BECO Capital has invested in MYKI, a Beirut-based cyber security startup that has developed the first advanced password and online identity manager in the region.
The investment was announced by the venture capital firm, which focuses on technology investments in the Gulf Cooperation Council countries, on Wednesday during the ArabNet Conference in Beirut.
"I think it's one of the rare investments that we've made where we've found a phenomenal management team and specifically a tech co-founder, who has come up with a really innovative concept and who has the tools to actually execute," co-founder and Managing Partner of BECO Capital Amir Farha told StepFeed at ArabNet.
"It's a seed investment where we are trying to give these young entrepreneurs, who are trying to solve major global problems, the capital they need to at least get the product to market and see if it works. And hopefully, if this works, it kind of proves that the Middle East can actually innovate on a global scale."
MYKI's solution provides frictionless and secured access to online services through smartphones. Its mobile solution removes the need to manually type in credentials every time a user logs in to a different account online, while also offering a secure password management solution.
BECO Capital’s seed investment will assist MYKI in its product development and in a faster go-to-market strategy. The move marks BECO Capital’s first investment in a cybersecurity technology firm since it was launched four years ago.
"We are looking forward to working closely with BECO Capital and taking our company to the next level. This early stage investment is a vote of confidence from BECO Capital and is a great boost for us. It will help us enhance our solution and grow and scale the company in the region and abroad," MYKI co-founder Antoine Vincent Jebara said, according to a press release.
If BECO Capital's confidence in MYKI's product proves correct, Beirut will definitely make a mark on the global cybersecurity map.