Acasia Group, an Egyptian angel investment syndicate and incubator, was purchased by US venture capital firm Sultan Ventures for an undisclosed sum.
The owners of Acasia Ventures and Acasia Group signed a separation agreement a few months ago, according to which Acasia Ventures would continue to be 100% owned by Aly El Shalakany and run by Aly El Shalakany and Biola Alabi as general partners. As a result, Acasia Ventures will not be included in the transaction.
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Acasia Group, a driving force in the startup ecosystem, is pleased to announce its acquisition by Sultan Ventures, a well-known U.S.-based venture firm known for its innovative approach to venture building, innovation, and investment. This move has the potential to drastically alter the entrepreneurial landscape throughout the Middle East and Africa.
Initially established as Cairo Angels in 2011, Acasia has transformed into a prominent angel syndicate, offering a range of startup ecosystem programs, incubators, and startup competitions. It has also partnered with prominent organizations as EG Bank, the World Bank, and DAR. Acasia’s crucial contribution to the development of the startup ecosystem has solidified its standing as a major force behind entrepreneurship and innovation in the Middle East and Africa.
Omar Sultan, Managing Partner of Sultan Ventures, said, “Sultan Ventures’ demonstrated track record in venture acceleration combined with Acasia’s local experience creates a winning partnership designed to enhance ecosystem development.” Furthermore, “Acasia has established an outstanding reputation for fostering ecosystems in emerging markets and empowering startups.” Thousands of entrepreneurs looking to commercialize their ideas now have access to a new U.S.-MENA bridge thanks to this transaction.
With this acquisition, Sultan Ventures demonstrates its dedication to going worldwide while leveraging its more than 15 years of venture development expertise, encouraging creativity, and assisting startup ecosystems. Sultan Ventures has assisted in accelerating hundreds of U.S.-based startups through its XLR8® programs, which include one of the best accelerators in the world, transforming innovative concepts into scalable companies. Their work, which has won multiple awards for turning creative concepts into profitable, scalable businesses, will now be expanded beyond the Middle East and Africa.
About Sultan Ventures
Sultan Ventures is a venture firm helping visionary founders build successful, long-lasting businesses by supporting them at every stage of their journey. This means we’re engaged from initial idea to long-term success. We provide pivotal resources via our network of experts and investors, while providing the hands-on expertise necessary to accelerate growth.
