Strengthening Global Ties in Venture Development
In a strategic move aimed at expanding its presence in the Middle East and Africa (MEA) region, US-based venture capital firm Sultan Ventures has acquired Egyptian angel investment syndicate and incubator, Acasia Group, for an undisclosed amount. This acquisition marks a new chapter for Acasia, which began its journey as Cairo Angels, Egypt's first formal network of angel investors.
Acasia Group’s Growth Journey
Founded in 2011 as Cairo Angels, Acasia Group has evolved into a multi-incubator operator and regional angel investment syndicate. Over the years, it has played a pivotal role in supporting early-stage startups and high-growth businesses across the Middle East and Africa. Acasia has invested in numerous startups across diverse sectors, building a reputation as one of the region’s most active early-stage investors.
In 2022, Cairo Angels rebranded as Acasia Group, reflecting its broader ambitions and strategic shift with the Cairo Angels Syndicate Fund, which focuses on later-stage investments across various African markets.
Acasia Ventures, Acasia Impact, and Acasia Angels
Acasia Group’s portfolio was composed of three synergistic divisions: Acasia Ventures, a venture capital firm investing in early-stage startups across the Middle East and Africa; Acasia Impact, which designs programs and events to empower founders and entrepreneurs; and Acasia Angels, an angel investing platform supported by a global network of investors focused on early-stage startups in the region.
The Acquisition by Sultan Ventures
The acquisition deal sees Sultan Ventures taking over Acasia Impact and Acasia Angels, allowing the US-based firm to extend its reach into the MEA region. Sultan Ventures, founded in 2009, specializes in early-stage investments, innovation programs, and fostering startup ecosystems. With this acquisition, it aims to leverage its experience in venture acceleration and innovation to empower more startups in the region.
However, Acasia Ventures will remain independent, fully owned by Aly El Shalakany, and will continue to operate under his leadership alongside Biola Alabi as general partners. This separation ensures that Acasia Ventures can maintain its focus on early-stage investments.
Scaling Impact Across the Region
Hossam Allam, Chairman of Acasia Group, highlighted the significance of this acquisition, stating: “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.”
The partnership opens new opportunities for Acasia to scale its operations, tapping into Sultan Ventures’ 15 years of experience in venture development. Sultan Ventures, through its XLR8 initiatives, has successfully accelerated hundreds of US-based startups, and this acquisition aims to replicate similar success in the MEA region.
A US-MENA Bridge for Founders
Omar Sultan, Managing Partner at Sultan Ventures, emphasized the transformative potential of the acquisition: “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.”
By merging Sultan Ventures’ proven track record in venture acceleration with Acasia’s local expertise, the acquisition creates a powerful platform for enhancing ecosystem development and scaling innovative startups across borders.
