Once known primarily for its deep ties to Egypt’s industrial economy, Elsewedy Capital Holding is charting a surprising new course: backing fintechs and digital platforms in one of the Middle East’s fastest-growing startup ecosystems. With investments in Cairo-based fintechs like SETTLE and Octane, the firm has quietly emerged as one of Egypt’s newest — and most unexpected — corporate venture capital (CVC) entrants.

Founded in 2018, Elsewedy Capital Holding manages a diversified portfolio exceeding $700 million across sectors including real estate, construction, education, automotive, and manufacturing. The firm is part of a wider business dynasty led by Eng. Ahmed El Sewedy, the President and CEO of Elsewedy Electric, a global energy and infrastructure conglomerate. Until recently, venture investing in digital startups appeared far outside the group’s traditional orbit.

That is beginning to change. The firm’s recent backing of Egyptian fintech startups like SETTLE and Octane marks a pivot in strategy — and perhaps a sign that corporate venture investing in Egypt is maturing.

In late 2024, Elsewedy Capital Holding participated in a $2m seed funding round for SETTLE, a B2B payments startup aiming to modernize corporate financial operations in Egypt. Led by Shorooq Partners, the round also attracted Acasia Ventures and Plus VC. While small by global standards, the funding signals rising interest in Egypt’s under-digitised B2B fintech space.

SETTLE was founded in 2023 by Mostafa Mubarak and Camille Sayour to address inefficiencies in enterprise payments. The platform automates treasury management, integrates with ERP systems like SAP and Oracle, and connects with Egyptian bank accounts via the local Automated Clearing House (ACH). During its beta phase, SETTLE processed over EGP 50 million in transactions — an early indicator of demand among industries such as construction and contracting.

“Traditional ERP systems are not built to be integrated easily into bank platforms,” said Sayour. “With SETTLE, businesses get a live view of their cash flow, empowering decision-makers to act swiftly and strategically.”

For Elsewedy Capital Holding CEO Haitham Sabry, SETTLE’s pitch was compelling: “The platform simplifies and automates critical financial workflows for businesses, allowing them to focus on innovation and growth. That aligns with our investment thesis of enabling operational efficiency.”

Elsewedy Capital also joined Shorooq Partners and Algebra Ventures in backing Octane, a Cairo-based fleet payments and analytics startup that raised $5.2 million earlier this month. Octane’s core product — a digital wallet and management dashboard for fleet expenses — already supports over 1,600 corporate clients and 250,000 vehicles across Egypt.

The company has built Egypt’s largest fuel acceptance network, spanning 2,400 petrol stations and 400 CNG outlets. Octane’s clients can monitor and control fleet spending in real time, flagging misuse and inefficiencies with the help of AI-powered analytics and fraud detection.

“We’re giving fleets the rails they need to manage payments with precision,” said co-founder and CEO Amr Gamal. The company is now preparing to expand across the Middle East and North Africa (MENA), including piloting EV-charging payments.

For investors like Elsewedy Capital Holding, Octane presents a strategic opportunity to back infrastructure-like platforms addressing high-friction, high-volume B2B transactions. “Octane brings real accountability and control to fleet operators,” said Laila Hassan of Algebra Ventures. “Their vision goes beyond fuel — it’s about laying financial rails for Egypt’s logistics sector.”

Corporate VCs Join the Fray

Elsewedy Capital’s venture turn follows a broader trend of Egyptian corporates entering the startup funding space. In 2024, Beltone Venture Capital (BVC) emerged as one of Africa’s most active startup investors. Backed by Beltone Holding, BVC deployed capital across sectors including logistics (Trella, Cathedis), proptech (BirdNest), e-commerce (Tajer), and mobility (VelyVelo), expanding its venture portfolio to over EGP 120 million (~$2.3m).

The firm also announced a $30 million fund in partnership with Abu Dhabi’s CI Venture Capital to support startups across MENA, extending the geographic footprint of Egyptian corporate-backed venture activity.

The move by Elsewedy Capital into the same space reflects shifting mindsets among Egypt’s legacy industrial players. “Ten years ago, corporate venture capital in Egypt barely existed,” said a Cairo-based VC analyst. “Today, these companies understand that innovation outside their walls can drive long-term value — whether through efficiency gains, digital transformation, or even future M&A opportunities.”

Despite strong initial momentum, Elsewedy Capital Holding’s venture path is still untested. Unlike traditional VC funds, corporate investors often grapple with internal alignment issues, slower decision-making cycles, unclear return expectations and life cycle problems. As Egypt’s startup ecosystem evolves, Elsewedy will need to clarify whether its venture activity is strategic, financial, or somewhere in between.

The Egyptian fintech sector itself is also not without headwinds. While digitisation is gaining ground, B2B platforms like SETTLE face longer sales cycles and complex integrations, especially when dealing with legacy banking infrastructure and regulatory uncertainty.

Yet for now, the company seems undeterred. As Egypt’s economic transformation continues, digital-first solutions to old-world problems — like payments, logistics, and enterprise efficiency — will likely remain a hotbed of opportunity. And with Elsewedy Capital Holding joining a small but growing group of corporate investors willing to write early cheques, the country’s startup sector may be entering a new chapter.