Beltone partners with Citadel to manage $30m VC fund
Beltone Venture Capital has signed an agreement with CI Venture Capital to manage a fund backing startups.
Africa Private Equity News’ Connect messaging service is now free. Directly message other private equity professionals in our community.
Download the free Africa Private Equity News app: Android | iOS (or search for it in the app store)
Tap on the top-right icon to log in or register a free account
Tap on bottom-right Connect icon to start chatting
Beltone Venture Capital has signed a partnership agreement with CI Venture Capital – a wholly-owned subsidiary of Citadel International Holdings, an investment management firm headquartered in Abu Dhabi – to manage a $30 million fund to back fast-growing startups.
“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.”
* Subscribe to Africa Private Equity News’ monthly Dealmaker’s Log for a database of the reported investment deals, exits and fundraising closes. Click here for more information.