Forbes Middle East has revealed its first-ever list of the region’s Top Venture Capitalists for 2024, recognizing the firms driving innovation and growth across the Middle East’s rapidly expanding startup ecosystem. Among the 30 firms celebrated, Egypt’s growing venture capital scene is highlighted, with firms like Beltone Venture Capital taking center stage. The inclusion of Egyptian players underscores the country’s increasing influence in the region’s investment landscape, especially in empowering women entrepreneurs.
The list reflects the dynamic nature of venture capital in the Middle East, with a strong focus on firms that not only provide funding but also foster an entrepreneurial environment. As Egypt continues to build a more inclusive economy, venture capital is playing a pivotal role in providing resources and support for women-led businesses.
Egypt’s Venture Capital Landscape
Egypt’s venture capital scene is gaining significant momentum, and this year’s list highlights four Egyptian firms, a testament to the country’s growing prominence in regional investment. Beltone Venture Capital, founded in 2023, is one of the newest players but has already made its mark, securing six successful investments in just the first nine months of 2024. Led by Ali Mokhtar, Beltone is quickly positioning itself as a key player in Egypt’s early-stage investment ecosystem.
As Egypt focuses on fostering innovation, the venture capital sector is increasingly supporting businesses led by women. In fact, several of the top venture capital firms, such as HALA Ventures and Shorooq Partners, are actively backing women-led startups in Egypt. These firms are not just investing in businesses, but also in gender equality, making a significant impact on the region’s entrepreneurial landscape. This shift is part of a broader regional effort to address gender disparities and empower women in business.
A New Era for Women Entrepreneurs
The 2024 list also highlights a broader trend in the region: the rise of women in leadership roles within both startups and venture capital firms. This year, several firms led by female entrepreneurs are featured, underscoring the growing influence of women in shaping the region’s venture capital landscape. These women are not only investing in businesses but are also using their positions to create more opportunities for other women to succeed as entrepreneurs.
This focus on women’s empowerment is crucial, especially in a region where women face unique challenges in business. With the backing of venture capital firms, female entrepreneurs in Egypt and across the Middle East are breaking down barriers and redefining the future of business.
Key Insights from the 2024 List
The list features firms from across the Middle East, with Saudi Arabia leading with 11 entries, followed by the UAE with 10. Jordan and Egypt are also represented, with four Egyptian firms making the cut.
Jabbar Internet Group, cofounded in 2009 by Samih Toukan and Hussam Khoury, is one of the oldest and most established firms on the list. Known for its significant acquisitions, including Souq.com (which was acquired by Amazon for $580 million) and InstaShop (acquired by Delivery Hero for $360 million), Jabbar remains an influential player in the region’s venture capital space.
On the other end of the spectrum, Beltone Venture Capital, founded in 2023, represents the new wave of venture capital in Egypt. In just one year, the firm has made significant strides, with investments in promising startups that are expected to drive the next phase of Egypt’s economic growth.
Investing in Innovation and Impact
While venture capital is inherently about financial returns, many of the firms on this list are also focused on impact investing. With a growing emphasis on sustainability, technology, and social change, these firms are increasingly backing startups that address key regional challenges, including unemployment, environmental sustainability, and gender inequality.
The venture capital sector is no longer just about funding the next big tech company; it’s about investing in ideas that can transform society. In Egypt, this includes supporting women-led ventures that are addressing pressing issues, from financial inclusion to digital literacy.
A Growing Hub for Venture Capital and Women Entrepreneurs
The rise of Egypt as a key player in the Middle East’s venture capital scene is also tied to the country’s broader economic reforms and its growing support for women entrepreneurs. The government has made strides in creating a more inclusive business environment, and the venture capital sector is a critical part of this change.
With firms like Beltone Venture Capital leading the charge, Egypt is positioning itself as an innovation hub in the region, offering a platform for women to thrive as both business leaders and investors. As venture capital continues to play a pivotal role in driving Egypt’s economic growth, the future looks bright for women entrepreneurs in the country and across the broader Middle East.
Looking Ahead
As the Middle East continues to evolve, Egypt’s growing role in venture capital and women entrepreneurship is becoming increasingly clear. With more investment opportunities emerging, particularly for women, the future of Egypt’s startup ecosystem looks more inclusive and promising than ever. The 2024 list of Top Venture Capitalists is a testament to this transformation, showcasing Egypt’s potential as a leading force in the region’s entrepreneurial landscape.
