Citadel Holding selects Egypt’s Beltone Venture Capital to manage its Citadel fund: Beltone Venture Capital — Beltone Financial Holding’s venture capital arm — will manage the Emirati Citadel International Holdings’ CI Venture Capital’s USD 30 mn fund that will back fast-growing startups in the MENA region, Beltone said in a press release (pdf).

The fund has invested in a number of familiar names: The fund has already deployed funds in a number of startups across the region, including Egyptian courier startup Bosta, trucking startup Trella, homeware brand Ariika — Beltone VC acquired 20% of Ariika in a EGP 31 mn series A round last year — and UAE-headquartered fintech Qlub.

It will target early-stage startups: The fund will mostly invest in pre-seed and seed funding rounds, and will then support the “best-performing portfolio companies in follow-up rounds,” Beltone Venture Capital CEO Ali Mokhtar said. It will also take part in “attractive” investments at different funding stages, he added.

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