Cairo VC A15 Reports 10x DPI Returns From Its Debut Fund on Tenth Anniversary

A15, one of the region's longest-running technology venture firms, has told limited partners that its inaugural fund has delivered ten times distributed-to-paid-in capital, a milestone that places the Cairo-based firm among a small cohort of global managers achieving such outsized realised returns. The announcement coincided with A15's tenth anniversary.

The firm said Fund I produced eight successful exits, including two that alone returned the fund. TPAY Mobile was acquired by Helios Investment Partners and Connect Ads by Aleph Group, while the most recent exit came in early 2025 with the acquisition of Link Development by Beyon Solutions. A15 did not disclose the original fund's size or the underlying dollar figures.

"What we're proudest of isn't just the returns, it's the community that's grown around this work," said Karim Beshara, founder and managing partner. Founded in 2015, A15 manages a current portfolio of about 40 active companies operating across nearly 20 countries, and emphasises hands-on support including leadership recruitment, product-market fit and governance alongside capital.

The disclosure is notable in a regional ecosystem where realised exits and hard DPI figures remain scarce, offering a rare data point on the returns that early MENA technology bets have begun to generate for their backers.