BY Venture Partners closes third $60m fund for AI
BY Venture Partners closed its third fund at $60 million, led by Dubai Future District Fund, to invest in AI companies from pre-seed to Series A.
UAE-based BY Venture Partners closed its third fund at $60 million, led by Dubai Future District Fund, according to a report published by CairoScene.
The fund's investor list includes MultiLane, Transmed Capital and the Idriss Family Office, according to the report.
The fund aims to write cheques of up to $1 million in companies using artificial intelligence, from pre-seed to Series A.
The fund has made 15 investments so far within a target portfolio of 40 companies, while its assets under management, including co-investment vehicles, exceed $200 million.
What do these terms mean?
Venture capital fund: A fund that pools money from investors and invests it in startups in exchange for stakes in them.
Pre-seed stage: The stage before a company launches commercially, when the idea or initial product is still under development.
Series A: The first major funding round after seed funding, usually used to expand the team and production.
Assets under management: The total value of the funds a fund manages on behalf of its investors.
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