Underwriting of an IT VC fund began today in Iran Fara Bourse Stock Exchange and it will continue until October, 27. The venture capital fund of Investment and Management Services Company of Civil Pension Fund (FANABA VC) is the sixth VC to be underwritten in IFB.
The investment and Management Services Company of Civil Pension Fund (it’ll be referred to hereafter as The Company) established a venture capital fund (FANABA) with the main interests in Fintech startups and especially InsurTech, IT, and ICT services necessary for pension funds development.
At the press conference held today, IFB, The Company, and Saba Jihad Brokerage Co. (public offering manager) authorities participated to further elaborate on the very VC fund objectives and activities.
Founded on March 2008, the main purpose of The Company is to protect wealth of more than 1.2 million retired and pensioners and increasing it. Full filling that goal, the very company invests on various types of assets in capital markets (stocks, mutual funds, debt securities, etc.).
Notably, the VC fund capital is 100 billion rials offering in 100,000 units out of which 49,000 are ready to be underwritten and the rest will be covered by the compay. The activity duration of FANABA VC is 7 years and its main focus is going to be on the startups in their early stage.
Moreover, The Company CEO told the reports that: It was partly because of VC funds that pension funds were saved in the USA when they were about to go bankrupt. We, as the first pension VC in Iran, are after revising the portfolio of pension funds”.
Executive Vice President, Listing and Issuers Services talked about the other five VCs, their story and current status; These VCs are: Royesh Lotus Venture Capital which is the first publicly-traded venture capital trust in IFB and its focus is on healthcare and information technology industries, Tose’e Fanavari Armani VC, Yekom Arman Aati, Ideh No Tek Ashena, and University of Tehran VC fund.