BY Venture Partners, a Dubai-based early-stage venture capital firm, has closed its third fund at $60 million, the firm said on Thursday.
The Dubai Future District Fund anchored Fund III, according to a statement published by Wamda.
Other investors include MultiLane, Transmed Capital and the Idriss Family Office of Saudi Arabia, the firm said.
The close takes BY Venture Partners’ assets under management to more than $200 million, including co-investment vehicles.
AI-native companies
Fund III will invest mainly up to $1 million per company, from pre-seed to Series A stage.
It targets AI-native startups that aim to change enterprise workflows and sell globally from launch.
The fund has made 15 investments so far toward a planned portfolio of 40 companies. They include PQ Shield, Cosyne, Isometric, Huspy and Invisible.
The firm invests in more than 16 markets and has deployed about two-thirds of its capital outside the Middle East and North Africa, mainly in North America and Europe.
“The focus of this fund is to back AI-native companies with global ambitions,” said Ghaith Yafi, founding partner at BY Venture Partners.
Yafi said the firm also wants to bring international AI companies into the Middle East and connect them with the region’s technology sector.
BY Venture Partners was founded in 2015 by Ghaith Yafi, Abdallah Yafi, Rami Jisr and Sohrab Jahanbani. Its earlier funds backed companies including NymCard and Toters.
