بنیانگذاران VentureSouq در تغییر شکل چشم انداز سرمایه گذاری در فین تک و فناوری آب و هوا

Despite this, in September, Saudi Arabia reclaimed its position as MENA’s top-funded ecosystem, securing $170.8 million across 23 deals. Building on that momentum, Saudi fintech Mala closed a $7 million pre-seed round In October, led by VentureSouq, among other investors, aiming to address MENA’s credit gap. At the time, Suneel Gokhale, Cofounder and General Partner at VentureSouq said “There continues to be a massive credit gap in the MENA region, and we are excited about how Mala can help solve this very real problem, particularly for SMEs in Saudi Arabia.”

VentureSouq, now a leading venture capital firm in the Middle East, with $250 million in assets under management as of December 2024, traces its origins to Sonia Weymuller’s birthday party in Dubai in 2011. Cofounders and General Partners Suneel Gokhale, Sonia Gokhale, Tammer Qaddumi, and Sonia Weymuller had moved to the U.A.E. in search of professional opportunities and quickly bonded over a shared fascination with innovative startups. In the early 2010s, the GCC’s startup ecosystem was still in its infancy, offering limited opportunities for local investors to explore venture capital. Recognizing this gap, the founders of VentureSouq began hosting informal meetups in 2013 to discuss and back promising global startups. Their approach was straightforward but impactful: bring together professionals to engage directly with entrepreneurs, share insights, and ask questions. If a startup resonated, they could invest independently.

“What started as casual conversations naturally evolved into a structured activity of a dynamic angel investment network,” explains Qaddumi. “We’d identify exciting companies, gather groups to discuss and ask questions, and if it aligned, anyone in the group could invest.” Over time, these gatherings formalized, with VentureSouq using special-purpose vehicles to pool investments. This allowed them to scale up, transforming individual investments of $25,000 or $50,000 into collective deals of up to $500,000. “We started organically as a group of friends and built a business from the ground up,” Qaddumi reflects. “By focusing on specific themes, we created a model that not only encouraged collaboration but also positioned VentureSouq as a serious player in the region’s emerging ecosystem.”

By 2016, VentureSouq had transitioned from an informal network to a professional investment platform, fully self-funded to retain complete ownership. This independence enabled the firm to manage institutionally-backed funds while attracting startups worldwide and connecting them with GCC investors eager to diversify. The firm’s evolution aligned with a pivotal shift in the region as governments began prioritizing technology and innovation in their economic strategies.

“The U.A.E.’s ecosystem transformation has been extraordinary,” says Sonia Gokhale. “Years ago, finding high-quality local founders was a challenge, as many professionals with great potential were tied to corporate jobs. Today, with better access to funding and a supportive regulatory framework, the quality of founders has improved tenfold.”

The pandemic catalyzed this transformation, with remote work policies, streamlined visa programs, and efficient pandemic management drawing entrepreneurs from around the world to Dubai and Abu Dhabi. In November 2021, the U.A.E.’s Ministry of Economy launched the first phase of its Entrepreneurial Nation project. Aligned with the Fifty Economic Plan and the U.A.E. Centennial 2071 vision, the initiative aims to foster a knowledge and innovationbased economic model. It offers entrepreneurs 100% foreign ownership of companies, golden visas, access to over 11 accelerators, and thriving free zones with integrated business communities. The broader funding landscape in the region also experienced a seismic shift, spurred by government-led initiatives. Programs like Saudi Arabia’s Vision 2030, which emphasizes entrepreneurship as a driver for sustainable development, illustrate this top-down approach.

“The shift to a knowledge-based economy has reshaped the entrepreneurial and venture capital ecosystems,” explains Qaddumi. “Governments are allocating significant resources to empower startups, providing capital, streamlining regulatory processes, and fostering environments where companies can innovate freely. When we started in 2013, we were among the very few players in the market. Today, the funding environment is vibrant and dynamic.”

Having been working together for over 11 years, the diversity and expertise of VentureSouq’s founding team have been pivotal to its success. Weymuller came to the team with experience from global giants like Microsoft and Viacom (now Paramount Global). She was part of Viacom’s strategy team focused on emerging markets, which led her to move to the region when the company opened an office in 2011. “We have complementary skill sets, which is quite unique to our team,” she agrees. “This trickles down to the rest of the organization where we choose to champion diversity, anchored in the belief that different perspectives, experiences, and opinions lead to the right decisions.”

Weymuller and Qaddumi first met at Yale University. Qaddumi, a Palestinian-American from Houston, has a background in investment banking and private equity. Awarded a Fulbright scholarship, he pursued a postgraduate program in Syria before moving to New York to work at UBS in the product area that collapsed during the 2008 financial crisis. He then transitioned to Dubai, joining HSBC Investment Banking before moving to Abu Dhabi-based private equity firm Waha Capital, where he spent seven years.

Suneel Gokhale, a seasoned lawyer with a background in public market M&A, provided the legal and commercial rigor needed to shape early investment structures. He began his career at a major Canadian law firm before joining London-based international law firm Allen & Overy and then moving to the Abu Dhabi Investment Council, where he spent five years gaining exposure to some of the world’s top funds. Meanwhile, his wife Sonia Gokhale, a qualified actuary in Canada and the U.S., provided crucial analytical expertise. She initially moved to Dubai with Mercer for actuarial consulting and later joined the Abu Dhabi Investment Council’s Global Special Situations team, where she consulted for large social security plans in the region.

“The founding team’s cohesion over such a long period is crucial,” says Qaddumi. “As they say, 90% of the battle is showing up. Beyond that, we’ve adapted and evolved through significant changes.”

While one might anticipate tales of push-backs and challenges over the years, the reality is quite the opposite according to the team. “The U.A.E., Saudi Arabia, Bahrain, and other parts of the region have excelled at easing regulatory barriers and creating opportunities for startups,” says Suneel. “This has been particularly impactful in sectors like fintech, which are typically regulatory-heavy. By loosening rules, these countries have fostered a more dynamic entrepreneurial environment.” A key advantage in the Middle East is the direct accessibility to regulators, which has been transformative for VentureSouq. Weymuller notes, “Unlike western markets, we regularly engage with regional regulators who are genuinely interested in understanding the challenges and opportunities we see on the ground. This open dialogue helps shape policies that support innovation and entrepreneurship.”

The firm’s transition from a sector-agnostic investor to a thematic VC powerhouse reflects its strategic evolution. “Our legacy portfolio includes more than 150 investments that helped shape our focus,” explains Weymuller. “Since becoming a thematic VC in 2019, we’ve concentrated on fintech and climate—launching the region’s first fintech-focused fund after making 85 global fintech investments and investing in 20 climate companies over the past five years.”

By 2021, VentureSouq had evolved into a full-fledged venture capital fund manager, with operations in the U.A.E., Egypt, and Saudi Arabia. In November 2021, the firm launched the region’s first sector-focused fund at the time, its $50 million MENA FinTech Fund I, which is now fully deployed, to invest in early-stage fintech and SaaS companies across the MENAP region. Backed by prominent regional sovereign wealth funds, including PIF’s Jada Fund of Funds, Saudi Venture Capital Company, Bahrain’s Al Waha Fund of Funds, ADQ’s venture firm DisruptAD, and the Mubadala Investment Company, alongside conglomerates such as OFC, the Middle East arm of The Olayan Group, the fund has deployed capital in startups such as Tabby, as well as Saudi-based B2B marketplace Sary and PropTech platform Huspy. U.A.E.-based investments include fintech infrastructure company NymCard, and digital bank Verity. It has also invested in Egypt-based transportation platform Trella, gig economy financial platform Dayra, and North Africa’s super-app Yassir.

According to Suneel, the firm’s thematic approach is a differentiator, especially when speaking to potential investors. “With 85% of our fintech investments made globally, we had access to data and insights when forming our investment thesis in 2020. This allowed us to analyze specific sub-segments, identifying what might work in MENA, what might not be ready yet, and where we could add the most value,” he adds.

Boasting a portfolio of more than 250 global startups, VentureSouq is now raising its second fintech fund, with backing from Jordan’s ISSF, injecting $2 million. “Their support provides us with greater access to the Jordanian ecosystem, which is vital for us. Jordan boasts one of the highest concentrations of engineers per capita globally, making it a hub for talent capable of developing solutions for the broader region,” says Suneel. While focusing on Saudi, the U.A.E., and Egypt, leveraging Jordan’s local talent for regional solutions cements its strategic role in the portfolio.

“The fintech sector has dominated as the most active vertical in MENA over the past four years, attracting 52% of total VC funding,” says Dina Toukan, Investment Manager at ISSF, which has backed over 20 funds to date. “Partnering with a fintech-focused fund like VentureSouq presents a strategic opportunity to strengthen Jordan’s fintech ecosystem.” Toukan adds that Jordan is a regional powerhouse in developing ICT talent, with 27% of MENA’s tech entrepreneurs hailing from Jordan.

Despite global economic challenges, the startup landscape in the region has remained resilient, with VentureSouq continuing to identify and capitalize on emerging opportunities. “Over the past year, the firm has maintained a steady pace of investments, even amid macroeconomic headwinds such as rising interest rates and inflation. While these factors have impacted laterstage companies and growth rounds, we’re still seeing a significant number of opportunities at the early stage,” stresses Sonia Gokhale.

Suneel emphasizes that while fluctuations in investment cadence are natural, the overall pace has remained steady. “MENA has experienced a different dynamic compared to Western markets. The region continues to benefit from a steady influx of capital, fueling the growth of startups which ultimately supports the ecosystem,” he explains.

Sustainability has undeniably become a cornerstone of business evolution in MENA. Leading their climate practice, Weymuller explains how one of the region’s signs of maturity is how sustainability has become a buzzword. “While this is a positive shift, as it encourages thinking beyond fast growth to financial sustainability, profitability, and impact, there’s still significant room for improvement. We’ve been investing in climate for a long time, but COP28 served to put the spotlight on the sector and strengthened our narrative,” she adds.

MENA players invested $5 billion in global climate initiatives last year, according to PwC’s 2023 report, with the majority coming from Saudi Arabia, followed by the U.A.E. However, most of this capital flowed westward to markets in the U.S. and Europe. Funding for locally based climate tech innovators sharply declined in 2023 to $152 million, down from nearly $1 billion in 2022. For VentureSouq, this highlights a critical challenge: ensuring that GCC funds stay within the region or are directed to markets most affected by climate change, such as MENA and East Asia.

The firm is targeting critical sectors like food and agriculture supply chains, biodiversity restoration, climate fintech, and energy management. “VentureSouq has become a leading voice in climate and sustainability in the region, fostering the ecosystem through investor education programs, thought leadership, and founderfocused events,” says Weymuller. “We see MENA as strategically positioned to both face and mitigate climate challenges, taking a leadership role in the transition to a new climate economy.”

In 2016, VentureSouq partnered with startAD to launch its investor education symposium on climate tech, Angel Rising. In 2021, it launched the Conscious Investor Fellowship, the first pan-regional impact investor program for GCC-based private, corporate, government, and family office investors, in partnership with KAUST and startAD. The program highlighted the growing value of sustainability-themed investment products, which reached $3.2 trillion in global capital markets in 2020, an increase of over 80% from 2019, according to UNCTAD’s World Investment Report 2021.

With an eye on the future, VentureSouq is focusing primarily on early-stage investments, particularly Series A rounds, while aiming to foster a robust capital stack for the climate sector, spanning from seed to growth stages. Achieving this requires active collaboration among diverse stakeholders across the investment value chain. “Over the past few years, we’ve focused on ensuring a strong capital foundation for the climate sector, from seed funding to later-stage investments. After all, we’re all in this together,” says Weymuller.

In 2025, VentureSouq will continue to focus on its two core sectors: fintech and climate. Weymuller highlights the growing collaboration between Asia and MENA to explore synergies. “Climate change is a borderless challenge, and we’re committed to helping entrepreneurs scale globally, whether they’re in Indonesia, the U.A.E., or Saudi Arabia. We aim to assist them in scaling globally to meet the mammoth challenge of climate change. That is kind of part of our secret sauce because of our history globally.”

Regarding fintech Suneel highlights the interconnected nature of global markets, adding, “While the U.S. market operates independently, its positive sentiment often influences global trends, including fintech. With interest rates beginning to ease and optimism returning to the business landscape, the anticipated listings of major fintech players like Chime and Klarna could signal a global resurgence in the sector, a momentum likely to extend to other regions.”

Though there are still hurdles to overcome, VentureSouq’s Saudi General Partner, Maan Eshgi, offers insights into the broader trends. “The trajectory suggests that by late 2025, the fintech landscape will likely be in a much stronger position than it has been in recent years,” he predicts.

“We were at the ground zero of a fast-growing sector, where investments poured in rapidly, initially from sovereigns and banks, and later from international investors,” explains Qaddumi. “Today, the companies we backed have grown significantly, and they’re raising far larger sums than they did in 2021. While the number of deals might be fewer, the size of the capital involved will be much larger. We’re likely to see companies securing $150-$200 million rounds, where previously they raised $10 million, signaling a shift towards larger investments.”

As for the future of VentureSouq, Suneel reflects, “We aim to build a Tier 1 thematic VC platform in the region, focusing on fintech and climate, where we have deep expertise. While market dynamics may lead us to adjust our strategy over time, by sticking to sector-specific funds, we can deliver strong returns and drive sustainable growth.”