Khaled Talhouni, Spotting and Supporting Great Founders and the Macro Trends Creating a Regional Golden Age – Ep.4, Season 3

Khaled Talhouni is the Managing Partner and co-founder of Nuwa Capital, a VC firm investing in early-stage startups across the MENAPT region, based in Dubai and Riyadh. He has managed over 150 early-stage deals with a total AUM exceeding $300M and has successfully exited 15+. With deep expertise in venture investing and portfolio management, he plays a key role in shaping the region’s startup ecosystem.—-----------------------------------------------------------The Startups Arabia Podcast connects you to the most prominent founders, investors, and operators of the Arab region. You will be inspired by their success, the challenges they overcame and the opportunities they see.Follow us on our social media platforms to stay updated and get in touch:LinkedIn: Startups Arabia PodcastTwitter: @ArabiaStartupsFacebook: @startupsarabiaYoutube: Startups Arabia Podcast—--- Resources—--------:Khaled’s LinkedIn account: @Khaled TalhouniNuwa Capital’s Website: https://www.nuwacapital.io/—-----------------------------------------------------------SHOW NOTES:00:00 Introduction to Khaled Talhouni and the Podcast01:50 Early Career and Entry into VC08:05 Wamda Capital and Its Impact11:49 Founding of Nuwa Capital13:44 Investment Thesis and Founder Profiles22:57 AI's Impact on SaaS and Future Trends37:14 Regional Startups Going Global42:33 The Golden Age for the Region44:50 Technological Transformation in the GCC45:32 The Impact of Youth and Demographics47:18 Geopolitical Neutrality and Economic Reforms48:40 Case Study: A Successful Acquisition52:21 The Importance of Founder-Investor Relationships54:34 Reflecting on Missed Opportunities57:49 Challenges in the Venture Capital Landscape01:00:47 Spotting and Supporting Great Founders01:03:23 Quick Investment Decisions01:07:22 The Future of the Regional Ecosystem01:12:42 Quickfire Questions and Closing Thoughts

Michael Lints has over 20 years of experience helping innovative businesses obtain the resources, insights, and expertise they need in order to be successful. Michael has been a startup operator, investor, and mentor, and is currently a Partner at the Singapore-based venture capital firm Golden Gate Ventures. He joined the firm in 2013 and is currently leading growth venture efforts, which include LP fundraising and portfolio management for Golden Gate Ventures investments at Series B and beyond.Michael’s entrepreneurial journey began in 2000 when he co-founded an IT managed services startup in Europe that was acquired by a large data and telecom company six years later. In 2007, Michael founded a venture fund focused on Dutch small- and medium-sized enterprises to help them with capital financing, business development, and strategy. During the same period, he was invited to join the Economic Development Board Rotterdam as Vice Chairman. In that role, he launched the Young Economic Development Board where he brought together a highly influential Dutch network to develop a sustainable framework for public-private relationships that increased local business investment while leveraging the public infrastructure.Michael has helped support firm and portfolio-level priorities that have spanned fundraising, capital allocation, and corporate development. He has helped to raise over USD $60M for Golden Gate Ventures and its portfolio companies, including helping to raise later stage rounds from external investors as well as leading two early strategic acquisitions.Outside of work, sport is an essential part of Michael’s life. He is a former member of the Dutch karate team and the former ambassador for Treknology (Trek bikes distributor in Singapore). Michael actively participates in Ironman 70.3 races and marathons. He is also passionate about social justice and uses sport as a vehicle to raise awareness for important issues such as civil rights, economic opportunity, and education. —-----------------------------------------------------------The Startups Arabia Podcast connects you to the most prominent founders, investors, and operators of the Arab region. You will be inspired by their success, the challenges they overcame and the opportunities they see.Follow us on our social media platforms to stay updated and get in touch:LinkedIn: Startups Arabia PodcastTwitter: @ArabiaStartupsFacebook: @startupsarabiaYoutube: Startups Arabia Podcast—--- Resources—--------:Michael’s LinkedIn account: @Michael LintsMichael’s Website: michaellints.comGolden Gate Ventures' Website: https://www.goldengate.vc/—-----------------------------------------------------------SHOW NOTES:00:00 Introduction to Michael Lints and the Podcast02:44 Who is Michael Lints?06:16 Golden Gate Ventures: Mission and Early Days09:39 Expanding to the MENA Region12:55 Investment Strategies and Portfolio Insights33:26 AI's Impact on Venture Capital and Industry41:08 Michael Lints' Documentary: Broken Chains42:56 Challenges Faced by Minority Founders46:44 Personal Reflections on Career and Opportunity48:38 From Martial Arts to Ironman54:28 Investment Decisions and Regrets57:02 The Impact of Market Trends on Fundraising59:53 Key Questions for Founders01:01:18 Characteristics of a Great Investor01:03:12 The Importance of Founders in Early-Stage Investments01:05:31 Navigating Exit Options in the Region01:09:36 Wishes for the Regional Ecosystem01:10:40 Quickfire Questions and Closing Thoughts

Julien is the Senior Partner at Oraseya Capital, where he leads the firm’s investment strategy, oversees deal sourcing and execution, and actively manages a diverse portfolio of early-stage startups. Oraseya Capital invests from pre-Seed to Series B stages, fostering innovation and scaling transformative businesses across key sectors. Julien is also a member of the investment committee.In 2021, Julien launched SANDBOX, Oraseya’s program for investing in and mentoring pre-Seed/Seed stage startups. The program has supported hundreds of founders, with 16 investments made in 2024 alone.Julien plays a pivotal role in mentoring founders, building long-term partnerships, and guiding portfolio companies toward sustainable growth and success.With a presence in the UAE’s startup ecosystem since 2012, Julien brings extensive experience as both a founder and investor. Prior to joining Oraseya Capital, he was Principal and Portfolio Manager at Dtec Ventures, where he led investments across various industries and helped drive the growth of the regional entrepreneurial landscape.He began his career as an Investment Banker with Société Générale CIB in Italy, working on multi-billion-dollar corporate finance transactions. After moving to Dubai, he launched his first startup—an online artist agency representing over 1,000 talents across the region—which he successfully exited. He subsequently contributed to several ventures as a co-founder, advisor, and product director.—-----------------------------------------------------------The Startups Arabia Podcast connects you to the most prominent founders, investors, and operators of the Arab region. You will be inspired by their success, the challenges they overcame and the opportunities they see.Follow us on our social media platforms to stay updated and get in touch:LinkedIn: Startups Arabia PodcastTwitter: @ArabiaStartupsFacebook: @startupsarabiaYoutube: Startups Arabia Podcast—--- Resources—--------:Julien’s LinkedIn account: @Julien PlouzeauOraseya Capital’s Website: https://oraseyacapital.com/—-----------------------------------------------------------SHOW NOTES:00:00 Introduction to Julien Plouzeau and the Podcast02:34 Julien's Move to Dubai and Early Ventures04:50 The Challenges and Rewards of Building Startups08:26 Investment Banking vs. Venture Capital12:17 The Role and Mission of Oraseya Capital17:16 Oraseya Capital's Investment Strategy and Achievements22:15 Multi-Stage Investing: Strategies and Approaches37:28 Path to Profitability and Scaling38:37 Lessons from Regional Trailblazers43:16 Success Strategies for Startups48:26 Investment Stories: Podeo and Ogram54:50 Navigating the Investment Landscape01:06:58 Quickfire Questions and Closing Thoughts

Waleed A. Alballaa is a technologist-turned-investor with a proven track record across global and MENA markets, spanning semiconductors, wireless, mobility, and eGovernment. As a Founding General Partner at Sukna Ventures, he backs early-stage, tech-driven startups across the region. Prior to Sukna, Waleed co-founded STV, one of the MENA region’s largest VC funds, and led pivotal initiatives at Elm—including launching the firm’s first business sector and founding its corporate venture arm.Waleed’s earlier career includes high-tech development roles at Cadence Design, Conexant, Skyworks Solutions, and Microsoft in the U.S. He holds a Master’s in Computer Science from Oregon Health & Science University and a Bachelor’s in Computer Science from King Saud University.Beyond investing, Waleed serves on multiple boards and actively mentors founders. He also co-founded the Saudi Venture Capital & Private Equity Association and the Business Analysis Association Group, where he currently serves as Vice Chairman. A committed technology optimist, Waleed is passionate about fueling innovation and strengthening the startup ecosystem across the MENA region.—-----------------------------------------------------------The Startups Arabia Podcast connects you to the most prominent founders, investors, and operators of the Arab region. You will be inspired by their success, the challenges they overcame and the opportunities they see.Follow us on our social media platforms to stay updated and get in touch:LinkedIn: Startups Arabia PodcastTwitter: @ArabiaStartupsFacebook: @startupsarabiaYoutube: Startups Arabia Podcast—--- Resources—--------:Waleed’s LinkedIn account: @Waleed AlballaaSukna Ventures’ Website: https://suknaventures.com/—-----------------------------------------------------------SHOW NOTES:00:00 Introduction to Waleed Alballaa and the Podcast02:50 Waleed's Journey: From the US to Saudi Arabia08:16 Founding STV and the Corporate VC Experience14:10 The Birth of Sukna Ventures20:03 Focus on Early-Stage Tech and Disruptive Technologies20:35 Exploring Space Tech and AI Innovations29:25 The Future of the Saudi Startup Ecosystem34:56 Global Ambitions and Product Development37:29 The Evolving Software Market and VC Landscape41:15 Exploring Future Computing Technologies41:37 The Role of Venture Capital in Emerging Tech42:26 Challenges in Predicting the Future of Tech43:17 The Importance of Understanding the Present Market44:06 Finding Early Seeds of Innovation46:19 Global Investment Strategies48:43 A Contrarian Bet on Hardware51:51 The Evolution of LPs in Venture Capital54:50 The Role of Endowments and Foundations01:00:46 Effective Board Governance01:07:06 Lessons from Missed Investment Opportunities01:15:12 The Impact of Market Externalities on Startups01:16:11 The Importance of Early Relationships with Founders01:16:53 Challenges in Market Sizing and Portfolio Strategy01:20:04 Current Trends in Saudi's Investment Landscape01:22:23 The Role of Mergers and Acquisitions in Growth01:26:37 Emerging Vertical Trends in the Region01:30:17 The Semiconductor Industry's Potential in Saudi01:34:43 Investment Decision-Making and Ecosystem Improvements01:39:41 Quickfire Questions and Closing Thoughts

Saoud was born in Kuwait during the Gulf War and left to the US at the age of 18. Saoud launched Fakespot.com in 2016, a platform that detects fake reviews using AI, after being scammed by a supplement with fake ratings. Since then, Fakespot is now used by millions of shoppers worldwide when browsing popular eCommerce websites. Fakespot was acquired by Mozilla in 2023 and is now integrated into Mozilla Firefox, one of the world's most utilized browsers. Prior to working at Fakespot, Saoud was a software engineer at Goldman Sachs and graduated from Monmouth University with his Bachelors and Masters in Software Engineering.—-----------------------------------------------------------The Startups Arabia Podcast connects you to the most prominent founders, investors, and operators of the Arab region. You will be inspired by their success, the challenges they overcame and the opportunities they see.Follow us on our social media platforms to stay updated and get in touch:LinkedIn: Startups Arabia PodcastTwitter: @ArabiaStartupsFacebook: @startupsarabiaYoutube: Startups Arabia Podcast—--- Resources—--------:Saoud’s LinkedIn account: @Saoud KhalifahFakespot’s Website: https://www.fakespot.com/Mozilla’s Website: https://www.mozilla.org/—-----------------------------------------------------------SHOW NOTES:00:00 Introduction to Saoud Khalifah and the Podcast01:50 Saoud's Early Life and Career Beginnings13:12 The Birth of Fakespot21:23 Challenges and Growth of Fakespot38:42 The Spontaneous Start and Early Challenges39:18 The Struggle of Fundraising41:56 The Road to the First Investment47:24 Pivoting During the Pandemic49:06 The Browser Extension Boom49:55 The Battle with a Trillion-Dollar Company59:54 The Mozilla Acquisition01:09:41 The Rise of Specialists in a Generalist World01:13:48 The Intersection of Music and Programming01:17:16 The Role of Music in Enhancing Cognitive Skills01:19:03 The Future of Machine-Generated Content01:20:03 Challenges and Opportunities in Generative AI01:20:39 The Importance of Security in AI Development01:24:05 The Need for New AI Infrastructure01:28:34 Cultural Shifts and Technological Ambitions in the Middle East01:29:07 The Role of Competition and Innovation in the Middle East01:35:20 The Future of Coding and Best Practices01:39:22 Investing in Startups: What to Look For01:46:28 Quickfire Questions and Closing Thoughts

Leena Khalil is currently a Partner at Key Capital and was the co-founder of Mumzworld. In 2011, she co-founded Mumzworld.com, a leading platform dedicated to making parenting easier across the region. Following its strong growth, Mumzworld.com was fully acquired by the Saudi healthcare giant Tamer Group. Leena stepped down as CEO in 2024.Before her role at Mumzworld, Leena worked in investment banking in London, where she successfully launched equity transactions for TMT clients across multiple geographies. She later transitioned to business process outsourcing, focusing on optimizing local government processes and customer service through the integration of technology into daily life.Leena has been named one of the top female entrepreneurs by Forbes Middle East for four consecutive years, including the most recent Forbes 2023 list. Additionally, she was recognized as one of the most powerful retail leaders by Retail ME in 2023.She serves on the board of APIC, a publicly listed company focused on driving investments to Palestine. Leena is also a member of the Sharjah Entrepreneurship Center (Sheraa) Board of Advisors, a mentor at the Win Fellowship, and a judge supporting Eureka!, the Gulf region edition of Asia's Largest Business Model Competition.—-----------------------------------------------------------The Startups Arabia Podcast connects you to the most prominent founders, investors, and operators of the Arab region. You will be inspired by their success, the challenges they overcame and the opportunities they see.Follow us on our social media platforms to stay updated and get in touch:LinkedIn: Startups Arabia PodcastTwitter: @ArabiaStartupsFacebook: @startupsarabiaYoutube: Startups Arabia Podcast—--- Resources—--------:Leena’s LinkedIn account: @Leena KhalilKey Capital’s Website: https://www.key.capital/—-----------------------------------------------------------SHOW NOTES:00:00 Introduction to the Podcast and Guest02:57 The Birth of Mumzworld06:24 Challenges and Strategies in E-Commerce11:33 Fundraising and Investment Insights24:13 Acquisition by Tamer Group32:16 Transition to Key Capital39:45 Market Making Strategies39:58 Challenges and Benefits of Secondaries Market41:36 APIC: Arab Palestinian Investment Company45:29 Benefitting Society through Business47:27 Balancing Motherhood and Professional Life50:24 E-commerce Trends and Investor Insights53:55 The Importance of Co-founder Relationships59:06 Mental Health in the Startup World01:04:52 Reflections on Regional Ecosystem and Education01:09:32 Quick Fire Questions and Closing Thoughts

Mohammad AlRazaz is a serial entrepreneur and the Co-founder & CEO of OTO, MENA’s largest shipping integrator and aggregator platform, powering online businesses and omni-channel brands. At just 22, Mohammad launched Jeeny (formerly EasyTaxi) in Saudi Arabia with Rocket Internet, becoming the youngest Country Manager globally. An MIT Global Entrepreneurship Bootcamp alumnus, he has built multiple ventures spanning transportation, e-commerce, logistics, and technology.A curious soul, new father, coffee addict, remote work advocate, desserts maker, and a proud MENAT region nationalist.—-----------------------------------------------------------The Startups Arabia Podcast connects you to the most prominent founders, investors, and operators of the Arab region. You will be inspired by their success, the challenges they overcame and the opportunities they see.Follow us on our social media platforms to stay updated and get in touch:LinkedIn: Startups Arabia PodcastTwitter: @ArabiaStartupsFacebook: @startupsarabiaYoutube: Startups Arabia Podcast—--- Resources—--------:Mohammad’s LinkedIn account: @Mohammad AlRazazOTO’s Website: https://tryoto.com/—-----------------------------------------------------------SHOW NOTES:00:00 Introduction to the Podcast and Guest02:55 Mohamed's Early Career and Education08:23 The Easy Taxi Journey13:19 Lessons from Launder and Jak20:42 The Birth of Oto44:01 Cracking the Market45:13 Launching the Marketplace47:21 Challenges of Moving from Enterprise to SMB50:35 Raising the Series A55:13 Expanding into New Regions01:20:47 The Importance of Customer Focus01:26:35 The Importance of Fulfillment Rate and Data in Shipping01:27:26 Privacy and Performance in Shipping Companies01:29:41 Advising Aspiring Founders01:30:43 The Value of Co-Founder Relationships01:36:27 Fatherhood and Entrepreneurship01:43:31 Reflecting on Professional and Personal Growth01:50:14 Challenges and Opportunities for Startups in the Arab Region01:59:56 Quick Fire Questions and Closing Thoughts

Amal Dokhan is an entrepreneurship advocate, a venture capitalist and an ecosystem builder operating for more than a decade in the MENA region. Amal is the managing partner at 500 Global managing the Sanabil 500 MENA seed accelerator fund focusing on investing in early stage tech startups. She previously worked at King Abdullah University of Science and Technology, managing accelerator programs and delivering corporate innovation programs with many large organizations. Amal also has worked on several government initiatives during her time in the Small and Medium enterprise Authority.Amal has also angel invested in many startups as well as managing Babson college’s MENA entrepreneurial programs and has held many other technology supporting roles in the region. Amal sits on the board of the Venture Capital and Private Equity Association in Saudi as well as the board of the Middle East venture capital association in UAE. She’s a Kauffman fellow and has been featured two years in a row -2023 and 2024- as one of most powerful women in the Middle East by Forbes.—-----------------------------------------------------------The Startups Arabia Podcast connects you to the most prominent founders, investors, and operators of the Arab region. You will be inspired by their success, the challenges they overcame and the opportunities they see.Follow us on our social media platforms to stay updated and get in touch:LinkedIn: Startups Arabia PodcastTwitter: @ArabiaStartupsFacebook: @startupsarabiaYoutube: Startups Arabia Podcast—--- Resources—--------:Amal’s LinkedIn account: @Amal Dokhan500 Global’s Website: https://500.co/—-----------------------------------------------------------SHOW NOTES:00:00 Introduction of Amal Dokhan03:13 Amal's Journey into Entrepreneurship05:58 Joining King Abdullah University of Science and Technology09:23 The growth of the MENA Startup Ecosystem20:07 500 MENA and Investment Strategies43:16 Personal Reflections on Resilience49:26 Balancing Social and Alone Time50:24 The Power of Teaching and Knowledge Sharing52:05 From Kindergarten Teacher to Managing Partner53:55 Navigating the Saudi Startup Ecosystem55:43 Opportunities and Challenges in Saudi Arabia01:03:16 Global Investors' Perspective on the Region01:05:58 Impact of Global Trends on Regional Startups01:11:35 The Rise of Venture Debt and New Financing Models01:18:33 Promoting Diversity in Venture Capital01:26:54 Future Trends and Sectors to Watch01:31:09 The Role of VC Associations in the Region01:34:56 Personal Reflections and Advice01:37:49 Concluding Remarks and Quickfire Questions

Mohammed is the Managing Partner at Nama Ventures, a pre-seed / seed stage fund fueling techinnovation in the MENA region, especially in Saudi. Previously, he was the managing director ofTharwa Capital, a Dubai based financial investment and advisory firm focusing on the technologyequity markets.He’s also led the Venture Capital practice at Global Investment House, a Kuwait based investmentcompany. Prior to that, he was the Director of Technology Investments at Dubai Silicon OasisAuthority (DSOA). and the Founder and CEO of Sulaf Solutions, a tech solutions provider based in Silicon Valley.Mohammed has worked and consulted for many blue chip technology companies as well as been an active Angel investor. He’s a member of Sand Hill Angels (SHA), on the Advisory Board of LinkSV, an Advisory Board member of kyube.com, and a founding board member of Techwadi.Mohammed is a mentor to many regional technology companies and an advisor with In5 incubator inDubai and Oasis 500 incubator in Jordan. He holds an MBA from London Business School and has a BS in Electrical Engineering from Brigham Young University.—-----------------------------------------------------------The Startups Arabia Podcast connects you to the most prominent founders, investors, and operators of the Arab region. You will be inspired by their success, the challenges they overcame and the opportunities they see.Follow us on our social media platforms to stay updated and get in touch:LinkedIn: Startups Arabia PodcastTwitter: @ArabiaStartupsFacebook: @startupsarabiaYoutube: Startups Arabia Podcast—--- Resources—--------:Mohammed’s LinkedIn account: @Mohammed AlzubiNama Ventures’ Website: https://www.namaventures.com/—-----------------------------------------------------------SHOW NOTES:00:00 Introduction of Mohammed Alzubi03:14 The Decision to Return to the MENA Region after years in Silicon Valley07:40 The Entrepreneurial Experience and Its Impact on Investing17:03 The Founding and Vision of Nama Ventures20:49 Investment Philosophy: The Importance of Team25:22 Decision-Making Process at Nama Ventures32:01 Brev.dev's Journey to Acquisition by NVIDIA40:42 The Power of a Complementary Team42:06 From Founder to Investor44:30 Launching a New Podcast45:22 The Story of Salla46:29 Localizing Business Models for MENA54:08 Navigating the Saudi Startup Ecosystem01:01:01 Investing in Funds as an LP and the Value of Trust01:06:56 The Importance of Effective Boards01:13:39 Concluding Remarks and Quickfire Questions

Ameer Sherif is the founder and chairman of Basharsoft, the company behind Wuzzuf and Forasna, Egypt's leading online employment platforms for both white collar and blue collar workers, respectively. Collectively, both platforms impacted the lives of over seven million job seekers in Egypt and helped 70,000+ companies hire more than one million people over the past years.They've had significant growth and impact on the local online employment market, and they have been one of Egypt's fastest growing local tech companies. He's raised a total of 12 million in VC funding along the way, and he's built a team of over 300 employees. And many of his investors, as we will tell the story, were investing in the region for the first time when they invested in Basharsoft. Today, he leads the company's expansion into Saudi Arabia, the GCC, and Africa. In 2019, he was selected as an endeavor entrepreneur and named a young global leader by the World Economic Forum. He also sits on the board of Egytrans, a publicly listed logistics company, and ITIDA, the executive arm of the Egyptian Ministry of ICT. Helping set strategies for Egypt on digitization, innovation, entrepreneurship. Ameer is also a venture partner with Khwarizmi Ventures, a 70 million dollar MENA focused VC fund based in KSA, where he spent two years as a partner and continues to advise portfolio founders. He holds a master's degree in computer engineering, and a bachelor's in electrical and communications engineering from Cairo University.He's also completed a master's in Executive programs on public policy at the Harvard Kennedy School and business leadership executive programs at MIT, Stanford, INSEAD, and HBS.—-----------------------------------------------------------The Startups Arabia Podcast connects you to the most prominent founders, investors, and operators of the Arab region. You will be inspired by their success, the challenges they overcame and the opportunities they see.Follow us on our social media platforms to stay updated and get in touch:LinkedIn: Startups Arabia PodcastTwitter: @ArabiaStartupsFacebook: @startupsarabiaYoutube: Startups Arabia Podcast—--- Resources—--------:Hasan’s LinkedIn account: @Ameer SherifWuzzuf’s Website: https://wuzzuf.net/jobs/egyptForasna’s Website: https://forasna.com/—-----------------------------------------------------------SHOW NOTES:00:00 Introduction to Ameer Sherif and Basharsoft03:26 Ameer’s Journey into Entrepreneurship06:58 Overcoming Early Challenges10:06 Innovative Solutions and Growth17:56 Securing Funding and Expansion26:32 Impact and Future Plans42:18 Insights from the VC World50:16 Insights on Founder Management and Success50:59 Expanding to New Markets and Company Vision52:53 Experience in Public Policy and Board Certification53:50 Introduction to Khwarizmi Ventures54:49 Investment Decision-Making Process56:18 Promising Verticals and Team Focus58:11 Co-Founder Relationships and Best Practices01:01:16 Mental Health and Burnout in Founders01:04:27 Balancing Work and Life as a Founder01:06:31 Joining the Board of ITIDA01:10:58 Advice to Younger Self and Definition of Success01:15:58 Second-Time Founders and Market Maturity01:19:07 Exit Options for Startups in the Region01:22:08 Characteristics of Effective Board Directors01:24:21 Choosing the Right Investors01:25:56 Investing in the HR Space01:29:16 Future Vision for Basharsoft01:29:51 Concluding Remarks and Quickfire Questions