On 7 July, CDG — Europe’s leading corporate venture builder — announced the acquisition of FoundersLane — an independent corporate company builder that co-creates digital businesses with leading global corporations — with the aim of creating a joint venture that builds and rapidly scales digital-first products across diverse sectors and verticals with €100 million in investment over the next five years in start-ups across MENA.

Both companies have backed and accelerated the launch of 100 ventures globally, including in MENA.

The acquisition has also resulted in the creation of FoundersLane Egypt, which is co-headed by corporate venture capitalists and former start-up operator Mohamed Aboul-Naga, who will act as the chairperson of FoundersLane Egypt, and Anas Rabah, who will serve as its managing director.

Both have previously worked together at the region’s fastest growing and most impactful start-ups, including UAE-based super app Careem and Egypt-based fintech and consumer lending platform MNT-Halan. They also recently co-founded Klivvr — a fintech-focused venture capital firm.

“Thanks to this integration, both FoundersLane and CDG will add unique value to the Egyptian market, enabling start-up founders to get access to robust technical know-how from seasoned investors. Together, we will disrupt the venture-building ecosystem in Egypt, create several digital powerhouses, and make impactful contributions in cooperation with family businesses, corporates, and even public or semi-public companies,” said Aboul-Naga.

“FoundersLane has had incredibly successful experience in the Saudi market, and through this partnership, we are looking to learn from and capitalise on that success and pave the way for the development of digital-first businesses that push boundaries,” he added.

Meanwhile, Rabah said: “We are excited to introduce FoundersLane to the Egyptian tech market, which is growing at a rapid pace. With FoundersLane’s know-how and a global network of talent, we will help establish and scale venture building in Egypt. I am extremely excited to kick off this journey with FoundersLane and the rest of the team.”

For his part, Martin Pesja, the founder and CEO of CDG, stated that the main purpose of the deal is not only to create valuable ventures and profit for the clients, but also to have a positive impact on people’s lives and to build ventures and products with clients that will serve one billion people worldwide over the next five years.

“Corporate venture building is on the rise and is the new gold in times of inflation and uncertainty. The joint company is going to reshape our market. It’s our goal to offer our clients an even more excellent, fast, and international service. It’s our aspiration whenever boards discuss new venturing projects to call CDG first. Because for us, a digital presence is not an extra; it is essential for our existence” said Felix Staeritz, co-founder and CEO of FoundersLane.

FoundersLane has provided services to over 50 clients ranging from established European corporations — such as Vattenfall, Allianz, and Bosch — to private and publicly listed companies in Saudi Arabia, Kuwait, and the wider region, such as SAPTCO.

Moreover, the company currently has offices in Berlin, Riyadh, Cologne, and Vienna.

CDG has also lately acquired a couple of other companies, including Spark Works — Switzerland’s leading innovation firm — and RohrbeckHeger — a German strategic foresight firm.