BY Venture Partners raises $60m for third fund, expands into Europe with Lisbon office

BY Venture Partners, a Dubai-headquartered early-stage venture firm, has closed its third vehicle, Fund III, at $60 million and opened an office in Lisbon with two local investment hires. The Dubai Future District Fund anchors the fund. Other backers include regional institutions, corporate venture arms and family offices, among them Multi Lane, Transmed Capital and the Idriss Family Office (KSA).

Fund III will write cheques of up to $1 million, mainly at Pre-Seed to Series A, in AI-native enterprise software companies. It has made 15 investments toward a planned portfolio of 40. The firm's assets under management now exceed $200 million.