VC React Podcast (E47): Series B Gap? No More ARR, Expense Management or Banks! MENA LP Secondaries

VC React Podcast
Written By Ahmad Takatkah
 
 

VC React Podcast:

Every week, we bring you insights and reactions from top VCs, LPs, and Angel Investors, 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. Ali Almajthoob, Partner @ MEVP
- LinkedIn Profile: https://www.linkedin.com/in/alialmajthoob/
- VC Firm Website: https://www.mevp.com/

2. Aly El Shalakany, Venture Partner @ A-typical Ventures
- LinkedIn Profile: https://www.linkedin.com/in/aly-el-shalakany-a6aa0b31/
- VC Firm Website: https://a-typicalventures.com/

In Today's Episode:

News of the week brought to you by FWDstart:

  • Dubai-based Alaan raises $48M Series A to scale AI finance agents in MENA
    Summary: The round was led by Peak XV Partners (formerly Sequoia Capital India & SEA) with participation from 885 Capital founders Sudeep Ramnani and Jai Mahtani, Y Combinator, 468 Capital, Pioneer Fund, and a roster of prominent regional founders and operators including Hosam Arab (Tabby), Mudassir Sheikha (Careem), and Jeppe Rindom (Pleo). Both primary and secondary components were included in the raise. Founded in 2022 by ex‑McKinsey consultants Parthi Duraisamy and Karun Kurien, Alaan is positioning itself as the MENA category leader in AI‑powered corporate spend and finance automation. Its platform combines corporate cards with embedded AI finance agents that automate reconciliation, VAT extraction, receipt matching, and expense categorisation.

  • Salasa closes $30M Series B to embed AI across e‐commerce fulfilment
    Summary: A Series B round led by Artal Capital, with participation from SVC, Wa’ed Ventures, 500 Global, Alsulaiman Group, and other strategic investors. Founded in 2017 by Abdulmajeed Alyemni and Hasan Alhazmi, Salasa provides end‑to‑end logistics services for online retailers, including warehousing, inventory management, last‑mile delivery, bonded zones, and cross‑border shipping.

  • Wuilt raises $2M after pivot to free ecommerce platform in Egypt
    Summary: Cairo‑based ecommerce enablement startup Wuilt has raised $2M in a round led by follow‑on investors Flat6Labs and MTF VC, with participation from Hub71, JIMCO, Purity Tech, and strategic angels. Founded in 2019 by Ahmed Rostom, Mahmoud Metwaly, and Mohamed Hegazy, Wuilt began as an Arabic‑language website builder for users with little technical know‑how, promising sites built “in five minutes.” It previously raised $535K in Seed funding from the UK’s MENA Technology Fund, Saudi Arabia’s Daal VC, angel investors, and Flat6Labs Cairo. In April 2025, Wuilt pivoted to make its platform completely free in Egypt — giving up hundreds of thousands in ARR to drive merchant acquisition. Since then, 20,000+ merchants have joined. The company now monetises through Wuilt Shipments, Wuilt Pay, and Wuilt Wallet instead of subscriptions.

  • Afaq Capital acquires full VC portfolio in region’s first secondary entry‐exit deal
    Summary: Saudi‑based Afaq Capital, licensed by the Capital Market Authority, has completed the acquisition of an entire venture capital portfolio in what is being described as the region’s first secondary entry‑and‑exit transaction. The deal was structured and negotiated by Cotyledon for Management Consultancy, pending final regulatory approval. The portfolio was originally assembled by Hassan Ikram during his time as co‑founder and CIO at Falak Investment Hub, investing across multiple sectors and backing startups through their growth stages. Ikram, now founder and CEO of Cotyledon, called it “the first of its kind exit in our market” and a signal that “liquidity events in the VC space are becoming both real and achievable.” Saleh Almuhanna, vice‑chairman and CEO of Afaq Capital, said the deal opens access for investors “to a complete venture capital portfolio, something rarely available in the region,” structured for accessibility and backed by an experienced team.


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Ahmad Takatkah
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VC React Podcast (E46): Meta’s $1B Offers, AI In FoodTech, Arabic AI Voice, & Open Banking In UAE