Beltone, Citadel International Forge $30 Million Fund
Already in motion, the fund has initiated investments, with transactions completed in recent months.
Beltone Holding's subsidiary, Beltone Venture Capital (BVC), has started a collaboration with CI Venture Capital, a subsidiary of Citadel International Holdings, to manage a $30 million fund aimed at backing early-stage startups, the firm announced in a filing sent to the Egyptian Exchange (EGX) on April 17th.[1]
Already in motion, the fund has initiated investments, with transactions completed in recent months.
Among the startups receiving support are Bosta, Trella, Qlub, and ariika.
“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; in addition to potentially investing in attractive opportunities at different funding stages,” CEO of Beltone Venture Capital Ali Mokhtar stated in the filing.
Established in 2023, Beltone Venture Capital operates as a subsidiary of Beltone Holding, investing in sustainable funding for early-stage technology and tech-enabled startups in Egypt with aspirations for regional expansion. The company has invested in several ventures, such as Bosta, ariika, Sylndr, WayUp Sports, Lychee, SehaTech, and Birdnest.