurity startup that has developed the first advanced password and online identity manager in the region.
There are many factors that led to this investment by BECO Capital, which provides growth capital and hands-on operational support for early stage technology companies in the MENA region with a focus on the GCC. The most important aspect of MYKI that attracted BECO was its ambitious founders and team with domain expertise.
“They are highly intelligent people who are focused and passionate about the problem and solution,” Amir Farha, BECO Capital's co-founder and managing partner, told Gulf News Journal. “We were also interested in the sector as hacking is a growing problem that is only going to get worse over time, and cybersecurity is an extremely large market.”
MYKI’s technology offering is unique in many ways. For example, the MYKI app is used to authenticate users and relays their credentials seamlessly from a smartphone onto the website, and inputs the username and password without the need for typing them, thereby reducing the risk of being hacked.
“We will support MYKI across various areas, helping them with strategy, pricing, marketing, and sales and distribution,” Farha said. “We also provide them with access to follow-on funding, which is important as they prove out their model and look to scale quickly.”
BECO Capital realizes cybersecurity is a global problem, and it wants to give people and corporations the tools they need to combat hackers, and protect their information and identity. The growing threat of cyberattacks globally makes this solution a vital one for companies and individuals.
As for the cybersecurity market in the MENA region, Farha said it’s in a challenging situation due to growing terrorist threats in the cybersector.
“The MENA region is currently in a state of turmoil with the danger from many terrorist groups that are becoming more sophisticated,” Farha said. “These terrorist organizations have become well-versed with technology, and a solution like MYKI can help protect individuals and businesses that are under threat from these activities.”
As MYKI is one of the few companies in the region that is innovating and working to solve a global problem, BECO Capital has given the company the funding it needs to turn its vision into reality, and prove to investors and the regional ecosystem that the Middle East can innovate.
The company is constantly looking for exciting new technology companies that are being driven by extraordinary entrepreneurs, providing transformational solutions to large problems in growing markets.
“We will continue to invest in new business models that make people’s lives easier,” Farha said. “Cybersecurity is not a regional problem. It’s a global one. Israel has long been the home for cybersecurity startups, and it’s great to see an Arab country like Lebanon creating innovations in that space. We hope that this will inspire new entrepreneurs to disrupt the status quo and build new and exciting ventures with global potential.”
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