Berytech launches a new fund in 2013

New building in Beirut Digital District
will open in January

Berytech will launch Berytech II, a new fund worth $30 million, in early 2013. The fund will be invested in creative industries and Information Communication Technology (ICT) firms.

Maroun Chammas, CEO and Chairman of Berytech, said: “We decided to dedicate this fund to the ICT and creative industries because it is a growing sector and the local youth has great talent.”

Berytech has invested around $5.5 million since 2010. Chammas said Berytech received several requests to subscribe to the new fund and has already signed several contracts. “We are very optimistic about the future of the ICT sector.”

Berytech will be inaugurating a new office building in the Beirut Digital District (BDD) on January 15, 2013. The building will total a space of 2,000 square meters over six floors. It will be able to host some 35 companies. Start-up companies moving into the district will benefit from incubation and acceleration services from Berytech.

Rental fees will be charged depending on the services requested and provided, said Chammas. The monthly rent will hover at $200 per square meter. This rate covers office space, Internet and telecom services, UPS system, and security.

The BDD was officially launched as Beirut’s ICT hub in Bachoura a few months earlier. The occasion was marked by the inauguration of the district’s first building, ‘BDD 1499’. The project is developed by Zein Real Estate with a total investment expected to reach $150 million.