US-based Sultan Ventures acquires Egypt’s Acasia Group, a multi-incubator operator and angel investment syndicate.
The undisclosed acquisition expands Sultan Ventures’ footprint into the Middle East and Africa (MENA) and asserts its commitment to global expansion.
The acquisition comes nearly two years after the acquired group rebranded from Cairo Angels to Acasia Group in December 2022.
Acasia Group comprises three distinct yet synergistic businesses – Acasia Ventures, Acasia Impact, and Acasia Angels. However, Acasia Ventures clarified that the acquisition is entirely unrelated to it.
“The shareholders of Acasia Ventures, a venture capital firm, and Acasia Group, a provider of startup ecosystem programmes, incubators, and competitors, entered into a separate agreement a few months ago, whereby Acasia Ventures would remain 100% owned by Aly El Shalakany and led by Biola Alabi and Aly El Shalakany as the General Partners,” Acasia Ventures stated.
Acasia Ventures’ investments include Bluworks, an Egypt-based HRtech company, in its $1 million pre-seed investment round led by Khawarizmi Ventures.
In March 2023, it also participated in the $1 million seed round for Nigerian logistics startup Fez Delivery and Credable’s $2.5 million seed round.
Benefits to both entities
On the acquisition, Hossam Allam, Chairman of Acasia Group, said the move marks an exciting new chapter for Acasia, enabling the company to scale faster, tackle the region’s challenges, and increase its impact by scaling early-stage ventures and deep-tech commercialization.
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Sultan Ventures boasts over 15 years of experience in venture development and supporting startup ecosystems. Their initiatives, which have impacted several US-based startups by transforming innovative ideas into successful, scalable ventures, will now extend into the Middle East and Africa.
Omar Sultan, Managing Partner of Sultan Ventures, commented that the firm’s achievements, combined with Acasia’s local expertise, create a winning partnership designed to enhance ecosystem development.
“This acquisition creates a new US-MENA bridge and opens the door for thousands of founders seeking to bring their ideas to market.”
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