Fares Ghandour

A great piece by Wamda ومضة on the breakdown of VC investments for H1 2024 in MENA. Some key takeaways: - B2B was the most funded category in June 2024 - SaaS was the second most funded category after Proptech, beating also Fintech investments (Proptech $200m, SaaS $164m, Fintech $156m) - B2B is the fastest growing category, with a 153% growth rate in comparison to 2023 ($187m vs $473m) This is exactly the reason Leo Capital has a fund thesis in MENA to focus on investing in early stage B2B companies across different sectors. MENA as a market is relatively large enough, but building out software or solutions for businesses that will reach scale, will most probably happen in other markets like the US. Our aim of helping some of these companies get to that scale with different GTM strategies, will remain the focus. #startups #VC #MENA Rajul Garg Shwetank Verma Ravi Srivastava Dinesh Singh Henry Goodwin Raeeza Tameez Jitesh Luthra Madhusmita Das Pavitar Raheja

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COTU Ventures Launches $54M Fund for MENA Pre-Seed and Seed Startups Founder and general partner Amir Farha highlights the region's potential: 'Today, businesses in MENA are slightly behind the curve, offering a significant opportunity for software solutions. We're particularly drawn to high-margin industries where technology can drive efficiency gains.' Farha also emphasizes COTU Ventures' commitment to filling the support gap in the region's startup ecosystem: 'MENA's early-stage landscape lacks dedicated support. We aim to become the go-to partner for founders.' This initiative aligns with the region's tech growth, spotlighted at Expand North Star, MENA's largest tech startup and investment event. Exhibit this year and be on the radar of top investors and be part of amazing initiatives: https://lnkd.in/dx6Dp7h7 *Reference: https://lnkd.in/dBH-HK2U #ExpandNorthStar2024 #NorthStar #FutureBlockchainSummit #FintechSurge #StartUpEvent #DubaiChamberofDigitalEconomy #GITEXGLOBAL #AI #GITEXImpact GITEX GLOBAL Largest Tech & Startup Show in the World Dubai Chamber of Digital Economy

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BECO Capital: Historic Exit with Property Finder! BECO Capital, a leading early-stage venture capital firm in the UAE, celebrates a landmark achievement with a 2.41x Distribution to Paid-In (DPI) capital ratio from its Fund I, setting new benchmarks in the #MENA region. This achievement underscores BECO Capital's commitment to supporting tech entrepreneurs in the region and delivering top quartile returns to #investors. Dany Farha, Co-Founder and Managing Partner at BECO Capital, highlights their pleasure in investing in Property Finder and praises founder Michael Lahyani's entrepreneurial vision. Reflecting on the collaboration, Michael Lahyani credits BECO Capital for their decisive support, emphasizing the potential for innovative companies in the MENA region to achieve significant growth and create returns that fuel the entrepreneurial ecosystem. This milestone not only demonstrates tangible gains but also showcases the maturing venture capital ecosystem in MENA, enhancing its global stature as a leading centre for technology and innovation. Congratulations to BECO Capital and Property Finder on this historic achievement! For more information: https://lnkd.in/dKyNubMY #VentureCapital #MENA #TechInvestment #Innovation #Entrepreneurship

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Saudi Arabia’s venture capital landscape continues to grow with its reverberations reaching far continents. Global venture capital firms are capitalizing on the Kingdom’s expansive strategy, as evidenced by the state-owned Saudi Venture Capital Co.’s $30 million investment in a US-based investment firm.   SVC has pledged this significant investment in a private equity fund managed by the renowned US-based investment firm General Atlantic. The investment in the private equity fund by General Atlantic is part of SVC’s Investment in Funds Programme and an implementation of its strategy related to attracting top global fund managers to invest in Saudi-based companies as well as stimulating investment for later stages. #Saudiarabia #investment #fundraising #fundmangers #VentureCapitalists #GCC #Riyadh #VCs #GPs

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"Saudi Arabia is second with six VC funds – Raed Ventures, Saudi Aramco's Wa'ed Ventures, Vision Ventures, Impact46, Seedra Ventures and Oqal – with a total of 67 investments. The UAE has two: Abu Dhabi's Shorooq Partners and Dubai's Global Ventures, with a combined 16 investments. The region falls behind others like Asia which has 786 and Europe with 1,227 VC funds. The US is the runaway leader with 2,298 – with the top seven VCs alone surpassing the Middle East's total. Data on how much these VCs are investing in AI is not clear, yet looking at the regional number of AI start-ups serves as a telling indicator of the sector's growth. There are 1,843 AI start-ups in the Middle East, with a total of 1,773 funding rounds that have raised $12.9 billion, data from industry tracker Crunchbase shows. In comparison, the whole of Europe has 9,994 AI start-ups with 10,598 funding rounds attracting $37.8 billion, according to the San Francisco-based start-up data platform. The top 10,000 AI start-ups in Asia have conducted 8,989 rounds that have raised $105.3 billion, while those in the US have had 17,320 rounds attracting $211.5 billion, it said. However, according to industry tracker Tracxn, there are an estimated 23,209 AI start-ups in the US."

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I am thrilled to be joining the State of the Union Panel at the SuperReturn Berlin conference. With a record amount of dry powder, stalled dealmaking, and exit momentum challenges, the pressure is on PE firms. I will address the pressing question: What are GPs waiting for? How can they navigate the delicate balance between agility, adaptability, and the complexities of today's ever-evolving investment landscape? I will also talk about the growth prospects of the #Gulf region and on Gulf Capital’s focus to invest from the Gulf region to the rest of #Asia – in what is considered to be today the #fastest growing #investment corridor in the world. #privateequity #superreturnberlin #GulfCapital #StateoftheUnion

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In a recent article with Fortune Arabia, I shared insights on how fintech startups are revolutionising the Middle East and Africa - driving financial inclusion and sustainability. Fintechs are leapfrogging legacy systems, bypassing traditional banking systems with digital and mobile payment solutions accessible to millions and enabling SMEs to enjoy vital access to finance. Crucially, fintechs are also transforming economies and improving quality of life, especially for the underbanked communities – while also enabling environmental sustainability. At Global Ventures, we are proud of the diverse fintechs in our portfolio – all playing a part in shaping a sustainable and inclusive future across MEA. From Maalexi’s full-stack platform for SME agri-buyers and sellers, Mamo’s online payment processing platform for businesses, to Paymob’s gateway boosting accessibility, to Tabby enabling the regional BNPL space – we are excited to continue our role in boosting the region’s fintechs, and in turn, create a more sustainable and an inclusive future for all. Read the full article here: https://lnkd.in/dGrXS4Uc

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🌳 Is #MENA #ClimateTech on the upswing? When stripping away the impact of 2022’s mega deals, MAGNiTT's data reveals that #ClimateTech funding in #MENA saw a 40% YoY uptick in 2023 coupled with a steady deal flow. This goes against the wider VC space which saw a 23% decline in funding and a 34% in deal flow. The lion's share of MENA's ClimateTech funding, a substantial 94%, was concentrated in the #UAE and #SaudiArabia. The #UAE continued to lead the region by both capital deployed and transactions, experiencing an impressive 118% YoY increase in non-mega ClimateTech funding. This is likely in part due to last year’s #COP28 which positioned the UAE as the hotspot for ClimateTech activity in MENA. In fact, the UAE had attracted a significantly higher number of deals in 2023, more than doubling the figures observed in 2022. Curious to learn more about this steadily growing sector? Access our full Climate Tech #MarketMap report here: https://lnkd.in/d7EksvyS #climatechange #techstartup #venturecapital #funding

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🇮🇳 In Action ➔ Here's the top 10 #IndianTech developments Tahseen Consulting is following today 🤖 Funding for #AI #startups ▼ 91% in Q2 📈 #Singapore’s Temasek eyes additional $10B investment in 3 years ⚖️ CCI reportedly finds #Apple guilty of #anticompetitive practices in #apps market 📡 Eutelsat OneWeb, Jio push for provisional #satellitespectrum 📱 Apple set to see 35% YoY growth in India revenue 💰 Swiggy plans $65M #Esop buyback ahead of #IPO 🏢 #GCCs becoming front offices for #MNCs amid #AI boom 🤝 LinkedIn taps #shortformvideo market with new offering 🌐 Yali Capital announces 1st #deeptech fund 🏦 #EV #ridehailing firm BluSmart raises $24M for expansion 👋 With the #India and #MENA tech ecosystems converging, you can follow Tahseen Consulting and click below to get our extended coverage of the top tech developments you need to know about to start your day. https://lnkd.in/gx2UZgxF

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UAE-based startups led the region in funding last month, securing $82.5 million across 15 deals. Egyptian startups followed with $15 million raised by four companies, marking the second-highest total. Saudi Arabia dropped to third, with seven startups raising $13.5 million. Notable activity was also observed in Iraq, with six startups raising an estimated $1.2 million, though this amount could be higher as Orisdi, BonLili, and Alsaree3 did not disclose their investment values. Sector wise, fintech reclaimed its position as the most funded sector in June, securing $38 million over 10 deals, closely followed by contech, thanks to Tenderd’s deal. Meanwhile, three proptech startups raised $19.6 million in June, reversing the lead it achieved in May. The majority of June’s investment went to the pre-Series A stage, as four startups received $45 million, followed by the Seed stage, where five startups raised $27.3 million. However, when considering investment volume, early stage startups are still capturing the attention of investors, where eight startups at their pre-seed stage garnered $3 million, and eight others received $140,000 in grants. Wamda Capital Wamda ومضة Nesma Abdel Azim

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A $2 million fund has been launched to bolster Jordan's startup ecosystem, supported by the Innovative Startups and SMEs Fund (ISSF), Jordan's largest fund valued at $98 million. ISSF's investment in VentureSouq II aims to nurture MENA startups at the seed stage. VentureSouq is committed to reinvesting profits back into Jordanian companies at multiples of their initial investments, ensuring sustained growth in the local entrepreneurial landscape. VentureSouq focuses on sectors like fintech, climate tech, and logistics, boasting a portfolio of over 200 companies across 30 countries. Notable projects include UAE-based BNPL platform Tabby and Saudi Arabia's logistics innovator Trukker. The portfolio also features successful EdTech startups from MENA, such as Abwaab, offering online educational platforms, and Kido, managing a network of inclusive child care centers and schools. The MENA region is a hotbed for innovation, and we're seeing more and more exciting startups. Hredtech.vc are particularly interested in ventures that are addressing the unique challenges of the region's workforce, such as talent acquisition, education and development. If you're a founder in the MENA with a great hr or ed tech startup, we encourage you to reach out to us!

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🇮🇳 In Action ➔ Here's the top 10 #IndianTech developments Tahseen Consulting is following today 🏦 #Tech #startups raised $4.1B in H1, 4th highest globally 🤖 OpenAI commits to govt #AI app development initiative 📈 #IT hiring picks up after months of slowdown ⚖️ #EV policy changes may benefit firms with existing investments 📡 Former defense secretary sets up #aerospace, #deeptech #VC fund 📱 Apple mulls making #iPads, #AirPods locally 💰 #qcommerce #unicorn Zepto ▲ hiring ahead of #IPO 🤝 #Retail, services sectors hire most #gigworkers 🌐 #FTA talks with the #UK to continue this month 🏢 #omnichannel retailer Pepperfry suspends #IPO plans 👋 With the #India and #MENA tech ecosystems converging, you can follow Tahseen Consulting and click below to get our extended coverage of the top tech developments you need to know about to start your day. https://lnkd.in/g8nRZQn8

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Last month at Milken Institute LA was truly special as we came together to bridge the MENA-USA venture ecosystem! Hosted by Shorooq Partners and Watertower Ventures, this exclusive social gathering brought together an incredible lineup of investors, partners, and industry leaders to explore the future of media and the transformative impact of AI. 🚀🌟 A huge thank you to Derek Norton and the team at Watertower Ventures for partnering with us to make this event a success. Your support and collaboration are invaluable in strengthening the ties between our regions and fostering a collaborative environment for innovation. 💡 We were honored to host a fireside chat with two luminaries in the media industry: ✨ Kevin Mayer, CEO and Co-Founder of Candle Media ✨ Walter Driver, Co-founder, Chairman, and Co-CEO at Scopely Special congratulations to Walter and the Scopely team on their latest success with Monopoly Go! Your achievements continue to inspire and push the boundaries of gaming and entertainment. 🎉 At Shorooq, we pride ourselves on our dynamic investment approach, spanning venture capital funds, private credit, and equity funds. Recently, we've focused on enriching our portfolio within the gaming, media, and entertainment sectors, recognizing these areas as pivotal elements of technological and cultural advancement. 📈 Thank you to everyone who joined us, engaged in insightful conversations, and forged new connections. Our team is here to assist you with anything you might need, so please don’t hesitate to reach out. Let’s continue to collaborate, innovate, and shape the future together. 🌐 #VentureCapital #Investment #Gaming #Media #Entertainment #AI #Innovation #MENA #USA #ShorooqPartners #WatertowerVentures #Networking #FutureOfTech #ShorooqPartners #tech #investments #Entrepreneurship #venturecapital #venturedebt #privatecredit #privateequity #ksa #uae #egypt #korea #riyadh #abudhabi #dubai #cairo #founders #startups #wearehiring #jobs #spotlight #shorooq #finance #business #funds

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Saudi Arabia’s startup ecosystem has affirmed its leading position in the funding space, capturing over 53 percent of the region’s venture debt financing in 2023, according to MAGNiTT’s latest report. The venture data platform revealed that Saudi startups raised a total of $400 million in venture debt last year, a 602 percent growth compared to $57 million in 2022. Venture debt is a type of financing for early-stage companies that complements equity funding. It includes growth capital for expansion, equipment financing for asset acquisition, and accounts receivable financing for managing cash flow. The Middle East and North Africa region saw a total of $757 million in venture debt financing in 2023, a 262 percent year-on-year growth. The UAE followed Saudi Arabia with a total of $353 million in financing in 2023, a 222 percent yearly increase. Egypt came in third with $4 million, an 86 percent annual drop. Fintech emerged once again as the sector of choice for investors, accumulating $601 million in financing, a 325 percent yearly increase. #MENA #GCC #Investment #fundraising #Startups #Venturedebt #privatequity #Venturecapital #Saudiarabia #UAE #Egypt

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Saudi Arabia’s localization plan is reshaping consultancy sector - and more beyond The Kingdom has pioneered telemedicine and e-health services, enabling virtual consultations and remote surgeries to reach the farthest communities. Plan a huge opportunity for Saudi Arabia to boost local jobs and reduce its reliance on foreign workers As Saudi Arabia embarks on a journey aimed at boosting job opportunities for citizens, the localization plan for consultancy professions and businesses plays a crucial role. In October 2022, the Kingdom’s Ministry of Human Resources and Social Development issued a decision mandating that from the end of March 2024, 40 percent of workers in firms in this sector must be Saudi nationals. The decision targeted all professions in the sector, most notably financial advisory specialists, business advisers, and cybersecurity advisory specialists, as well as project management managers, engineers, and specialists. This targeted localization, or Saudization, is part of the cooperation between the Ministry of Human Resources and Social Development and supervising bodies, represented by the Ministry of Finance, the Local Content and Government Procurement Authority, the Expenditure and Project Efficiency Authority, and the Human Resources Development Fund. The collaboration aims to elevate the presence of cadres in the sector and boost the percentage of Saudis, contributing to the development of local content in this strategic sector. It also seeks to organize the labor market. The ministry is meant to support private sector establishments in several ways, including helping them in hiring Saudis by supporting the training and qualification of employees, as well as supporting employment procedures and other initiatives. On a similar note, the Local Content and Government Procurement Authority is required to follow up on the commitment to include Saudization requirements in consulting contracts. It has also issued a guide that clarifies the details of localizing the consultancy sector and professions, and the mechanism of implementing it. Reshaping the consultancy sector Azeem Zainulbhai, co-founder and chief product officer at talent-on-demand platform Outsized, believes the Saudization rules in the sector will help keep more money in the Kingdom, even though training costs could increase. “This move means less reliance on experts from abroad in key fields like finance, project management and cybersecurity. Essentially, it’s about creating more jobs for Saudis in important, well-paying sectors and making sure they're trained for these roles,” he told Arab News. “The end objective is to get better at handling projects and business dealings that are specific to Saudi culture and regulations, stimulate private sector growth, and foster a knowledge-based economy ultimately making companies more efficient and competitive globally,” the co-founder emphasized. By Reem Walid Repost by Salem Bagami

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If you want to learn about the angel investing landscape in the MEA region, come join me, Maha Mandour (COREangels MEA ) and Ayman El Tanbouly ( Exits MENA ) later today. Register at the link. #investing #angelinvesting #angels #mea #mena #middleeast

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June review: the MENA startup ecosystem attracts capital, with Q2 funding growing 5% to $453 million compared to Q1 2024. ▪️ MENA startups raised $116 million across 38 tech startup deals in June 2024, bringing the total for the first half of 2024 to $882 million. ▪️ Funding activity rose 182% compared to the same period in 2023. ▪️ UAE-based startups led the region in June with $82.5 million raised, followed by Egypt with $15 million and Saudi Arabia with $13.5 million. ▪️ B2B startups dominated June funding, raising $66.4 million across 18 deals (74% of the total investment). ▪️ The majority of June’s investment went to the pre-Series A stage ($45 million) and Seed stage ($27.3 million). ▪️ Fintech reclaimed its position as the most funded sector in June with $38 million across 10 deals. Q3 investment volumes are projected to surge as several VCs have launched new funds after a short-term consolidation pause to assess the market sentiment toward each sector. 📈 EdTech and HR-tech startups, in particular, are expected to gain traction in the second half of the year to diversify the investment landscape and unleash opportunities for funders and investors in the region. #StartupInvestment #VCfunding #MENA

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In the dynamic realm of business, #SaudiArabia’s startup ecosystem stands as a beacon of progress. Fuelled by the #Vision2030 initiative, the Kingdom is fervently diversifying its economy, with a strategic emphasis on nurturing a vibrant startup culture. This transformative journey is reshaping Saudi Arabia’s economic landscape and presents extensive opportunities for entrepreneurs and investors worldwide. In a significant milestone, Saudi Arabia’s startup ecosystem secured the top spot in regional venture funding activities in 2023, amassing a record-breaking $1.38 billion in capital. This achievement positioned the Kingdom as a frontrunner in venture capital funding across the Middle East and North Africa, surpassing the $1 billion mark for the first time, as per MAGNiTT’s Saudi Arabia FY2023 report. During the year, the funding for Saudi Arabia’s startup ecosystem experienced a 33% increase from the $987 million raised in 2022, indicating a robust growth trajectory. Furthermore, the Kingdom’s share of total venture capital funding in the MENA region also substantially rose, from 30% in 2022 to 52% in 2023. Notably, the Kingdom attracted $879 million in mega-rounds—individual funding deals surpassing $100 million—reflecting strong investor interest in the region’s startup scene. #Deeptech #Investments #fundrasing #funding #funds #startups #Saudiarabia #PIF #familyoffices #VCs #privateequity #MENA #GCC

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