Virtuzone, the UAE’s leading company formation specialists, has joined Mubadala Investments and Bahrain’s Al Waha Fund of Funds to co-invest in BY Fund II, a $50 million fund launched by BY Venture Partners, a MENA-based Venture Capital (VC) firm focusing on early-stage technology startups.
The fund will aim at financing and accelerating the growth of the most promising startups in the UAE and the Middle East and North Africa (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.
MENA’s startup ecosystem is rapidly growing and BY Venture Partners are already seeing category-defining companies emerge in various sectors. To sustain this momentum of growth and boost the competitive edge of the company’s startup environment, BY Fund II will continue investing in high-impact founders seeking to introduce transformative solutions to its local markets and communities.
“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.”
Mr. 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 programs that benefit early-stage companies on a holistic level.