Beltone Venture Capital and CI Venture Capital Collaborate on $30M Startup Fund

Beltone Venture Capital and CI Venture Capital Collaborate on $30M Startup Fund

By Press Release, 19 April 2024

Beltone Holding ("Beltone"), one of the fastest-growing financial institutions, announces that its wholly-owned subsidiary, Beltone Venture Capital (“BVC”), signed a partnership agreement with CI Venture Capital, a wholly-owned subsidiary of Citadel International Holdings, a prominent investment management firm headquartered in Abu Dhabi – to manage a USD30 million fund to back fast-growing startups.

The Fund has already started deploying in the last couple of months, finalizing transactions with a couple of top startups from different countries and various sectors in the region such as Bosta, Trella, Qlub, and ariika.

“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”, said Fady Dahlan, Managing Partner of CI Venture Capital.

Ali Mokhtar, CEO of Beltone Venture Capital, commented: “The Fund is a continuation of the same strategy Beltone Venture Capital has been executing since its inception in 2023. This is aligned with our fundamental principle of acting as founders’ partners and value investors, supporting startups' scale-up and reaching their full potential. We are aiming to expand our regional presence with focus on high-margin sectors that offer foreseen exponential growth where technology can play a substantial role”.

Mokhtar added: “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”.


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