The Beirut-based venture capital fund Berytech Fund announced several transactions that consist of an investment in Cardio Diagnostics, the first supplier of mobile cardiac telemetry solutions in the MENA region; and an investment in Cook & Eat Lebanese, a social media portal designed to promote Lebanese culture through cooking and connecting Lebanese-food lovers. It also invested in Mistile.com, which is an e-commerce website that sells luxury brand items at significant discounts.
The fund is currently fully invested with a portfolio of 15 companies. In parallel, Berytech launched a second fund in collaboration with the Central Bank of Lebanon, and is expected to raise between $20m to $30m by 2014.
Established in May 2008, the Berytech Fund invests in early-stage technology companies and provides equity capital and strategic guidance. The fund invests between $100,000 and $1.2m per firm. The Berytech Fund has $6m in assets under management and was established by five banks, Univeristé Saint Joseph and three firms and investors in the information and communication technology sector.
The Fund has already invested in ElementN, a technology firm specialized in mobile and web-based e-business technology and solutions; in Dermander, a new technology start-up focused on online digital image processing; and in Active Identity, a technology startup specialized in UHF Radio Frequency Identification. It also invested in Yalla Play, a gaming platform that is compatible with social networking sites; in ButterflEye, a producer of water-proof goggles that measure a swimmer's heartbeat rates using infrared technology; and in the web texting software Wext, which is designed to be used on mobile phones or on computers, but at a low cost and with a 5,000-character limit.
Lebanon This Week – Byblos Bank