Egypt's Beltone partners Citadel to co-manage $30m startup fund
TLDR
- Beltone Venture Capital (BVC) partners with CI Venture Capital, a subsidiary of Citadel International, to manage a $30 million fund supporting innovative tech startups in MENA region.
- Fund focuses on pre-seed and seed funding rounds, already deploying investments with startups like Bosta, Trella, Qlub, and ariika.
- Partnership aims to back rapidly expanding startups and promote growth within the investment scope in MENA region.
Beltone Venture Capital (BVC), a prominent Egypt-based VC fund and subsidiary of Beltone Holding, has partnered with CI Venture Capital, a subsidiary of Citadel International based in the UAE to co-manage a $30 million fund aimed at supporting the growth of rapidly expanding startups.
The fund is slated to focus on investing in pre-seed and seed funding rounds of innovative tech startups across the MENA region. In addition, it will continue to provide backing to the most promising portfolio companies within its investment scope.
Notably, the fund has already commenced its deployment phase over the past few months. It has finalized transactions with several startups, including Bosta, Trella, Qlub, and ariika, among others.
Key Takeaways
An increasing number of small- to medium-sized funds with $10 million to $50 million of capital to deploy are targeting opportunities in Africa and other frontier markets. Tofino Capital, Uncovered Fund, LoftyInc Capital, Savannah Fund, and Ventures Platform are some of such Africa-focused firms that have launched in the past year. The Beltone-Citadel fund aims to expand its regional presence with a focus on high-margin sectors that offer foreseen exponential growth where technology can play a substantial role.
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