Speculation began last November that Beatrice, 30, was dating the 34-year-old multi-millionaire property tycoon

Princess Beatrice is making it red carpet official!

The royal stepped out publicly for the first time with her new boyfriend, property developer Edoardo Mapelli Mozzi on Tuesday night, as they joined Kate Middleton at an elegant gala event at the National Portrait Gallery.

Beatrice, 30, wore a red velvet dress with a cinched belt detail, while Mapelli Mozzi sported a classic tux.

Speculation began last November that Beatrice was dating the 34-year-old multi-millionaire property tycoon, who has a 2-year-old son from a previous relationship.

“Edoardo is a friend of Beatrice’s family,” a source previously told PEOPLE.

Despite rumors that they were introduced recently, they have known each other for years — and, friends say, they certainly didn’t need to go through a formal introduction to each other’s parents. (However, Beatrice’s mom, Sarah Ferguson, follows Mapelli Mozzi on Instagram!)

Princess Beatrice and Edoardo Mapelli Mozzi

Edoardo is the stepson of Christopher Shale, who made headlines when he died at the Glastonbury rock festival in 2011. Shale, who was close to the then-Prime Minister David Cameron, was an old friend of Beatrice’s parents, Prince Andrew and Sarah Ferguson. Beatrice would have known his stepson for many years – and joined her parents at Shale’s funeral seven years ago.

Princess Beatrice and her longtime boyfriend Dave Clark split in 2016 after nearly a decade of dating.

Princess Beatrice

A friend told PEOPLE at the time that the separation was “amicable and mutual.”

“They both need space after a period of ten years to see what they both want,” the insider said.