Beltone Holding, a prominent financial institution, has unveiled a strategic partnership between its subsidiary, Beltone Venture Capital (BVC), and CI Venture Capital, a subsidiary of Citadel International Holdings based in the UAE. The collaboration aims to manage a $30 million fund dedicated to supporting the growth of fast-growing startups in the Middle East and North Africa (MENA) region.
The partnership signifies a significant move within the venture capital landscape, as two established entities join forces to bolster the MENA startup ecosystem. With a focus on pre-seed and seed funding rounds, the fund is poised to inject vital capital into innovative tech startups, fostering their development and expansion.
Over the past few months, the fund has already initiated investments in several promising startups, including Bosta, Trella, Qlub, and ariika. These transactions highlight the fund’s commitment to identifying and nurturing high-potential ventures across diverse sectors within the region.
Fady Dahlan, Managing Partner of CI Venture Capital, expressed enthusiasm about the collaboration, stating, “We are proud and excited to partner with Beltone Venture Capital to support the growth of high-potential technology companies. Our investment will contribute to the development of the early-stage innovation ecosystem in the MENA region.”
Ali Mokhtar, CEO of Beltone Venture Capital, emphasized the fund’s alignment with their longstanding strategy, stating, “This is aligned with our fundamental principle of acting as founders’ partners and value investors, supporting startups’ scaling up and reaching their full potential.” Mokhtar further outlined the fund’s objectives, highlighting a focus on high-margin sectors with anticipated exponential growth, leveraging technology as a catalyst for success.
Furthermore, Mokhtar affirmed the fund’s commitment to providing ongoing support to portfolio companies beyond the initial investment stages. “The Fund will typically invest in pre-seed and seed funding rounds and will continue to support the best-performing portfolio companies in follow-up rounds,” he explained. “In addition, we remain open to exploring attractive opportunities at different funding stages.”
The announcement underscores the growing momentum of venture capital activity in the MENA region, fueled by an increasing appetite for innovation and entrepreneurship. With Beltone Venture Capital and CI Venture Capital at the helm of this $30 million fund, the landscape for aspiring startups in the region appears poised for significant transformation and growth.