Sultan Ventures, a venture firm based in the United States, has recently completed the acquisition of Egypt’s Acasia Group, a conglomerate known for its multi-incubator operations and angel investment syndicate. This strategic move marks Sultan Ventures’ entry into the Middle East and Africa (MENA) region, underscoring its dedication to pursuing global expansion opportunities.
This acquisition unfolds nearly two years following Acasia Group’s rebranding from its former identity as Cairo Angels in December 2022. Acasia Group is an umbrella organization for three interconnected entities: Acasia Ventures, Acasia Impact, and Acasia Angels. It’s important to note that Acasia Ventures has specified that this acquisition does not involve it directly.
Acasia Ventures, in a statement, clarified the distinction between itself and Acasia Group.
A few months prior to the acquisition, the shareholders of Acasia Ventures, a venture capital entity, and Acasia Group, which focuses on startup ecosystem programs, incubators, and competitions, agreed that Acasia Ventures would continue to be solely owned by Aly El Shalakany, with Biola Alabi and Aly El Shalakany serving as General Partners.
Among Acasia Ventures’ notable investments are Bluworks, an HRtech firm based in Egypt, which secured a $1 million pre-seed investment round led by Khawarizmi Ventures. In March 2023, Acasia Ventures also contributed to a $1 million seed funding round for Nigerian logistics startup Fez Delivery and participated in Credable’s $2.5 million seed investment.
Hossam Allam, Chairman of Acasia Group, expressed enthusiasm about the acquisition, viewing it as a pivotal moment for Acasia. He believes this development will enable the company to accelerate its growth, address regional challenges more effectively, and enhance its impact through the scaling of early-stage ventures and the commercialization of deep-tech innovations.
Sultan Ventures brings to the table over 15 years of experience in venture development and support for startup ecosystems. The firm’s track record of aiding numerous US-based startups in evolving from innovative concepts to successful, scalable businesses is now set to benefit the MENA region.
Omar Sultan, Managing Partner of Sultan Ventures, highlighted the synergy between Sultan Ventures’ achievements and Acasia’s regional expertise as a formula for success. He emphasized that the acquisition paves the way for a new US-MENA collaboration, offering thousands of entrepreneurs the opportunity to bring their innovative ideas to fruition.
