Beltone Holding’s Beltone Venture Capital exited Moroccan last-mile delivery logistics platform Cathedis with a 100% internal rate of return, according to a press release (pdf). This transaction marks Beltone Venture Capital’s first regional exit and its third overall since inception.

Moroccan investors acquired the platform: The Moroccan tech company ORA Technologies and Azur Innovation Fund fully acquired Cathedis, marking the first consolidation between Moroccan startups funded entirely with local capital, Wamda reports.

What they said: “We saw a clear opportunity in Cathedis Morocco’s leading last-mile delivery and logistics platform. We invested with vision, supported its growth, and exited with success,” CEO and Managing Partner of Beltone Venture Capital Ali Mokhtar said.

REMEMBER- Beltone Venture Capital has been ramping up its investments in Morocco and at home this year. The company made an undisclosed equity investment in Moroccan eyewear brand LNKO, participated in a USD 1.1 mn seed round for insurtech startup Sehatech, and invested in Sylndr’s USD 15.7 mn series A funding round.

Beltone Venture currently manages USD 50 mn in assets under management and has a portfolio of 21 tech-driven companies across various sectors in the region. It also oversees a USD 5 mn venture debt portfolio with a data-driven investment strategy.

Other Egypt-based also eyeing Morocco’s logistics sector: Cairo-based digital logistics startup Nowlun is planning an entry into Morocco by the end of 2026. The move is part of the firm’s wider regional expansion plan, following the opening of a branch in Saudi Arabia.

Zooming out: Morocco’s freight and logistics market is expanding at a rapid rate, according to a report by Mordor Intelligence. The country’s market size is estimated at USD 13.8 bn in 2025, and is expected to reach USD 16.3 bn by 2030 at a CAGR of 3.41%. Its strategic location between Europe and West Africa, ongoing infrastructure development, roll-out of new freetrade zones, and increasing automotive exports were all cited as main drivers for the predicted growth.

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