VC React Podcast (E9): Web3 Summer In MENA! Dirham StableCoin, Global Outlook, Alternative Financing

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!

Host: Ahmad Takatkah, VCpreneur.
Sign up to VCpreneur Newsletter on https://www.vcpreneur.com/

Co-Host: Jamie Lane, FWDstart.
Sign up to FWDstart Newsletter on https://www.fwdstart.me/

Available on:

• Youtube: VC React Podcast

• Spotify: VC React Podcast

• Apple: VC React Podcast

• Amazon: VC React Podcast

Guests:

1. Arnav Danthi, Principal @ Nuwa Capital
- LinkedIn Profile: https://www.linkedin.com/in/arnavdanthi/   
- VC Firm Website: https://www.nuwacapital.io/ 

2. Fatima Abdulla, Associate @ Plug and Play Tech Center 
- LinkedIn Profile: https://www.linkedin.com/in/fatimaabdulla93/  
- VC Firm Website: https://www.plugandplaytechcenter.com/locations/riyadh  

In Today's Episode:

News of the week brought to you by FWDstart:

• Gate Ventures and Abu Dhabi launch a $100m global Web3 innovation fund
  Source: Blockchain Technology News
  Summary: Singapore-based Gate Ventures, the VC arm of Gate.io, and the Blockchain Centre in Abu Dhabi have launched a $100 million fund to drive Web3 innovation in the coming years. The joint fund, Falcon Gate Ventures, will enable Gate Ventures and the Blockchain Centre to synergise their expertise and resources to help young talents from key regions, including the USA, Asia, Europe, and the MENA region. Falcon Gate Ventures is designed to advance decentralised infrastructure and applications and accelerate the adoption of pioneering technologies.

• Kuwait’s Kem secures $3 million investment from Tether
  Source: Wamda 
  Summary: Kuwait-based fintech Kem has raised a $3 million investment from Tether, bringing the total investment Kem raised to date to $4.5 million. Founded in 2021 by Seth Sadeq, Zane Chichua and George Chichua, Kem is a P2P instant payment platform that allows users to send one another money using a QR code and forgoes the need to generate payment links or use traditional accounts. The collaboration between Kem and Tether aims to empower millions in the region with access to digital-native financial services.

• Mithu Raises USD 500K in Pre-Seed Funding from Adaverse
  Source: Waya 
  Summary: Mithu, a Saudi Arabia-based loyalty platform aggregator focused on restaurants and cafes, has secured $500,000 in pre-seed funding from Adaverse, a prominent Web3 venture builder. Mithu aims to change loyalty program management through a gamified app that addresses the challenges of expired points and the low adoption rate of loyalty programs in Saudi Arabia’s food and beverage industry. Founded in early 2024 by Mohsin Qureshi and Asif Ali, the company claims to have secured agreements with 200 restaurants in Riyadh. 

• Phoenix Group and Tether
  Source: Crypto Politan 
  Summary: Tether wants to launch a new stablecoin pegged to the United Arab Emirates (UAE) dirham (AED). The company announced the move today, noting that it will launch the new stablecoin in partnership with Green Arcon Investments Ltd and Phoenix Group PLC. The new stablecoin will be fully backed by liquid reserves based in the UAE. It marks another step for Tether as it expands its stablecoin offerings across currencies and blockchain networks.

• Pakistan’s PostEx to expand into GCC after securing $7.3 million pre-Series A
  Source: Tech Crunch
  Summary: Pakistan-based fintech PostEx has raised a $7.3 million pre-Series A funding round, led by Conjunction Capital, along with Dash Ventures, Sanabil500, VSQ, FJ Labs, and Zayn VC. Founded in 2020 by Muhammad Omer Khan, PostEx provides upfront payments to e-commerce businesses along with the provision of a reliable delivery network. Prior to its pre-Series A, PostEx had raised $8.6 million from investors including Global Founder Capital, MSA Capital, and Shorooq Partners. The proceeds will accelerate PostEx expansion plans into the GCC.

• Resal Garners $9 Million Investment to Accelerate Growth within the Kingdom
  Source: Zawya
  Summary: Saudi Arabia-based e-gifting platform Resal has successfully closed a $9 million Series A investment round, led by Derayah Ventures Fund, with participation from Al-Wafrah AlThanya Investment Company, Venture Souq FinTech Fund, ADDiriyah Asset Management, Nomad Holdings, Bugshan Investment Group, and several family offices and angel investors. Founded in 2016 by Fouad Alfarhan and Hatem Kameli, Resal provides a range of digital solutions, including loyalty programs, prepaid cards, and vouchers, aimed at connecting merchants, companies, and individuals. With over 1.5 million users and more than 1,000 entities and organisations benefiting from Resal's solutions, the new investment will be used to accelerate Resal’s growth within Saudi Arabia.