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Dubai: Virtuzone – the UAE’s leading company formation specialists – 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.”
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About Virtuzone:
Virtugroup is a Dubai-based holding company consisting of Virtuzone, which offers free zone and mainland company formation services; and Next Generation Equity, which offers a range of citizenship and residency-by-investment programmes. With over 100 staff speaking 30 languages, Virtuzone provides impartial advice on UAE company setup while being an end-to-end solution provider for a host of business services, including everything from visas and trade licences to accounting and branding. As the leading company formation specialists in the UAE, Virtuzone removes the complexities of setting up a business so that entrepreneurs can focus on what really matters to their company’s success. For more information visit www.vz.ae.
About BY Venture Partners:
BY Venture Partners is a MENA-based VC firm that invests globally in visionary and high-impact founders aiming to create new markets or transform existing ones. Through our unique access and the strong global network of our team, we act as a bridge between MENA and the more mature Western markets: our goal is to help MENA startups go global and the best international companies expand to our region.
For enquiries, please contact:
Damian Brennan
Group Marketing Manager
Virtuzone
damian.brennan@vz.ae
© Press Release 2021
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