Launched in Cairo in 2014, A15 has emerged as one of the Middle East and North Africa’s most consistent early-stage venture capital players. With a mission rooted in backing “daring founders,” the firm’s unique blend of capital and operational support has paid off handsomely: A15 recently announced a 10x DPI return on its first fund, achieved through eight strategic exits. Today, with over 40 startups in its portfolio and a pan-MENA footprint, A15’s operator-driven model and early-bet discipline earn it the title of Investor of the Week.
Founding Vision and Leadership
At the helm of A15 is Managing Partner Karim Beshara, a seasoned telecom executive who previously led Orascom Telecom Media & Technology. Beshara co-founded A15 to fill a crucial gap in MENA’s tech landscape: early capital paired with hands-on support. The firm’s DNA reflects this dual mandate—offering not only seed funding but also operational help in product strategy, hiring, and go-to-market execution. Supporting Beshara is Principal Bassem Raafat, who brings experience from Helios Investment Partners and J.P. Morgan, and Investment Associate Ahmed Azzam, a BCG alum with deep analytics chops. With a lean team, A15 punches far above its weight.
Investment Thesis and Strategy
A15 is squarely focused on pre-seed, seed, and Series A opportunities, writing first cheques between $100,000 and $1 million. While it retains flexibility for follow-ons, the firm prefers to be the earliest institutional backer, building deep conviction in founders from day one. Its strategy is guided by a “build with and for the founder” mindset, often stepping in as a company builder rather than a passive financier. This approach has produced measurable results: two of A15’s exits—TPAY Mobile and Connect Ads—returned the entire value of its debut fund independently, earning the rare distinction of “dragon exits.”
Geographic Expansion and Sector Diversity
Although headquartered in Egypt, A15 has rapidly expanded its regional influence. Its 40+ portfolio companies now operate in over 20 countries across the MENA region. Egypt remains its home base, but investments like digital freight-forwarder Nowlun and energy analytics startup Gail illustrate A15’s growing reach. The firm’s sector focus aligns with MENA’s digital transformation arc: fintech (Paymob, Menthum), e-commerce (Partment), SaaS and enterprise software (Valify, Milango), logistics (OneOrder, Nowlun), and healthcare (Esaal, Shezlong). AI, cybersecurity, and digital infrastructure also round out its growing vertical exposure.
Recent Initiatives
A15’s momentum has continued into 2025 with two new portfolio additions. In December 2024, it co-led a $1.7 million seed round in Nowlun, a logistics platform targeting inefficiencies in regional freight. In May 2025, the firm backed Gail, a deep-tech energy analytics venture that raised $8.2 million in seed funding. These investments underscore A15’s confidence in backing companies solving infrastructure-heavy problems through technology. More importantly, they reflect a continued commitment to founders who are tackling regional challenges with scalable solutions.
With eight exits under its belt, a live portfolio touching multiple sectors and countries, and a 10x return to early investors, A15 stands as one of MENA’s most disciplined early-stage VCs. Its hands-on, low-headcount model provides a nimble, founder-aligned alternative to larger firms, and its results speak volumes. As the firm enters its second decade, it is well-positioned to continue identifying, shaping, and scaling the region’s next breakout companies—one early bet at a time.