Parsian Lotus Investment Bank is launching its first venture capital fund in September, boursepress reported.
The fund called Rouyesh Lotus will focus investments in health and pharmaceutical companies, with a secondary focus on fintech—companies that use technology to make financial services more efficient—startups.
The VCs’ six initial investors have jointly put up 500 billion rials as equity in the fund.
The fund will offer investment units on the Iran Fara Bourse over-the-counter market in September, according to the newly issued regulations for venture capital firms.
The IFB has dedicated a trading board for Venture Capital companies in a bid to help facilitate funding for Iran’s start-up scene.
Rouyesh Lotus will join five existing VCs—Arzesh Afarin Sarava, Parthian, Salamat Rouyan, Tose’e Armani and Yekom Arman Aati—which already operate in fintech, nanotechnology, health and pharmaceuticals. The five manage 1.4 trillion rials ($39.6 million) of assets combined.
Based on IFB regulations VCs will not be open-ended funds and must disband within seven years.
