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Khwarizmi Ventures has partially exited Bosta, the Egyptian logistics company, realising a net multiple of about 3x across its investment. The buyer, transaction value, stake sold and Khwarizmi’s remaining holding were not disclosed.
The Saudi venture firm invested in Bosta three times, first at Series A and later leading one of its follow-on rounds. The transaction marks Khwarizmi’s sixth portfolio exit, after Tamara, POSRocket, Fatura, Melltoo and Qawafel, and its second distribution to Fund I investors in less than five years.
“This achievement reflects the founders' vision, relentless execution, and the strength of innovation emerging from the MENA startup ecosystem,” managing partner Abdulaziz AlTurki said.
It’s the second sell-down by an early Bosta investor in three months. In May, a joint investment vehicle backed by Egypt’s Beltone Venture Capital and UAE-based Citadel International Holdings exited its position at a 75% IRR.
The transactions come as Bosta prepares for a potential listing on the Egyptian Exchange. The company has been working towards what would be Egypt’s first technology-logistics IPO, in a deal worth up to $170 million.
The secondary sales give existing shareholders liquidity ahead of a possible listing and come as regional venture funds face increasing pressure to return capital to investors after several years in which exits have remained limited.
Founded in 2017 by Mohamed Ezzat, Bosta provides last-mile delivery and shipping services to businesses in Egypt and Saudi Arabia.
“Bosta was founded to solve one of the biggest challenges facing e-commerce in our region: reliable, scalable last-mile delivery,” Ezzat said. “This outcome reflects how far Bosta has come and the strength of the team behind it.”
The transaction comes amid a broader increase in liquidity events among Egyptian tech companies. Valu listed on the EGX in 2025, MNT-Halan is considering a Cairo listing of its Egyptian business, while a Bosta IPO would add another operating tech company to Egypt’s public markets.
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