VC React Podcast (Episode #25)

In this week's episode of the VC React Podcast, we covered a huge week for MENA funding, starting with Tabby, the Saudi BNPL giant that raised $160M in a Series E, pushing its valuation to $3.3B – making it MENA’s most valuable fintech. With its annualised transaction volume doubling to $10B, we debated when and at what price Tabby could IPO, and whether it needs major acquisitions or aggressive growth spending to scale from here. Drawing comparisons with Klarna and Affirm’s valuation swings, we also asked whether fintech founders today should optimise for a big exit, an IPO, or long-term profitability, and whether fintech is ultimately a winner-takes-all market.

Next, we shifted to construction fintech, where BRKZ and BuildNow raised major rounds, and Joa Capital launched an $80M infrastructure fund. We explored whether BNPL for B2B construction is truly scalable, given its high transaction value and longer repayment cycles. BuildNow’s approach of securing debt financing while launching a fixed-dividend infrastructure fund also raised a big question: is this still a startup, or are they becoming a fund manager?

Finally, we broke down six new VC funds launched at LEAP 2025, including Suhail Ventures’ $50M fund, Ula Capital’s $75M deep-tech fund, and HGM’s $300M gaming fund. With all this capital pouring into the region, we explored whether MENA startups will see better deal terms, higher valuations, or if raising remains as tough as ever. We also debated what VCs are prioritising in 2025 – more early-stage bets, larger checks to fill the Series B gap, or alternative funding models like venture debt?
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This week, Ahmad and I had the pleasure to be joined by:

• Abe Seksek, an angel investor and host of the ABEZ Show

• Tara Arnaout, Principal @ BY Venture Partners

• Walied Albasheer, Managing Partner @ Intuitio Ventures

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