VC React Podcast (E21): 2 Tech IPOs, 3 Big Rounds, 9 New VC Funds, 2024 VC Activity Report, & More!

VC React Podcast
Written By Ahmad Takatkah
 
 

VC React Podcast:

Every week, we bring you insights and reactions from top VCs, reacting to the latest news on MENA startups, VCs, and investment rounds. Stay tuned for: expert analysis, independent opinions, and maybe some heated conversations!

Hosts:

Available on:

Guests:

1. Ian Arden, Co-founder and GP @ Mempool Ventures
- LinkedIn Profile: https://www.linkedin.com/in/ian-arden/
- VC Firm Website: https://www.mempool.ventures/

2. Latifa BaNasr, Founding Principal @ Sharaka Financial
- LinkedIn Profile: https://www.linkedin.com/in/latifabanasr/
- VC Firm Website: https://sharaka.sa/en/home/

3. Philip Bahoshy, Founder & CEO @ MAGNiTT
- LinkedIn Profile: https://www.linkedin.com/in/philipbahoshy/
- Company Website: https://magnitt.com/

In Today's Episode:

News of the week brought to you by FWDstart:

  • Public markets

    🛵 Talabat (MENA)

    • Made its highly anticipated debut on the Dubai Financial Market (DFM), marking the largest global tech IPO of 2024.

    • Raised AED 7.5 billion ($2.04 billion) in an oversubscribed offering.

    • Initially faced a 6.9% drop in share price, closing at AED 1.49 (below IPO price of AED 1.60).

    • The stock has since rebounded to AED 1.63 and is now marked as a strong buy by analysts.

    💄 Nice One (Saudi Arabia)

    • The Saudi beauty e-commerce platform went public on the Saudi Exchange (Tadawul).

    • Surged 30% on its first trading day.

    • Founders Omar and Abdulrahman Alolayan retained over 74% ownership after selling 22%, with a combined net worth nearing $950 million.

    Funding

    🥙 Calo (Saudi Arabia)

    • Raised $25 million in an oversubscribed Series B round led by Nuwa Capital, with participation from Khwarizmi Ventures, STV, and regional family offices.

    • Series B extended to $50 million with an additional $25 million planned for Q1 2025.

    • Valued at $250 million. Plans include GCC expansion, retail entry, UK acquisition in Q1 2025, and a potential Saudi IPO in 2027.

    💳 CredibleX (UAE)

    • Secured $55 million in Seed funding to expand its SME lending solutions.

    • Led by Further Ventures, with debt financing from Kilgour Williams Capital and others.

    📱 Zension (Saudi Arabia)

    • Raised $30 million in Series A funding to expand its warranty and buyback services for electronics.

    • Led by Wa’ed Ventures, with participation from Sumitomo Corporation and Global Ventures.

    LPs

    🇦🇪🇸🇦 Saudi Venture Capital (SVC) made multiple strategic investments this month:

    • Aliph Fund I ($250M GCC growth fund by Aliph Capital) – Focused on mid-market Saudi and GCC companies with tech enablement strategies. Aliph also acquired a 25% stake in SANIPEX GROUP.

    • Jadwa Investment’s GCC Private Equity Fund I ($400M blind-pool fund) targeting high-potential private equity across Saudi Arabia and the GCC.

    • MEVP’s Middle East Venture Fund IV ($150M) anchored by the European Investment Bank, focusing on Seed to Series B startups across the GCC, Levant, and North Africa.

    • RAED Fund III (target size $150M) by RAED Ventures, targeting early-stage fintech and SaaS startups in MENA.

    • Global Ventures Fund III ($150M) – Early-stage focus on supply chain, energy, and agri-tech across MENA. Notable Saudi investments: Tabby, Lean Technologies, Classera, Immensa, Zid, Iyris.

    New launches

    • 🇦🇪 Iliad Partners launched its $50M Tech Ventures Fund I, targeting early-stage B2B fintech, logistics, and proptech startups with a cross-border focus. Backers include Jada Fund of Funds, the Olayan Family, and Masarrah Investment Company.

    • 🇦🇪Global Web3 early-stage venture asset manager Sigma Capital has launched the $100 million Sigma Capital Fund I dedicated to accelerating the next wave of Web3 innovation in the Middle East and globally.

    • 🇦🇪🇮🇳 100Unicorns, India’s largest early-stage accelerator VC, opened its first international office in Abu Dhabi with a $200M fund. Targeting cross-border growth between India and the UAE, the fund aims to back over 50 startups and has supported six startups to $200M+ valuations, including Shiprocket, Zypp Electric, and Renee Cosmetics.

    • 🚀 Sanabil Accelerator by Orbit (backed by PIF-owned Sanabil Investments) launched a 4-month accelerator supporting early-stage Saudi, MENA, and global startups expanding into the region. The program offers $100k initial funding with a focus on fintech, healthcare, e-commerce, mobility, and logistics.


--- (أحمد طقاطقه) ---

Ahmad Takatkah
Next

VC React Podcast (E20): 2025 Predictions, Small Acquisitions, VC Transparency, $81.5m Gaming Fund