The venture capital firm BY Venture Partners, specialized in early-stage technology companies, has announced the closing of its third investment vehicle, the "Fund III", with a size of 60 million dollars (53 million euros), as detailed by the firm itself in a statement.
This new fund has Dubai Future District Fund (DFDF) as anchor investor, accompanied by other institutions, corporate investment divisions and 'family offices', among which are Multi Lane, Transmed Capital and Idriss Family Office.
Following this operation, the firm surpasses the barrier of 200 million dollars (178 million euros) under management and reinforces its focus on Europe, where it has positioned Spain as a "priority" market to locate new opportunities in 'startups'.
The bet on the Spanish market is integrated into BY Venture Partners' expansion plan in southern Europe, which contemplates the opening of an office in Lisbon as an operational base for the entire region.
From this new headquarters, the firm will focus on detecting Spanish and Portuguese 'startups' "with potential for international growth", strengthening collaboration with their founders and consolidating its role within the entrepreneurial ecosystem, focusing on artificial intelligence companies.
The fund's roadmap is to make investments of up to one million dollars per operation (894,000 euros), covering everything from the earliest rounds ('pre-seed') to Series A.
BY Venture Partners already has a track record in Spain thanks to its participation in companies such as Huspy or Nova. With the launch of this new vehicle and its direct establishment in Europe, the firm aims to increase and diversify its portfolio of technology companies.
The partner of BY Venture Partners, Abdallah Yafi, has underscored that Spain has established itself as an "increasingly attractive" market for investment in technology. "We see especially interesting opportunities in artificial intelligence and we believe that some of the next great technology companies may emerge in this country," he indicated.