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Berytech, a Lebanese tech focused business development center, has recently announced a $50 million investment fund, the Berytech Fund II. The new fund is much larger than the first one that was announced six years ago in 2008 of 6 million USD. The Berytech Fund II is also in full compliance with Intermediate Circular 331, an initiative by Banque du Liban that allows Lebanese banks and financial institutions to invest in Lebanese startups in the knowledge economy.

“We remain strongly confident in the Lebanese knowledge economy, building on our 6 years experience with Berytech Fund I, where we have witnessed continuous growth in demand for funding and support from entrepreneurs,” expressed Mr. Sami Beydoun, the Vice-Chairman of Berytech Fund II and the person in charge of corporate governance.

The fund’s objective is to invest in small and medium-sized unlisted Lebanese enterprises with high growth potential that are active in creative industries with high human value-added. These enterprises will mainly be maturing start-ups, chiefly in the wider Information & Communications Technology and Digital Content space.

The commitments come from 19 major banks and financial institutions, including BLOM Group, Bank Audi, Byblos Bank, Société Générale de Banque au Liban, Bank of Beirut, Fransabank, BankMed, BLC Bank, Al Mawarid Bank, CSC Bank and Credit Libanais Investment Bank. Since the fund is in compliance with Intermediate Circular 331, 75% of the banks’ investments guaranteed by the central bank. The fund’s investment committee includes four independent members: Dr. Jihad Azour, previous Minister of Finance, Dr Nasser Saidi, previous Minister of Economy and Industry and the Vice Governor to the Lebanese Central Bank, in addition to Mr. Georges Nazi and Mr. Constantin Salameh.

The Berytech Fund II builds on the extensive experience gained by the Berytech Technological pole in the building, promotion and management of an ecosystem for start-ups and entrepreneurial companies over many years. The Technology Pole was launched in 2001 and offered local startups incubation, business support, counseling, funding, networking and company hosting.

Since inception, it has housed a repertoire of more than 150 entities, assisted more than 2,000 entrepreneurs in the several outreach programs, disbursed more than 350k$ in grants to startups, and invested more than 4M$ in Lebanese technology companies, and was the first in the region to receive the EU accreditation as a Business Innovation Center (BIC), opening up access to its companies to international networks.

During the announcement press conference, Berytech’s Chairman, Mr. Maroun Chammas, declared that the first Investment Committee meeting had already taken place and that a number of investments would be announced in the coming weeks. We’ll be sure to cover that news too so stay tuned.

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