Beltone Venture Capital partners with Citadel International to manage $30m startup fund

By | April 18, 2024

Beltone Holding, a rapidly expanding financial institution, has announced that its subsidiary, Beltone Venture Capital (BVC), has entered into a partnership with CI Venture Capital, part of Citadel International Holdings. Based in Abu Dhabi, this collaboration aims to oversee a $30m fund dedicated to investing in promising early-stage startups.

In recent months, the fund has begun investments, completing deals with leading startups across various sectors and countries within the region, including Bosta, Trella, Qlub, and ariika.

Fady Dahlan, Managing Partner at CI Venture Capital, expressed enthusiasm about the partnership: “We’re thrilled to join forces with Beltone Venture Capital to nurture high-potential tech companies. Our joint investment will bolster the early-stage innovation landscape in the MENA region.”

Ali Mokhtar, CEO of Beltone Venture Capital, remarked on the fund’s strategy: “This fund represents a continuation of our established approach since BVC’s founding in 2023. It reflects our core ethos of partnering with founders and acting as value investors, aiding startups in scaling and realizing their potential. Our goal is to broaden our regional footprint, focusing on sectors with high margins and anticipated exponential growth driven by technology.”

Mokhtar further noted: “The fund will primarily target pre-seed and seed investment rounds, while also supporting our top-performing portfolio companies through subsequent funding stages. Additionally, we’re open to investing in compelling opportunities across various funding levels.”

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