Key Developments
US Firm Sultan Ventures Expands to Africa With Acquisition of Egypt's Acasia Group
Acasia Group, a prominent multi-incubator operator and angel investment syndicate in Egypt, has been acquired by Sultan Ventures, a US-based venture firm.
The undisclosed acquisition marks Sultan Ventures’ significant expansion into the Middle East and Africa (MENA) region.
The acquisition comes nearly two years after Acasia Group rebranded from Cairo Angels in December 2022.
The acquisition comes nearly two years after Acasia Group rebranded from Cairo Angels in December 2022.
The group comprises three distinct businesses: Acasia Ventures, Acasia Impact, and Acasia Angels. However, Acasia Ventures has clarified that the acquisition is entirely unrelated to its operations.
Acasia Ventures, a venture capital firm, remains independently owned and led by Aly El Shalakany and Biola Alabi.
Acasia Ventures, a venture capital firm, remains independently owned and led by Aly El Shalakany and Biola Alabi.
The firm has been actively investing in promising startups in the region, including Bluworks, Fez Delivery, and Credable.
Hossam Allam, Chairman of Acasia Group, expressed excitement about the acquisition, stating that it will enable the company to scale faster, address regional challenges, and increase its impact on early-stage ventures and deep-tech commercialization.
Sultan Ventures, with over 15 years of experience in venture development, brings a wealth of expertise to the partnership. Their successful track record in supporting startups in the US will now extend to the MENA region.
Omar Sultan, Managing Partner of Sultan Ventures, commented that the combination of the firm’s achievements and Acasia’s local knowledge will create a powerful partnership to enhance ecosystem development.
The acquisition is expected to foster stronger ties between the US and MENA regions, opening up new opportunities for founders seeking to bring their ideas to market.
Hossam Allam, Chairman of Acasia Group, expressed excitement about the acquisition, stating that it will enable the company to scale faster, address regional challenges, and increase its impact on early-stage ventures and deep-tech commercialization.
Sultan Ventures, with over 15 years of experience in venture development, brings a wealth of expertise to the partnership. Their successful track record in supporting startups in the US will now extend to the MENA region.
Omar Sultan, Managing Partner of Sultan Ventures, commented that the combination of the firm’s achievements and Acasia’s local knowledge will create a powerful partnership to enhance ecosystem development.
The acquisition is expected to foster stronger ties between the US and MENA regions, opening up new opportunities for founders seeking to bring their ideas to market.
Related Articles
Register Now
Empower Africa Times Newsletter
Share :
You may also like...
Twenty African Tech Ventures Set to Pitch at Angel Fair Africa in Nairobi
Twenty African tech ventures—comprising 10 startups and 10 scale-ups—are set to pitch their innovations to potential investors at the upcoming Angel Fair Africa event in Nairobi, Kenya, on November 7-8.
October 29, 2024
Egyptian Fintech Connect Money Secures $8 Million Seed Funding to Fuel North African Expansion
Connect Money, an Egyptian fintech company specializing in Banking-as-a-Service (BaaS), has successfully closed its seed funding round at $8 million.
June 26, 2024
Trade and Development Bank Secures $100 Million From BII to Support African Businesses
The Trade and Development Bank (TDB), a key financial institution focused on African development, has secured a $100 million financing package from the British International Investment (BII), the UK’s development finance arm.
April 1, 2024
