The Board of Egypt’s Beltone Holding has approved an extra $212 million in funding to help with growth and expansion
Egypt’s Beltone Holding said on Wednesday that its board of directors has agreed to increase the company’s capital by $211.8 million (EGP 10.7 billion) to help it grow and improve its position in the market.
Beltone’s capital increase
After raising $197 million (EGP 10 billion) in 2023, Beltone plans to use this additional capital to help grow the company. They aim to expand their financial services and offer more products by using data science, the company said.
Dalia Khorshid, the CEO of Beltone Holding, stated, “By using more technology and artificial intelligence, and investing in our team, we aim to make a big impact on the financial services industry and create long-term value for our shareholders.”
Financial results
Beltone’s net profit for the first nine months of the year increased by 1,218%, reaching $22.9 million (EGP 1.13 billion), mainly due to higher operating revenue.
The company’s operating revenue grew by 405%, totaling $97.2 million (EGP 4.8 billion) for the nine months ending in September.
Beltone Venture Capital (BVC), which handles investments for the company, made six investments, growing its portfolio to over $30.4 million (EGP 1.5 billion).
Beltone’s investment banking division also saw a 282% increase in operating revenue, reaching a record $17.2 million (EGP 852 million), driven by growth in brokerage services.
Partnership Agreement
In April, BVC teamed up with CI Venture Capital from Abu Dhabi to manage a $30 million fund that will help early-stage startups grow in the region.
The fund has already started its work by making investments in several startups from different countries and industries in the region.
It will mainly focus on providing funding to startups at the early stages (pre-seed and seed), with plans to continue supporting successful companies in later funding rounds. It is also open to investing in other interesting opportunities at different stages of growth.
Published: 26th December 2024
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