Egypt-based Beltone Venture Capital has successfully completed a partial exit from hospitality technology startup BirdNest, generating a 3.5x return on invested capital and an impressive 80% internal rate of return (IRR) after a two-year investment period.
The transaction included the sale of both Beltone Venture Capital’s direct investment in BirdNest and its indirect holding through its joint investment fund with UAE-based Citadel International Holdings. Despite the exit, the firm has retained a strategic stake in BirdNest, signaling continued confidence in the company’s long-term growth trajectory.
Ali Mokhtar, CEO and Managing Partner of Beltone Venture Capital, described the outcome as a reflection of the firm’s disciplined investment strategy, highlighting its focus on rigorous due diligence, active portfolio support, and strategic capital deployment. He noted that the partial exit allows the firm to return capital to investors while maintaining exposure to BirdNest’s future growth through Beltone’s broader financial ecosystem.
The milestone also marks a significant chapter for BirdNest. According to Co-Founder and CEO Mostafa Elnahawy, the company has achieved more than 10x growth in U.S. dollar-denominated revenue over the past two years while reaching profitability.
Looking ahead, BirdNest plans to build on this momentum by expanding its technology-driven hospitality platform and delivering enhanced guest experiences, with a continued focus on sustainable long-term value creation.
The successful partial exit underscores the growing maturity of the MENA venture capital ecosystem, demonstrating how regional investors are increasingly delivering strong returns while continuing to back high-growth portfolio companies through their next stages of expansion.
