Berytech announced today the launch of the $15M Insure & Match (IM) Capital Fund to support entrepreneurship in Lebanon. The fund falls under the Middle East and North Africa Investment Initiative (MENA-II), an innovative 20-year engagement program by the United states Agency for International Development (USAID). Through Berytech’s IM Capital Fund, Lebanon will be the first Middle Eastern country to benefit from the MENA-II. The program will promote early-stage startups struggling to secure capital, and will foster improvements in the business ecosystem. This aims to create more job opportunities and ensure social development and economic growth. According to the International Labor Organization, Lebanon needs to increase the number of jobs it is currently creating by more than 5 times in order to meet growing demand. US Ambassador to Lebanon David Hale said it is no surprise that Lebanon is the first country to launch this program. “Lebanon has great potential to harness the power of entrepreneurship to the growth of its economy, but is has been struggling to tap into it due to a host of business constraints and challenges,” he said. According to Maroun Chammas, Berytech President, the fact that USAID’s program was kicked off in Lebanon is a testimony to the trust placed in the Lebanese economy and its strong fundamentals. The original aspect of the fund lies in its structure, created after extensive consultations with the private sector. The $15M capital is divided into 3 equal parts. First, it will match up to 50% of outside capital by qualified early stage investors. Second, it will provide early-stage entrepreneurs with technical assistance and linkages to international markets. But what sets the IM Capital Fund apart from other startup funds is a third facet consisting of quity guarantee with an overall ceiling of $600,000. The experience of Kafalat, a Lebanese financial company offering guarantees for loans to SMEs, was instrumental in establishing this. “The IM Capital Fund complements similar initiatives in the country, notably the Lebanese Central Bank’s Circular 331 and Kafalat’s ongoing loan guarantees,” said Chammas. The fund is already operational and Berytech is seeking investors and businesses. According to Nicolas Rouhana, Berytech Director of Business Incubation, the fund will not focus exclusively on ICT and knowledge-based startups. “Our focus is sustainability and working on the long term, so we will get involved wherever there are job creation opportunities,” he said. Source: http://goo.gl/q6ivWS