The launching of the Berytch fund, Wednesday, Feb. 25, 2015. (The Daily Star/Khalil Hassan)
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Berytech launched Wednesday its second fund for $51.5 million to support startups in growing their businesses and creating new job opportunities, with financing from over 18 major banks in Lebanon.The $400 million in this new initiative is 75 percent guaranteed by the BDL for local banks, equity investment accelerators, incubators, funds and startups.However, entrepreneurs voiced some concerns with regard to the support that these funds provide to startups.According to Mabsout, one important challenge facing entrepreneurs is that most of these funds tend to look at investing in growth stage startups. Chammas told The Daily Star that only 10 percent of Berytech Fund II will target beginner startups and the rest will be aimed toward intermediate ones.Mabsout added that these funds should also be actively engaged with startups in providing them with strategic advice on how to promote their businesses on the regional level.
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