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 The first startup Fund targeting the Lebanese Information and Communication Technology (ICT) sector was officially launched during the extraordinary general assembly of Berytech Fund SAL (Holding) which took place on Friday 30 May, 2008 at Berytech Technology & Health Beirut, where the Fund is located.
The General Assembly elected the following board members:
Mr. Maroun N. Chammas – Chairman
Banque Audi SAL represented by Mrs. Jocelyne Jalkh
Berytech Scal represented by the Chairman
Computer Information Systems (CIS) SAL represented by Dr Antoine El Kareh
Credit Libanais SAL, represented by Mr. Georges Hajj
Fransabank SAL represented by Mr. Walid Daouk
Lebanese Canadian Bank SAL represented Fouad Rahme
Libano Francaise Finance SAL represented by Mr. Walid Raphael
MDS SAL represented by Mr. Nabil Bustros
Pesco Telecom SAL represented by Mr. Fadi Debbane
Saint Joseph University (USJ) represented by S.J Bruno Sion
Sami Beydoun representing himself
Service Unis Sarl represented by Mr. Ibrahim Yazigi
With over USD 6 million under management, Berytech Fund stimulates high-tech growth by investing in early-stage technology companies, providing both the equity capital and the guidance they need to succeed. The Fund will be investing from $100,000 to $1,200,000 in any single investment; a range not generally served by formal venture capital funds, and will help secure additional financing if and when needed.
Spearheaded by Berytech Scal, the first technological pole in Lebanon, Berytech Fund garnered the interest of investors from prominent Lebanese banks, large national corporations, Fortune 500 multinational companies, local NGOs, universities as well as individuals who shared Berytech’s vision to support entrepreneurship in Lebanon.
Intel Capital, Cisco as well as other shareholders of the Fund, have expressed the intention to provide further and parallel funding in some of the portfolio companies. The Fund will be calling on their international network and that of other shareholders to pull in the necessary expertise and provide market outreach.
According to Mr. Maroun Chammas, Chairman, "The funding gap for seed and startup companies in Lebanon was a driving force behind the establishment of the Berytech Fund. By supporting innovation and technology in their earliest form, we have a chance to foster a vibrant ICT sector in Lebanon."
Sami Beydoun, Managing Partner of the Fund, called upon interested companies to contact him. “I would be happy to sit with entrepreneurs seeking an added-value investment to match their growth needs”. Further information on Berytech Fund can be found on www.berytechfund.org |
