Beltone Venture Capital has partially exited its investment in Egyptian proptech and hospitality platform BirdNest, generating a 3.5x return on invested capital and an 80% internal rate of return (IRR) over a two-year holding period, the company said in a statement (pdf). The transaction covered both Beltone VC’s direct investment and its stake through its joint fund with UAE-based Citadel International Holdings. Financial terms were not disclosed.
Why it matters: An 80% IRR over two years stands out at a time when the 2024 devaluation has eroded returns across much of Egypt’s VC ecosystem. It also marks another successful realization for Beltone Venture Capital while allowing it to stay invested in a company it believes still has meaningful upside.
Beltone VC remains invested in BirdNest’s next phase. “This partial exit enables us to return capital to our investors while retaining a strategic stake in BirdNest. We remain committed to supporting the company’s next phase of growth through Beltone’s financial ecosystem and capabilities,” CEO and Managing Partner Ali Mokhtar said.
What’s next: More than 10x growth in USD-denominated revenue over the past two years has helped BirdNest reach profitability, setting the company up for its next phase of expansion. “We remain focused on creating sustainable long-term value and redefining hospitality through technology and exceptional guest experiences,” cofounder and CEO Mostafa Elnahawy said.
