VC React Podcast (Episode #32)

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This week on VC React, we tackle a dealmaking trifecta that cuts across edtech, crypto, and venture strategy — from the first signs of an M&A path in Arabic learning, to one of the largest token collapses MENA’s seen this year, to a global VC fund leaning into replication across emerging markets.

First up, Seesaw, a leading K–12 learning platform used by over 10 million students globally, has acquired Little Thinking Minds, a Jordanian edtech startup focused on Arabic literacy. Terms weren’t disclosed, but the integration is significant — LTM’s curriculum and assessment tools will form the foundation of Seesaw’s first Arabic-language platform, launching in 2026.

Founded by Lamia Tabbaa and Rama Kayyali, LTM has worked with 3,000+ schools and ministries, and built a portfolio of tools like I Read Arabic and Mizan, serving over 400,000 students. Backed by Algebra Ventures, Mindshift Capital, ISSF, and others, this deal marks one of the few notable edtech exits in the region.

We unpack what this means for cross-border curriculum expansion, whether edtech in MENA is reaching an inflection point, and what kind of companies are actually positioned for strategic acquisition.

Next, Mantra, a Shorooq-backed Layer-1 blockchain focused on tokenised real-world assets (RWAs), saw its token price crash from $6.30 to under $0.55 — just one week after announcing a $108M fund and months after closing a high-profile deal with DAMAC and securing a license from VARA.

While early fears pointed to a rug pull, analysis shows a deeper issue: a $1M sell order on Binance perps triggered a wave of liquidations, wiping out over $14M in long positions in a single minute — despite minimal spot selling.

We discuss how leverage, illiquidity, and risk mismanagement can destabilize even “regulated” token ecosystems — and debate the role VCs should play when backing technically complex, capital-sensitive crypto ventures in MENA.

And last but least, San Francisco-based Fluent Ventures has closed a $40 million fund with a clear thesis: the best startups in emerging markets aren’t always inventing new categories — they’re adapting proven models to local infrastructure and regulatory gaps.

From BRKZ in Saudi Arabia to Sabi in Nigeria, Fluent’s portfolio shows how localisation can unlock massive upside when paired with founder-market fit.

We explore what separates high-fidelity localisations from copy-paste plays, why geographic alpha is gaining traction, and whether the MENA region is undervalued in this global remix.

This week, Ahmad and I were joined by:

• Fares Ghandour, Partner @ Wamda Capital

• Saad Hasan, Principal @ Sturgeon Capital

• Tambi Jalouqa, Founder & General Partner @ Maza Ventures

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