Egypt’s Beltone Venture Capital (BVC) emerged as one of Africa’s most active investors in 2024, leveraging a newly secured $30 million fund to expand its footprint across multiple sectors. The firm, a subsidiary of Beltone Holding, executed a series of high-profile investments both within and beyond Egypt, underscoring its growing influence in the venture capital ecosystem.

BVC deployed capital across six companies in 2024, with four investments reinforcing its commitment to the Egyptian market. These included:

• BirdNest (Property Technology)
• Trella (Logistics)
• Grinta (Healthcare)
• Rabbit (Quick Commerce)

Beyond Egypt, BVC extended its reach into North Africa and Europe with two notable investments:

• VelyVelo, a transportation startup operating in Morocco, France, and Spain
• Cathedis, a logistics company based in Morocco

The company’s active investment strategy contributed to a 2.5x increase in the market value of its capital investment portfolio compared to 2023.

In addition to equity investments, BVC completed two debt financing deals in 2024, reinforcing its role as a multi-faceted financial backer for startups. The transactions included:

• Sylndr, an automotive startup specializing in used car sales and financing
• Tajer, an e-commerce platform focused on empowering small businesses

By year-end, BVC’s total venture financing portfolio had reached EGP 120 million ($2.3 million).

A significant development in BVC’s 2024 trajectory was its partnership with CI Venture Capital, a subsidiary of Citadel International Holdings based in Abu Dhabi. Announced in April 2024, the collaboration established a $30 million fund dedicated to supporting high-growth startups across the Middle East and North Africa (MENA).

The fund has already initiated transactions with emerging and leading companies in the region, including Bosta (logistics) and Qlub (fintech), signaling strong momentum in early-stage investing.

Ali Mokhtar, CEO of Beltone Venture Capital emphasized the fund’s commitment to backing startups beyond initial funding rounds, with a particular focus on high-margin sectors leveraging technology for rapid expansion.

The rise of BVC in 2024 was part of a broader trend shaping Africa’s venture capital ecosystem. Data from Africa: The Big Deal revealed that 54 Collective was the continent’s most active investor in deals valued at $100,000 or more, participating in over 20 transactions throughout the year. Other notable investors included:

• Techstars and Launch Africa, which remained among the top investors despite reduced activity compared to previous years
• Catalyst Fund, maintaining a strong presence from 2023
• Digital Africa, Baobab Network, Renew Capital, and EdVentures, all of which increased their investment activity in 2024

Beltone Venture Capital’s aggressive investment strategy in 2024, bolstered by its $30 million partnership with CI Venture Capital, positioned the firm as a leading force in Africa’s startup ecosystem. As venture capital flows continue to evolve across the continent, BVC’s trajectory reflects the increasing dynamism and competitiveness of the MENA investment landscape.