Egyptian angel investment syndicate and incubator Acasia Group has been acquired by US-based VC firm Sultan Ventures for an undisclosed amount.
Founded in 2011 as Cairo Angels, Acasia Group is a multi-incubator operator and a regional angel investment syndicate that empowers Egyptian and regional entrepreneurs.
At launch, Cairo Angels was Egypt’s first formal network of angel investors, and since its formation it has been one of the most active early-stage investors in startups and high growth businesses in the Middle East and Africa, with dozens of investee companies across various sectors.
It embarked on a new strategy with its Cairo Angels Syndicate Fund, which invests at later stages and across various African markets, and in 2022 rebranded to reflect these changes.
The Acasia Group was made up of three separate, yet synergistic, businesses – Acasia Ventures, a venture capital firm that invests in early stage start-ups across the Middle East and Africa; Acasia impact, which designs and builds programmes and events for corporates, governments and foundations to empower founders and startups; and Acasia Angels, which is more closely aligned to the old Cairo Angels, being an angel investing platform empowered by a global community of angel investors who invest and support early stage start-ups across the Middle East and Africa.
Acasia Impact and Acasia Angels have now been acquired by the US-based VC firm Sultan Ventures, which was founded in 2009 and specialises in early-stage investment, innovation programmes, and startup ecosystem building. The acquisition will expand Sultan Ventures’ footprint in the MEA region.
Acasia Ventures, however, will not be part of the acquisition, after the shareholders of Acasia Ventures and Acasia Group entered into a separation agreement whereby Acasia Ventures would remain 100 per cent owned by Aly El Shalakany, and led by Biola Alabi and Aly El Shalakany as the general partners.
“This acquisition marks an exciting new chapter for Acasia,” said Hossam Allam, chairman of Acasia Group. “What began 14 years ago as a grassroots initiative under Cairo Angels has grown into a regional leader, operating across every aspect of the venture continuum in the Middle East and Africa. The acquisition by Sultan Ventures enables Acasia to scale faster and tackle the region’s biggest challenges, amplifying impact and scaling early-stage ventures and deep-tech commercialisation.”
With this acquisition, Sultan Ventures asserts its commitment to global expansion, building on 15 years of experience in venture development, fostering innovation, and supporting startup ecosystems. Through its XLR8 initiatives, including one of the top accelerators globally, Sultan Ventures has helped accelerate hundreds of US-based startups, turning cutting-edge ideas into scalable businesses. It will now extend its reach into the Middle East and Africa.
“Sultan Ventures’ proven track record in venture acceleration combined with Acasia’s local experience creates a winning partnership designed to enhance ecosystem development,” said Omar Sultan, managing partner of Sultan Ventures.
“Acasia has built an enviable reputation for empowering startups and cultivating ecosystems in emerging markets. This acquisition creates a new US-MENA bridge and opens a door for thousands of founders seeking to bring ideas to market.”
