VC React Podcast (Episode #36)

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This week on VC React, we unpack the factors behind Egypt’s massive startup funding surge, unpack funding for Nawy, Thndr, Sylndr, and Money Fellows, and discuss sovereignty in the context of LLMs and satellite imagery.

We start in Egypt, where startups raised over $124 million in May alone — a 406% year-on-year jump. From proptech to fintech, deals came thick and fast, with DPI’s Nclude fund playing a major role. We explore what’s driving the renewed momentum, whether it’s cyclical or structural, and why more founders are building in Egypt while expanding regionally.

We kick off with Nawy, which just raised a $75 million Series A to double down on its end-to-end real estate platform. With over $1.4 billion in GMV and expansion plans across the Gulf, we debate whether full-stack is a viable model in Egypt — or if fragmentation still favors specialists.

Next, we turn to Thndr, which raised $15.7 million in a round led by Prosus Ventures. The Cairo-based investment app marked the raise with a keynote-style launch — an uncommon move in MENA. With a new ADGM license and eyes on UAE and Saudi markets, we discuss whether Thndr can truly compete in a region already crowded with retail investing plays.

Then it’s Sylndr, which matched that $15.7 million raise as it continues evolving from a used-car marketplace into a broader mobility fintech platform. We explore what mobility 2.0 could look like in Egypt, and whether models like Carvana or Kavak can be locally adapted — or if infrastructure gaps still stand in the way.

Money Fellows is next — the community-first fintech digitizing ROSCAs, or savings circles, across MENA. With $13 million in fresh funding, we discuss why this hyper-local model might be one of the most culturally-native ways to scale consumer finance in the region, and how the team is managing trust, credit risk, and growth without losing its soul.

In Dubai, Tarjama raised $15 million to build Arabic AI infrastructure, unveiling a proprietary LLM — Pronoya — which it claims outperforms GPT-4o and DeepSeek on Arabic language tasks. We examine whether AI-native startups in MENA can remain independent in a space increasingly dominated by state-backed giants like G42 and HUMAIN.

And finally, a rare deeptech story: SARsatX, a Saudi space tech company building synthetic aperture radar satellites for earth observation, raised a $2.6 million seed round. We break down what this means for sovereign capabilities in the region, how the team is approaching commercialisation, and whether this marks a new era for deeptech in MENA, or a high-risk outlier.

This week, Jamie and Ahmad were joined by:

• Ali Almajthoob, Managing Director @ Middle East Venture Partners (MEVP)

• Issa Aghabi, Founder & Managing Director @ Access Bridge Ventures

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