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Beltone Venture Capital, the Egypt-based venture capital firm, has completed a partial exit from BirdNest, the Egyptian PropTech marketplace, generating a 3.5x return on invested capital and an 80% internal rate of return over a two-year holding period.
Beltone Venture Capital partially exited its investment in BirdNest, selling both its direct stake and part of its indirect stake through a joint fund with Citadel International Holdings from the UAE.
However, it still holds a strategic stake.
Founded in 2019 by Ahmed Fadda and Mostafa Elnahawy, BirdNest runs a marketplace for curated boutique hotels and holiday homes built around art, wellness, and local experiences.
The company says it has grown dollar-denominated revenue by more than 10x over the past two years while reaching profitability.
“This milestone reflects the strength of BirdNest’s business model and the dedication of our team, partners, and investors. As we enter our next phase, we remain focused on creating sustainable long-term value,” said Mostafa Elnahawy, co-founder and CEO of BirdNest.
Beltone Holding is a pan-African group headquartered in Egypt, with operations spanning eight countries across North and Sub-Saharan Africa.
The group offers a diversified and integrated platform of businesses including leasing and factoring, mortgage finance, consumer finance, MSMEs, microfinance, asset management, securities brokerage, investment banking, private equity, venture capital, data science and AI solutions, as well as HR consultancy, recruitment, talent management, and tailored learning and development programs.
“This outcome reflects the discipline of Beltone Venture Capital’s investment approach, from rigorous underwriting and active portfolio support to disciplined capital realisation. This partial exit enables us to return capital to our investors while retaining a strategic stake in BirdNest,” said Ali Mokhtar, CEO and managing partner of Beltone Venture Capital.
