Shant Oknayan

A new wonderful episode of the VC React Podcast, with our amazing guests: Hasan Haider and Jessica Al-Hussaini, who provided great insights on: • Extending funding rounds and how it shows maturity in founders • Why payment gateways might want to stay focused on one big market • A deep dive into revenue based financing & how it's different than venture debt.  • How Revolut's expansion to MENA could shake things up in the regional Fintech scene, and force existing players to enhance their products and services, and would this move by Revolut influence local VC's investment theses?  • A comparison of two fintech startups that started in the same year, a global one that became a decacorn, and a local one that is still at series B.  • Selling founder shares at secondary rounds • How MENA startups could strategize their expansion to the US market if they plan to. A big thank you to our guests, and as always, thank you Jamie Lane and FWDstart. --- VC React Podcast Available on: • 𝗬𝗼𝘂𝘁𝘂𝗯𝗲: https://lnkd.in/gswEc6DJ • 𝗦𝗽𝗼𝘁𝗶𝗳𝘆: https://lnkd.in/gERdVmEc • 𝗔𝗽𝗽𝗹𝗲: https://lnkd.in/gFT3FsCB • 𝗔𝗺𝗮𝘇𝗼𝗻: https://lnkd.in/gkfNgF5K ---

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🔔 In today's HealthTech of the Week series, I'm presenting something special. Instead of showing you another exciting startup, I will share an insightful interview with Olivia BLANCHARD, Managing Director at Health Venture Lab (HVL), an international accelerator supported by GE HealthCare. 🔥🔥 🔍 Discover how HVL is empowering startups to redefine healthcare through innovation and technology. Highlights from our conversation include: 🔹HVL’s role in accelerating medical innovations without equity participation. 🔹Benefits for startups include access to a robust international network and strategic development opportunities. 💡 Dive into the full interview to see how HVL is shaping the future of healthcare! The article is available in two language versions. 👉 EN: https://lnkd.in/dvvThsBA 👉 PL: https://lnkd.in/dfGTfyuF Olivia BLANCHARD, Thank you very much for sharing your amazing experience with us! 💙 PS. If you are interested in the HealthTech of the Week series, you can find more interesting materials on my blog! #HealthTech #Innovation #HealthVentureLab #HealthTechOfTheWeek #MedTech #HVL

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Why Venture Builder Studios Should Hire Ex-Consultants And Unlock Great Synergy I’ll be honest—I've often overlooked hiring 'ex-consultants' when building venture teams. But after spending the last six months in the trenches with YnP Middle East and 50 former McKinsey and BCG AI specialists in Abu Dhabi, who have shifted from traditional consulting to product delivery and tailored solution creation—and are now aiming to build entirely new businesses—I’ve come to deeply value the unique strengths they bring to the table. Here’s why: Strategic Insight and Market Foresight Consultants excel at spotting trends and market shifts. Their ability to analyze macroeconomic environments and competitive landscapes helps ensure ventures stay ahead of the curve. This foresight is invaluable when planning sustainable growth. Cross-Industry Expertise Consultants bring knowledge from various sectors like healthcare, finance, and tech. This broad perspective fosters innovative problem-solving, where strategies from one industry can be applied to another. It helps break the tunnel vision that sometimes limits startups. Problem-Solving DNA Consultants are trained to diagnose issues and implement solutions under tight deadlines. Their structured, analytical approach is perfect for solving the inevitable challenges that arise in venture building. Paired with entrepreneurial instincts, this dynamic pushes ventures forward. Adaptability to “Project Sprint Mode” Consultants are used to managing multiple projects simultaneously, much like the fast-paced environment in venture studios. Their ability to scale effort up or down makes them well-suited for managing multiple ventures at various stages. Access to Decision Makers Consultants leave top firms with high-level networks of decision-makers, which can be pivotal for early-stage ventures seeking pilots, partnerships, or sales. These relationships accelerate growth, giving ventures a faster route to market validation. Access to Top Talent Consultants have strong professional networks, allowing them to quickly attract high-caliber talent for specific short- or long term roles. This is crucial when scaling ventures, as having the right team in place can make or break growth. A few “old habits” still to overcome though: Operational vs. Ownership Mindset One potential challenge is transitioning consultants from a service-based mindset to an ownership mentality. In venture building, long-term success is tied to the venture’s success, not just project deliverables. However, with the right framework, aligned incentives and great people, this shift is manageable. Conclusion: Work Hard, Play Hard in Championship Mode :) Combining entrepreneurial drive with consultants' strategic expertise creates a powerful formula for scalable ventures. When both groups align, ventures don’t just launch—they thrive. venturerock

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🚀 Exciting news! I teamed up with Jamie Lane of FWDstart to launch the "VC React Podcast"! 🎙️ Each week, we bring you dynamic insights and reactions from three different VCs, diving into the latest news on MENA startups, VCs, and investment rounds. A huge thanks to Khaled Talhouni, Sara Ebeid, and Waleed A. Alballaa for an incredible first episode! 🌟 I hope you all enjoy the conversation as much as we did. Tune in and join the excitement! 📈✨ We talked about: - Rasan Going Public Summary: Saudi Arabia-based insurtech Rasan has announced its IPO, becoming the first insurtech company in the region to go public. The move aims to capitalize on the growing demand for digital insurance solutions and expand its market reach. - Connect Money Raising $8 Million Seed Round Summary: Egypt-based fintech Connect Money secured $8 million in a seed round led by Disruptech Ventures and Algebra Ventures. The funding will support the launch of five new business verticals in North Africa. Connect Money offers a white-label card issuing platform for businesses to provide debit and credit cards without developing fintech infrastructure or regulatory licensing. - SMPL Holdings Launching A $10 Million Fund Summary: SMPL Holdings has launched a $10 million fund to support tech and AI startups across the MENA region. The fund aims to foster innovation and accelerate the growth of emerging technology companies in the area. Please let me know if you have any comments or suggestions to enhance the format or content. https://lnkd.in/gqydVXMF

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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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Today marks an exciting milestone as we become a truly global firm. Our iconic logo, the Golden Gate Bridge, was selected to represent our mission of bridging Silicon Valley with the rest of the world. We chose Qatar as the HQ for our new MENA fund because, like Singapore, Qatar has been building its economic prowess and on an international scale. With supportive government programs, a strong push for economic diversification, a pro-business environment, and substantial investment in the startup space, Qatar closely mirrors the environment we saw when we first started in Singapore over a decade ago. This fund, MENA Fund 1, is the first step in our twenty-year vision for the Gulf region. Establishing our MENA headquarters in Doha is more than just a business move; it is a statement of our belief in Qatar as a regional innovation hub. I am confident this announcement will pave the way for many international VCs to follow our lead, just as they did in Singapore. A huge thanks to my partner Michael Lints for his efforts to make this happen. Golden Gate Ventures is very supportive of his exiting move to Doha! And a very big thanks to the support from Hussain Abdulla and Yousuf Al-Jaida 🙇 Alongside our announcement, we have published an extensive report on why we believe Qatar is set to be a regional hub. *Download* a copy of the report “Qatar Rising: Where Ambition and Capital Converge”: https://lnkd.in/eZnrCXCc #venturecapital #mena #goldengatevc #goldengateventures #qatar #gcc #innovation #startups #founders #entrepreneurs #funding #vc https://lnkd.in/e4y9WX_W

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✨ Creating a Legacy Across Continents: Raida Daouk El Jisr's Inspiring Journey in Venture Capital ✨ Raida Daouk has forged an impressive path from her banking career to founding Amkan Ventures and Amkan Advisory. In doing so, she’s breaking barriers in venture capital and building bridges between the Middle East and the U.S. investment ecosystems. 🌍 You can read more to discover how Raida navigated fundraising challenges, balanced professional and personal life, and shaped a future venture capital legacy. 🚀 #VentureCapital #Leadership #WomenInVC #Entrepreneurship #CrossContinentalVC #LegacyBuilding #Investing

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Well done with your pitches to GGW Experts! Another successful GGW Pitch Bootcapm is over, more pitch events are posted here https://lnkd.in/gyJKdxBj Roman Vinogradov Renat Khairullin Victoria Kozyreva Go Global World

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The MENA Fintech Surge: How Can Local Startups Capitalize in 2024? For a long time, MENA startups were underdogs in the global venture capital arena. Just five years ago, our network funds from Europe and the US showed no interest in financing the MENA region. Now, the tables have turned: Western investors are increasingly drawn to the local startup scene. The global tech community is shifting its focus to the Middle East, exemplified by the Websummit—one of the world's largest technology conferences—being held in Doha, Qatar. This growing interest is evident across sectors but particularly pronounced in fintech. Unlike the global fintech sector, which has experienced halved funding, oversaturation, diminished returns, and disappearing unicorns, the MENA fintech scene seems to be moving in the opposite direction. In 2023, fintech startups from Saudi Arabia, Egypt, the United Arab Emirates, and Turkey collectively raised almost $2 billion in funding. In 2023 alone, five companies surpassed the $1 billion mark. Within just two years, Pakistan’s financial startup Abhi saw its valuation grow to $90 million and expanded operations beyond Pakistan—a feat that many Western counterparts can only aspire to. And we are not just witnessing more deals; valuations have also skyrocketed. Just a few years back, MENA startups secured funding at valuations 30–40% lower than their western counterparts. Now, both industry data and Waveup’s experience with local clients show that the valuations in the region are holding steady or increasing, even as foreign fintechs face devaluations. As of 2023, an average EV/revenue multiple for SME lending fintechs in MENA stood at a staggering 29.19x, compared to an average of 8.88x for peers in other locations. This success story is unfolding right before our eyes. This wave will only grow bigger in the following years, and it's crucial that local startups and investors ride it. Original article by Olena Petrosyuk ,the co-founders of Waveup, an advisory firm for startups Repost by Salem Bagami Chief Executive Officer Digital Transformation Company & Managing Director 2080 Ventures Email: [email protected] Website: www.2080.ventures - #MENA #Fintech #VentureCapital #Startups #Innovation

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Now live: Our market map of the World Chain ecosystem. The part two of Web3 x AI written by my colleague Abdul Al Ali is a must-read for founders tackling digital human identity in the frontier of an AI world. Abdul explores how World Chain, #SamAltman’s human-first blockchain, is setting a new standard by bridging on-chain and off-chain identity, creating a blockchain that enhances verified human engagement in an AI-dominated world. Why It Matters for Web3 Builders: As AI agents and bots continue to blur online rap and synthetic interactions, authentic digital identity is more important than ever. Proving real personhood forms the foundation for our AI future. World Chain’s infrastructure, grounded in “Proof of Personhood,” is redefining what it means to be human on the blockchain. By prioritizing real users, World Chain paves the way for sustainable and impactful community interactions. Key Highlights from the Market Map: Combating Deepfakes: The biometric World ID feature safeguards authenticity by verifying creators, a strong countermeasure to rising deepfake risks. Ensuring Authentic Airdrop Distribution: By filtering bots from airdrop distributions, World Chain reinforces genuine community engagement and ecosystem trust. Human-First Infrastructure: Unlike blockchains designed exclusively for AI, World Chain strikes a balance between human and AI interaction, protecting the integrity of verified identities. For founders pioneering at the intersection of #Web3 and #AI, our blog insights on World Chain’s human-centric approach offer a valuable perspective on the future of digital identity. #WorldChain https://lnkd.in/emDVqcy7

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Considering a career in startups or VC? Starting today, I'm available for 1:1 calls on @Intro to help startup founders and aspiring VCs think through the path ahead. As the founder + managing director of Red Sea Ventures, we invested early in companies like Allbirds (IPO), Sweetgreen (IPO), Nest (acq. Google), Casetext (acq. Thompson Reuters), and Prose to name a few. What topics can we cover? ✔️ Finding product-market fit ✔️ The different paths to funding ✔️ Determining how much you need to raise ✔️ Building a VC firm ✔️ Careers in VC ✔️ Celebrity partnerships Honored to be alongside world-class Experts like Chris DeWolfe (co-founder of MySpace (sold for $675M), Scott Saunders (founder of Happy Money, valued $1B+) & Geraldine Martin-Coppola (former President of Goop). I’ll be donating 100% of the proceeds to Seeds of Peace

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🌍 Are Foreign Investors Regaining Interest in MENA? 🚨 That's the question we've been exploring at MAGNiTT with our latest piece. Early 2023 saw major Silicon Valley players like Andreessen Horowitz, Sequoia Capital, Tiger Global Management, and IVP visiting regional sovereign wealth funds, signaling potential interest. However, that interest didn’t fully materialize last year in the form of investments. This year tells a different story. In 2024, #MENA has experienced a 32% YoY increase in investor participation in the first half, driven largely by international investors. While late-stage investments remain cautious, these investors are contributing with smaller tickets. 🇦🇪 🇸🇦 Unsurprisingly, the #UAE and #SaudiArabia are the prime destinations for global investors in MENA. The UAE stands out, accounting for about 57% of the country's investors in H1'24. While familiar names like 500 Global and Antler continue to make big waves in the region, we've also seen new players such as India’s Cogitent Ventures, the UK’s Quadri Ventures, and Denmark’s A.P. Moller Capital making their first regional investments. MAGNiTT’s latest article dives into the numbers, explores the evolution, and discusses the main reasons behind this trend and what to expect next. Check it out here: Read More https://lnkd.in/dxqJ9iXR Got any guesses on which big leagues are eyeing their entry into the region? Share your thoughts below! 👇 #MENA #Global #InvestmentTrends #VentureCapital #Funding #UAE #KSA #Investors #Investment #Innovation

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Looking to build strategic partnerships for your business? I ask the Blacklane Global Head of Partnerships and ex-Careem Director Adib Samara the key to raising 9 figures of funding, the best financial advice he's ever received, and the biggest mistake he sees founders make. "One mistake founders make is to think they can do everything themselves and they don't ask for help. Another mistake is they think entrepreneurship in itself is fun and cool. In reality it's tough, and if your business isn't solving for something, then you're in a lot of trouble. " Book a tailored 1:1 video call with Adib on Callmi here: https://lnkd.in/d6mgUaDQ

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🎙⚡️ Excited to share Episode 48, our latest podcast with Kareem Saleh, Founder and CEO of FairPlay AI, the world's first Fairness-as-a-Service company backed by leading venture investors Nyca Partners, Fin Capital, TTV Capital. Financial institutions use FairPlay AI’s APIs to embed fairness considerations into their marketing, underwriting, pricing, and collections algorithms as well as to automate their fair lending compliance. 🎧 Listen to the entire episode here: https://lnkd.in/diAJsUk4 🎙⚡️In this insightful conversation, we discuss the challenges and triumphs of building a technology-driven solution to one of today's most pressing issues in financial services. Tune in as we cover Kareem’s journey from growing up in the vibrant and diverse city of Chicago, to helping negotiate the Paris Climate Agreement serving in the Obama Administration, and before diving into AI and machine learning. 🎙⚡️Kareem's story is a compelling blend of personal experience and professional achievement. Background and Early Influences Raised in Chicago by North African immigrant parents, Kareem was deeply influenced by the city's academic and political environment. His early exposure to international events and technology sparked his interest in economic development and civil rights. Early Career and Ventures Kareem's initial foray into technology included working on an AI startup aimed at preemptive search queries. This experience, combined with his work at the U.S. State Department on the Paris Climate Agreement, solidified his belief in AI's potential to drive social change. Commitment to Fair Lending Witnessing his mother's challenges in securing a loan as an immigrant inspired Kareem to address financial disparities. He discovered that many lending models were biased against minorities and women, which motivated him to seek fairer credit underwriting solutions. Founding Fairplay AI Kareem co-founded FairPlay AI to eliminate biases in credit underwriting using advanced algorithmic fairness techniques. A notable success included helping a major mortgage originator increase approval rates for applicants without increasing risk. Vision and Team Building Kareem stresses the importance of a diverse and high-performing team, hiring for potential and fostering trust. His vision for FairPlay AI is to create inclusive financial systems, ensuring fair credit decisions and promoting social progress. I hope you enjoy the conversation as much as I did! 🙏🏼🎧💡

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"For Mubadala’s next act, Ajami is seeking to milk his tech connections to put more money directly into startups. At the same time, Mubadala is increasingly using its clout to encourage Western companies and investors to deepen their ties to the UAE’s tech ecosystem, part of the country’s broader push to diversify its economy away from oil. For Ajami, 49, the goal is for Mubadala—a term that means “exchange” in Arabic—to one day be mentioned in the same breath as Sand Hill Road’s most vaunted investment firms. “The way founders speak about Sequoia—why not, 20 years from now, won’t they speak that way about Mubadala?” asked Ajami. Ajami has a ways to go before he gets Mubadala there. Mubadala has stumbled badly in Europe as it has tried to employ a strategy similar to the one it used to break into the U.S. The companies it has backed in Europe have performed so poorly that Mubadala has put Jonno Elliott—who joined the firm in 2022 after leading VC investments at Virgin Management Ltd.—in charge of salvaging its portfolio of companies from the region, according to a person who spoke to Elliott. Among some European investors and founders, it has developed a reputation for aggressive tactics that could impact its ability to invest in top European companies in the future. And while plenty of tech investors speak highly of Mubadala, many of them are eager to curry favor with the deep-pocketed firm so it continues to invest in their funds, especially in the current dismal fundraising environment for VC firms. Privately, after singing the praises of Mubadala as a limited partner, many venture capitalists have also said its direct investments in startups don’t carry the weight of other investors’ bets. Sovereign wealth funds just don’t have the track record of picking winners that VC firms do, those critics say. Still, Mubadala has had some notable successes. Ajami and his lieutenants have helped it buy shares in buzzy companies like SpaceX, Waymo, Klarna, Brex, Chime, pharmaceuticals company Recursion and AI infrastructure company Crusoe Energy Systems, among others. Mubadala Capital, the VC and private equity arm of the sovereign wealth fund, oversees a $24 billion pool of capital with 180 employees spread across several offices, including in London, New York and San Francisco, which hosts a tech team they first established in 2017. Mubadala is also continuing to plow money into other VC funds. Its portfolio includes Altimeter Capital Management, Greenoaks Capital, Iconiq Capital, Dragoneer Investment Group, 8VC, Marcelo Claure’s Bicycle Capital, DCVC, Haun Ventures, Arch Venture Partners, Clocktower Group, Radical Ventures and a handful of emerging managers, like a new $30 million seed fund called Nebular, according to several people familiar with these funds." https://lnkd.in/gnyGdbg3

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I haven't been that impressed with the majority of DeAI (Decentralized AI), but I'm excited about what Sahara AI has accomplished on the knowledge agent front. I'm really excited to see Pantera and Polychain's most recent $43M funding. Sahara will be at Token2049; check them out in Singapore. I've closely followed the evolution of blockchain's potential in decentralized AI. Our early investment in blockchain enabling decentralized data labeling in 2018 laid the groundwork for our support of Sahara AI (which it has taken to the next level with its knowledge agents). Sahara AI’s platform, particularly its handling of data privacy and compensation through blockchain, enables real-world adoption of DeAI. This technology enhances security and democratizes access to AI, allowing a broad range of users to engage meaningfully in its development. Check Sahara AI out at TOKEN2049 in Singapore! Decentralized AI has taken over Token2049! September 16th 2:00 PM: Google X Chainbase: From Data to Intelligence 3:00-3:40 PM: AI Summit The Scaling 3:30-3:55 PM: StreamCon: Beyond Block Space 6:00-10:00 PM: Founder's Night September 17th 10:55-11:15 AM: Ethereum X AI Confluence 1:00-7:30 PM: Open House #AI 4:15-4:55 PM: AIFI Summit 2024 5:00-5:45 PM: Web3 Transitions Summit September 18th 12:30-1:00 PM: DNA X Aethir House 3:40-4:20 PM: Thought Leaders Summit 4:20-5:00 PM: Singularity 2.0 [AI X Web3] September 19th 12:00-6:00 PM: <AI/All> Summit 4:30-5:15 PM: AI and Web3: Building a Trusted Digital Future 4:00-4:45 PM: Web3 X AI: Cutting Through the Hype

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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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📊 A month of revitalization in MENA MENA startups raised $282M across 63 deals in September — 234% increase from August and a 607% surge compared to September 2023. Venture capitalists continue to favor early-stage investments, with Seed-stage startups securing $102M across 32 deals. Debt financing accounted for only 12% of the total volume. The largest deal was closed by Saudi Arabian startup SHIFT, raising $82.8M to expand its car-sharing platform. In second place was Syarah, an online marketplace for buying and selling cars, which raised $60M in a Series C round (including $20M in debt financing). The top three countries remained unchanged: 🇸🇦 Saudi Arabia: 23 startups raised $170.8M.  🇦🇪 UAE: 12 startups raised $73.8M.  🇪🇬 Egypt: 13 startups raised $25M. Despite geopolitical challenges, the MENA ecosystem continues to grow. In Q3 2024, startups raised $727M, a 192% increase year-over-year. The outlook for Q4 remains positive.

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