US-based Sultan Ventures acquires homegrown startup investor Acasia Group

Sultan Ventures makes a play for MENA with Acasia takeover: US-based and also US-focussed — at least until now — venture firm Sultan Ventures has fully acquired local venture capital firm Acasia Group, formerly Cairo Angels, according to a joint statement (pdf). The size of the transaction was not disclosed.

They say it’s a mutually beneficial move: The move will enable Acasia to amplify its impact in “scaling early-stage ventures and deep-tech commercialization,” Acasia Group Chairman Hossam Allam said. It will also support Sultan Ventures’ commitment to global expansion, the statement reads, without providing any details on the expansion plans.

The acquisition also “creates a new US-MENA bridge, and opens a door for thousands of founders seeking to bring ideas to market,” Sultan Ventures Managing Partner Omar Sultan.