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Code: 49683 Visited: 275 Publish Date: Jun 11 2018 - 2:19
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IFB
Venture Capital Funds Docking at IFB
Tehran, June. 11 (SENA) - The first venture capital fund in Iran capital market was underwritten in January 2017. As of today, five cases of this type fund with a total capital of 2,150 billion rials ($51 million) are operating, and eight others with 2,650 billion ($63 million) worth of capital have obtained initial approvals from Iran Fara Bourse.

Tehran, June. 11 (SENA) - The first venture capital fund in Iran capital market was underwritten in January 2017. As of today, five cases of this type fund with a total capital of 2,150 billion rials ($51 million) are operating, and eight others with 2,650 billion ($63 million) worth of capital have obtained initial approvals from Iran Fara Bourse.

The latest underwriting belongs to Tehran University with total capital of 150 billion rials, out of which only 3 billion is raised as seed funds. Amir Hamouni, CEO of Iran Fara Bourse, called it a common practice and said “international venture capital funds often commence operation with no seed money”, according to FARS.

These venture capital funds are generally supposed to invest in startups, so when their deals are finalized, the investors are called to put in additional funds.

Hamouni noted that according to an agreement between Presidential Deputy for Science and Technology and the Central Bank of Iran the banks are exempted from filing IFB’s compulsory reports. The funds are obliged to reveal their investments status every six months for their investors. Currently, three of the mentioned funds belong to banks.

 

 
By: Security and Exchange News Agency (SENA)
 
 
 
 
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