Viaka #3: Funding MENA and MENA diaspora founders with Plus.VC
Viaka is an initiative connecting new VC’s in emerging markets to networks and investors in the “West”. If you would like to join our private community, please fill out this form and we’ll get in touch with you to see how Viaka can work specifically for you.
Our weekly newsletter shines the spotlight on one our partner VCs or start-ups while listing all available opportunities from our network. Feel free to subscribe below.
Hi everyone, this is Hani. This week, we’re shining the spotlight on Plus.VC, one of Viaka’s VC partners in MENA. Plus.VC was founded by Hasan Haider, who previously build 500 Startups operations in the MENA region.
Plus.VC Quick Stats
Founded: 2020
HQ: Bahrain
Founder: Hasan Haider
Raison d’être: A venture capital firm focused on investing in tech and tech-enabled startups across the MENA region and its diaspora, taking an early leadership role with founders to set them up for success. We invest our first check at the seed stage and can follow-on the best performing portfolio companies all the way through to Series A.
Ask: Looking for anyone interested in joining the Plus.VC adventure as an LP, mentor, or founder.
I got the chance to chat with Hasan about Plus.VC, their story, and their goals for the future. Here are some of the insights from our chat.
What is your personal background and how did that lead to you launching Plus.VC?
I initially started my career in investment banking, but soon became itchy about the lack of tangible, societal impact I was having. I fell into the startup world by launching my own venture, which failed. I then went on to create on of Bahrain’s first angel syndicates, Tenmou. From 2014 onwards, I build and implemented 500 Startups’ presence in the MENA region. I started Plus.VC in order to continue the work I was doing at 500, but under my own brand this time.
What is Plus.VC’s investment thesis?
We focus on seed/Series A stage tech startups in the MENA region. Additionally, we have the specificity of extending our investment thesis to founders in the MENA diaspora.
Our thesis revolves around a large number of small tickets, in a variety of sectors. We generally invest tickets of seed round tickets of around $200,000, with our follow-up capital reaching $1M. We really see a high volume and thus high risk diversification portfolio as our key strategy.
Where does the affinity for MENA diaspora founders come from?
We believe that MENA diaspora founders have an unfair advantage; not only do they have foreign networks and knowledge, but they have a deep understanding of the region. We also think having diaspora founders in our network can facilitate important knowledge transfer between our portfolio companies.
How do you source your deals?
One of the components that I’ve really been working in ever since I started Plus has been to build the brand itself, through content, social media engagement and so-forth. I’m fairly confident to say we’ve done a good job at that, with Plus.VC now being a recognized name in the MENA ecosystem. To come back to your question, this means a lot of our deal-flow actually happens inbound. For example last year, we received 1200 decks, DD’d 400 of them and spoke to 100 founders.
What do you see as the MENA startup ecosystem’s biggest strength?
Everything is yet to be built. In MENA, the potential for 10X returns is possible in almost all industries, as the regional startup ecosystem is only about a decade old or so. In comparison, it’s harder and harder to find non-saturated markets in the US. Secondly, the relative youth of the ecosystem makes valuations more reasonable than in other parts of the globe, which constitutes a great selling point for new investors to the region. To conclude, I still believe we are in the “first movers” moment when it comes to MENA start-up investing.
What is the MENA ecosystem’s biggest obstacle to growth?
Well I would say MENA’s start-up ecosystem is facing problems similar to other emerging market ecosystems. Access to qualified talent is a big one, although this is a problem worldwide, even in Silicon Valley. Access to funds, especially early-stage funds, is still limited, which is where we wish to come in. Lastly, MENA institutional investors are still too frisky about becoming VC LP’s. This needs to change, as one of the American VC industry’s strength is the abundance of institutional LP’s such as pension funds, academic institutions, etc…
What are you looking for from the Viaka community?
We’re really looking to any VC-relevant profile that wants to join the Plus.VC adventure and contribute to growing the MENA start-up scene. This include potential LP’s, mentors and obviously, founders. With regards to the Viaka community in particular, feel free to reach out if you’re a MENA diaspora founder! We’re interested.
Promising Opportunities from Our MENA Partners
Below are a list of opportunities curated from the Viaka’s MENA partners.
For Investors
Startup Falcon, is looking to connect with angels and early stage VCs in North America for “user research” conversations to help guide the product development of their startup valuation tool.
Basma, which designs and produces 3D-printed invisible dental aligners, is raising their Series A from investors in Health Tech and e-Commerce.
Desert Farms is raising $3m to start large-scale production, and currently connecting with early-stage investors in FoodTech
Huupe, the world's first smart basketball hoop, is raising a seed round and connecting with SportTech and Entertainment investors.
For advisors
Ecomz, a digital platform that enables companies and individuals to create their customized e-commerce websites, is looking for a technical advisor familiar with similar platforms (Shopify, Wordpress, GoDaddy, etc). This opportunity can be compensated.
Klangoo, an AI-startup providing Natural Language Processing (NLP) to media and software companies, is looking for an advisor familiar with NLP use cases, and that can explore market fits with Financial Services and Health Care. This opportunity can be compensated.
Band Industries, an AI-powered music tuner and education app, is looking for someone with experience building a SaaS business, preferably a previous founder with digital marketing and go-to-market expertise and a strategist. This opportunity can be compensated.
Basma is also looking for expert advisors in digital marketing and sales strategy at the intersection of e-commerce and health, with a preference for previous founders. This opportunity can be compensated.
Desert Farms is also looking for a senior advisor with D2C startup experience, preferably in the food & beverage space, and with knowledge of the FDA approval process. This opportunity can be compensated.
SubsBase is looking for a senior advisor with early-stage startup experience, particularly in leveraging data analytics to optimize the performance of an Enterprise SaaS business. This opportunity can be compensated.
Agel is looking for a senior advisor with FinTech Experience in MENA, and a knowledge of Islamic financing in particular. This opportunity can be compensated.
For founders
Plus.vc invests in early-stage founders (up to Series A) that have a MENA background or connection, but are founding their companies outside of MENA.
If you would like to get involved with any of the opportunities above, please fill out the form below and indicate what opportunity you are interested in in the “Reason for Joining” section.
Exciting Announcements From Our Network
Below are a list of updates, wins, and asks emanating from members of the Viaka Network in the “West.”
If you’re a member of our Network and would like to share your own update next week, email info.viaka@gmail.com.
Viaka is growing faster than we anticipated
We’re looking looking for someone who can help us along the following high-level aspects:
Identifying and recruiting high quality operators and investors to the Viaka Network
Matching MENA startups and Network members over mutually beneficial opportunities
Creating and sharing content about our MENA partners, the MENA ecosystem, and our Viaka Network member
We can’t offer payment to start, but if you're looking for startup experience even before the “ground floor” and the chance to network with amazing investors, operators, and founders in MENA and North America, email info.viaka@gmail.com with a note about yourself and why you’re interested
Startup Boston Week 2022 (September 19th - 23rd) opened its registration
On September 19th - 23rd SBW2022 is hosting 80+ sessions and 250+ speakers for their first ever hybrid conference! This is your best opportunity to get involved with the startup community in New England. Ready to make some new connections, work on your skills, and scale your startup or department? Get your free ticket now!
Okel is looking for a fundraising coach/mentor
Okel helps more people share more meals more often by facilitating the curation, scheduling, and reservations at local restaurants. With unexpected exciting recent momentum, Okel will be fundraising sooner than planned, and the team is looking for a fundraising coach/mentor to help craft a solid fundraising strategy. Email team@joinokel.com if you’re interested, or have a recommendation!
If you’re a member of our Network and would like to share your own update next week, email info.viaka@gmail.com.
That’s it for this week. Thank you!
Like what you see? Here are some things you should do:
Check out our sparkling new website
Sign up for the Viaka Network
Subscribe to this newsletter