Sultan Ventures, a US-based venture capital firm specializing in early-stage investment and startup ecosystem building, has acquired Egyptian angel investment syndicate and incubator Acasia Group for an undisclosed amount. The acquisition will expand Sultan Ventures’ footprint in the Middle East and Africa (MEA) region, strengthening its global reach and impact.
Founded in 2011 as Cairo Angels, Acasia Group has grown into a regional leader in supporting entrepreneurs. Initially, Cairo Angels was Egypt’s first formal network of angel investors, and it quickly became one of the most active early-stage investors in startups and high-growth businesses in the Middle East and Africa. Acasia Group’s portfolio includes dozens of companies across various sectors.
At the heart of this acquisition, Acasia Impact and Acasia Angels have been transferred to Sultan Ventures. Acasia Impact focuses on designing and building programs and events for corporates, governments, and foundations to empower startups, while Acasia Angels is an angel investing platform supported by a global community of angel investors who back early-stage startups across the MEA region.
Acasia’s journey took a new direction in 2022, with a rebrand to reflect its evolving strategy. It launched the Cairo Angels Syndicate Fund, expanding into later-stage investments and covering various African markets. This strategic shift positioned the group to diversify its role in the regional startup ecosystem.
However, Acasia Ventures, the venture capital arm of Acasia Group, will not be part of the acquisition. Following a separation agreement, Acasia Ventures will remain 100% owned by Aly El Shalakany and will be 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 commercialization.”
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Therefore, 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. The firm now aims to extend its success into the Middle East and Africa.
Omar Sultan, the managing partner of Sultan Ventures, emphasized the potential of the new partnership: “Sultan Ventures’ proven track record in venture acceleration combined with Acasia’s local experience creates a winning partnership designed to enhance ecosystem development. 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.”
This acquisition represents a powerful union of local expertise and global reach, offering expanded opportunities for startups in the MEA region and positioning both Sultan Ventures and Acasia to accelerate innovation in emerging markets.
