Egypt  - Beltone Venture Capital, a subsidiary of Beltone Holding, has made its first international investment by acquiring a strategic equity stake in VelyVelo, a French e-bike rental company, according to a disclosure.

The size of the investment was not disclosed.

Specializing in fleet management with a full-service subscription model, VelyVelo plans to use this investment to expand its operations across the Middle East and North Africa, promoting sustainable mobility solutions.

Currently, VelyVelo operates over 5,000 electric bikes for delivery drivers, freelancers, and transport companies, with a presence in both the French and Moroccan markets.

The company also aims to grow its footprint in Spain and Belgium.

"Through this strategic equity investment, we are committed to working hand in hand with VelyVelo to accelerate its expansion across the MENA region through Beltone’s support and bring innovative, sustainable mobility solutions to new markets," CEO of Beltone Venture Capital Ali Mokhtar stated.

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