Last month, the Lebanese Building Block Equity Fund announced its first investment in a technology firm. The $1 million in funding — which can be increased to $2.4 million — went to Luceor SAS, an internet deployment company based in France, but founded in 2005 by a group of Lebanese expatriates. “The Building Block Investment will allow Luceor to market beyond its current French and European territories further to the east, into the Gulf Cooperation Council and the Levant as well as to the west, mainly to North America,” said fund manager Nagy Rizk. “It will permit it to compete on the global level [and] expand at a faster pace.” The expansion of Luceor will take place through Luceor Technology Services SAL (LTS), a company incorporated in Lebanon and tasked with offering services, including maintenance, testing, integration and ultimately research and development for the Luceor applications. According to its 36
