Beltone to launch $50M startup investment funds targeting Africa, MENA
Updated 9/12/2024 4:04:00 AM
Arab Finance: Beltone Venture Capital, a subsidiary of Beltone Financial Holding, is set to launch two new startup investment funds with a total target of $50 million, CEO Ali Mokhtar told Asharq Business.
One of the funds will focus on acquiring companies in Africa, while the other will target investments across the Middle East and North Africa (MENA) region.
Beltone Venture Capital's current portfolio includes 11 companies, with investments exceeding EGP 1.5 billion.
Notable investments include Areca, Trail1, Posta, and Birdnest.
Earlier this year, Beltone Venture Capital partnered with CI Venture Capital, a subsidiary of the UAE's Citadel Group, to create the Beltone Venture Capital Fund, with a value of $30 million.
Looking ahead, Mokhtar revealed that Beltone Venture Capital is preparing to finalize two deals in Morocco before the end of 2024, with two additional deals planned in Egypt by early 2025.
The total investment in these upcoming transactions is expected to reach $2 million.
Mokhtar also hinted at a second closing for the Beltone Venture Capital Fund next year, following the completion of 70% of the first closing's $30 million investment, as the remaining funds are set to be invested soon.
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