invests in Bluering
Investment will enhance
Phoenician Funds, a local venture capital firm, has invested in Bluering to develop its products and expand geographically, said Fares Kobeissi, Chief Executive Officer at Bluering. The company specializes in commercial and retail credit rating solutions dedicated to banks and financial institutions.
Bluering confirmed that the investment was in the seven figures, raising its capital to a total of $2.3 million. In return, Phoenician Funds acquired a 20 percent stake in Bluering and a seat on its board. Phoenician Funds will be represented on Bluering’s board of directors by Jad Salame, the VC’s Managing Partner.
Bluering has grown considerably, doubling its number of employees in 2018 to 27 people. It will utilize the majority of its new funds to develop its products including credit, retail, and risk rating tools. It will also finance its expansion into GCC countries, Central Asia, and Africa.
Date Posted: Nov 23, 2018