Cairo-based venture capital firm A15, founded by ex-Orascom Telecom CEO Karim Beshara, has quietly achieved what few early-stage funds in emerging markets manage: more than a 10x return on capital invested — known in industry parlance as DPI (distributions to paid-in capital).

As the firm marks its tenth anniversary, A15 announced that its inaugural 2015 fund has returned over ten times the capital invested back to its limited partners. The exact size of the fund and the amount distributed remain undisclosed, but the firm now sits among a rare breed of VCs globally — particularly in Africa— to have achieved such a feat.

From the outset, Beshara pitched A15 not just as a fund, but as an operator-led, founder-first firm, shaped by his own experience on both sides of the table. The firm has since backed over 40 startups, with current active portfolio companies including Paymob, Sympl, Esaal, Laverie, and OneOrder — many of which operate beyond Egypt in more than 20 markets.

Eight of those investments have ended in exits. Two stand out for their scale: TPAY Mobile, acquired by Helios Investment Partners, and Connect Ads, sold to Aleph Group. Each of these exits returned more than the entire fund alone — what investors call “dragons,” a rarity even among top-tier funds.

The most recent exit came earlier this year when Link Development, an enterprise digital solutions provider, was acquired by Beyon Solutions, a Bahrain-based digital transformation company.

Playing the Long Game

A decade ago, Beshara entered the venture landscape with an unusually hands-on thesis. “From day one, we wanted to be the kind of investor we’d want on our own cap table,” said the firm in a statement. “That meant showing up when it mattered, helping close deals, hiring teams, defining product-market fit — not just cutting a cheque and walking away.”

While the VC industry has now widely adopted terms like “founder-first” and “value beyond the cheque,” the firm argues that A15’s early adoption of those principles — and commitment to executing them — sets it apart. Rather than rely on buzzwords, the A15 team worked behind the scenes, “quietly showing up,” as he puts it, and embedding themselves in the day-to-day of portfolio companies.

That hands-on approach has morphed into what many founders refer to as a “co-founder-like” role, particularly in the firm’s early-stage bets. The firm has often helped its companies source their first hires, run their earliest sales playbooks, and prepare for follow-on rounds.

A Community Built, Not Bought

Beyond the numbers, A15’s team is quick to point to the ecosystem it’s helped cultivate — one where portfolio founders regularly collaborate, support each other across markets, and even sit on one another’s boards. Some have called it “a bit of a cult” — a label the team is wary of, but doesn’t entirely reject.

“What initially required a lot of orchestration on our part has become organic,” said the firm. “Founders are now launching in new markets together, sharing best practices, or mentoring new entrants. That’s where the real flywheel starts.”

To institutionalize this culture, A15 has introduced shared carry structures across portfolio companies, and launched internal mentorship programs connecting veteran founders with first-timers.

What’s Next? 

With its first fund now largely returned, A15 is actively deploying new capital — though the firm has yet to disclose details of subsequent fund sizes or strategies. The firm continues to focus on early-stage startups across the MENA region, but increasingly favours companies with ambitions — and potential — to scale globally.

“Our bias remains toward the seed stage,” the firm said. “We’re looking for founding teams who are not just ambitious but also clear-eyed, data-driven, and execution-focused.”

For a region still maturing in its startup ecosystem, A15’s milestone is significant. A 10x DPI is rare in any geography — but in MENA, where exits remain limited and capital cycles long, it’s a standout moment.

If A15’s next decade mirrors its first, the quiet Cairo-based firm may continue defying the odds — without needing to shout about it.