Insure and Match Ventures (IM Ventures) announced the launch of the Scale Manufacture and Export Fund (SMEF), its second high-growth investment vehicle under the Lebanon Investment Initiative (LII), a $38 million program funded by the United States Agency for International Development (USAID).
The SME Fund, for which IM Ventures provided an initial $6M in capital and raised an additional $6M from private investors, will support entrepreneurs and business owners who are building market-leading businesses.
USAID/Lebanon Mission Director, Mary Eileen Devitt, Berytech Foundation President, LII Chief of Party Mr. Maroun N. Chammas, portfolio companies, other businesses, investors, and key stakeholders in the investment landscape attended the launch event at the Innovation and Sports Campus of USJ.
Maroun N. Chammas, President of Berytech Foundation and LII Chief of Party, commented: “Despite the economic crisis in Lebanon and devaluation of the local currency, Berytech continues to pursue opportunities in different sectors by partnering with high-potential founders to address specific market gaps. With USAID’s ongoing support, we aim to bring transformational changes to the Lebanese economy. We have always believed that SMEs are important contributors to job creation and economic development. We are very aligned with USAID in our vision to address the core challenges and increase resilience”, he added.
Mary Eileen Devitt, USAID Mission Director, commented on the fund launch: “The SME Fund, similar to its predecessor the Save our Startups (SOS) fund, embodies a true American-Lebanese partnership to create opportunities for Lebanon’s private sector to contribute to Lebanon’s economic and social stability and prosperity.”
“SMEF will provide local companies with the capital, expertise, and operational support they need to grow and prosper in the market, increase their export potential, and expand internationally. We are partners in their growth! This milestone comes to actively contribute to the investment and innovation ecosystem in the country. We value the trust and support of our investors and partners, and IM Ventures is still committed to continuously creating impact and supporting the Lebanese economic growth”, said Dr. Nicolas Rouhana, Chairman & CEO of IM Ventures.
About IM Ventures
IM Ventures works in partnership with business incubators, business accelerators, business angels, venture capital and private equity funds to co-fund or partially insure their investments, and provide needed technical support, to a broad spectrum of businesses ranging from seed stage to growth phase. IM Ventures’ strategy focuses on providing and leveraging investment capital, scaling up successful investment strategies, building networks of investors, and offering technical support, strategic guidance, and mentoring. www.im-fndng.com