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US-based venture capital firm Sultan Ventures has acquired Egypt’s Acasia Group, in a bid to expand its reach in the Middle East and Africa.
The acquisition of undisclosed value will support the global expansion plans of the company that has so far helped accelerate hundreds of start-ups in the US.
Sultan Ventures specialises in early-stage investment, innovation programmes and start-up ecosystem building.
“[The company] will now extend its reach into the Middle East and Africa,” a statement said.
Founded in 2011 and formerly known as Cairo Angels, Acasia Group is a multi-incubator operator and an angel investment syndicate.
The company, which operates offices in Cairo, Dubai and Lagos, has also played a pivotal role in venture fund management, developing start-up ecosystems and delivering incubation programmes in the region.
Sultan Ventures’ foray into the Middle East is expected to benefit start-up founders who are looking to get their business ideas off the ground.
“This acquisition creates a new US-MENA bridge, and opens a door for thousands of founders seeking to bring ideas to market,” the statement said.
(Writing by Cleofe Maceda; editing by Seban Scaria)