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This week on VC React, we unpack Valu’s unconventional path to the EGX, decode what OCTA’s $20M credit line says about the future of startup finance, explore why “boring” startups might be the smartest bets, and break down Amjad Masad’s Replit teaming up with Saudi’s new AI powerhouse, HUMAIN.
We start in Cairo, where Valu is going public, but not with a typical IPO. Instead, its parent EFG Holding is spinning off shares in-kind to existing shareholders. No new capital raised, just structured liquidity. We dive into what this means for regional public market exits, whether this is a liquidity workaround or a new playbook, and how Valu stacks up to Tamara and Tabby in NPL performance (spoiler: it’s shockingly good). We also ask if this paves the way for a dual listing in Saudi, or if Egypt's IPO track is still too shallow for growth-stage fintech.
Next, we zoom in on OCTA, the SME-focused fintech that's just landed a $20M direct lending facility from Sukna Capital’s debt arm. With invoice automation and embedded credit at its core, OCTA is fixing a pain point that kills startups: cash flow. We discuss why debt is now a first-class citizen in regional VC stacks, how Sukna is evolving into a structured capital firm, and what this move says about the increasing complexity (and maturity) of MENA startup finance.
From there, we shift to Octane, a fleet payment platform that’s raised $5.2M to kill paper fuel receipts in Egypt. It may sound like a back-office fix, but Octane has already become the country’s largest fleet network, covering 2400 petrol stations and 250,000+ vehicles. We talk operational discipline, vertical expansion, and whether ESG narratives still matter when oil is $75+ and VCs are chasing unit economics over impact metrics.
Finally, we head to Saudi, where Replit and HUMAIN are joining forces to localise AI coding tools for Arabic-speaking developers. With Replit’s no-code platform hosted on HUMAIN’s sovereign cloud and powered by an Arabic-first LLM, we ask what happens to the idea of “only investing in technical founders” when anyone can vibe code an app into existence.
This week, Jamie and Ahmad were joined by:
Karima El Hakim, Country Director for Egypt & Co-Director Africa @ Plug and Play
Mo Salah, Founding Partner @ Pitlane Ventures
Waleed Alballaa, Managing Partner @ Sukna Ventures
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