Virtuzone has joined Mubdala Investment Company (UAE) and Al Waha Fund of Funds (Bahrain) in co-investing in BY Fund II, USD 50 million launched by BY Venture Partners, a MENA-based VC firm focusing on early-stage technology startups.
The fund is aimed at financing and accelerating the growth of the most promising startups in the UAE and MENA region, while bridging the Middle East and the West and aligning their efforts to create a cohesive, structured and sustainable investment framework, which can be easily adopted and deployed to help founders and entrepreneurs scale and expand their businesses globally.
George Hojeige, CEO of Virtuzone, said: “Virtuzone has always been at the forefront of developing and implementing solutions that will help speed up the growth and evolution of the UAE’s startup sector and further cement the country’s position as the world’s leading business hub. By joining forces with BY Venture Partners and this select group of high-profile investors, we aim to create more opportunities for MENA-based startups and SMEs and give them the ecosystem and the resources they need to innovate, disrupt and act as catalysts of positive change in our fast-changing world.”
Abdallah Yafi, Co-founder of BY Venture Partners, said: “We are thrilled to have Virtuzone as a limited partner, as we see the pivotal role they play in nurturing the UAE’s startup community and their active participation in advancing programmes that benefit early stage companies on a holistic level. MENA’s startup ecosystem is rapidly growing and we are already seeing category defining companies emerge in various sectors. To sustain this momentum of growth and boost the competitive edge of our startup environment, BY Fund II will continue investing in high-impact founders seeking to introduce transformative solutions to our local markets and communities. The fund is designed to cultivate and harness the tremendous potential we are seeing in the MENA region right now, building a more robust and agile startup ecosystem. The fund will also attract to our region some of the best performing and category leading technology companies globally.”