Viktoriya Tigipko is one of the most recognized names in the Eastern European VC community and is a native of Ukraine.
She runs TA Ventures, a pre-seed and seed stage VC, since 2010. Additionally she founded iClub (an angel network), WTech (a community for women in tech), and is Chair of the Board at the Ukrainian Startup Fund.
Guest Author: Viktoriya Tigipko
I just recently arrived in Riyadh and plan to spend a month here.
For someone with as crazy a nomadic lifestyle as me this is really a major investment of time for me.
And there is a very important reason for it. I see massive things happening in this region and I want to be a part of them.
An intro to tech in MENA region
The Middle East and North Africa (MENA) region, spanning from Morocco to the UAE, has emerged as one of tech’s most promising frontiers.
The UAE and Saudi Arabia are spearheading this transformation, with Dubai positioning itself as the region’s tech hub through initiatives like Dubai Future District and Saudi Arabia’s $6.4B tech investments in 2023.
The numbers tell a compelling story: MENA’s tech ecosystem hit $7.2B in investments in 2023, with UAE and Saudi Arabia accounting for 74% of all deals.
Tech talent is flocking to the region, drawn by tax-friendly policies and world-class infrastructure that rivals Silicon Valley.
Why is MENA very exciting these days?
The region’s growth is powered by unique dynamics: a young, tech-savvy population (65% under 35), soaring smartphone penetration (96%), and ambitious government initiatives like Saudi Vision 2030 and UAE’s Digital Economy Strategy.
Venture funding in MENA grew 8.3x between 2016 and 2023, with a remarkable 47% CAGR.
Fintech leads the charge, capturing 31% of all investments, followed by enterprise software at 26%.
Region-specific AI applications are booming, with Arabic language AI models seeing particular success.
The edtech sector has exploded post-pandemic, with platforms like Noon Academy reaching 11M users.
Meanwhile, cleantech startups are capitalizing on the region’s natural advantages, with solar projects attracting $3.2B in investments last year.
The story of Tabby & Tamara
Tabby and Tamara represent MENA’s fintech revolution, addressing the region’s unique challenges in consumer credit.
Tabby, valued at $1.5B, has grown its user base to 3M+ customers across four markets.
Tamara, reaching unicorn status in 2023, processes over $1B in annual payments.
These BNPL leaders have succeeded by adapting global fintech models to local needs, incorporating Islamic finance principles and building trust through partnerships with established retailers.
The story of Careem
Careem’s journey from a Dubai startup to Uber’s $3.1B acquisition showcases MENA’s potential.
Founded in 2012, Careem solved complex regional challenges like mapping unmapped cities and creating a digital payments infrastructure where none existed.
Post-acquisition, Careem has evolved into a super-app offering everything from food delivery to digital payments, proving that MENA startups can compete globally while serving local needs.
The region can create global hits
Anghami’s success demonstrates MENA’s global potential.
Starting as a regional music streaming service, it now boasts 75M+ users across 16 countries, becoming NASDAQ’s first Arab tech company in 2022.
Its success stems from understanding both global music trends and regional cultural nuances.
The platform’s integration of Arab and international music, coupled with innovative features like social audio rooms, shows how MENA startups can build global products while maintaining strong regional roots.
We are going in much deeper in the region
At TA Ventures, we’re increasing our MENA exposure for compelling reasons. The region combines mature infrastructure, government support, and untapped market potential.
Our analysis shows that MENA startups often achieve profitability faster than global counterparts, with customer acquisition costs 40% lower than in saturated markets.
We’re particularly excited about fintech infrastructure, B2B SaaS, and climate tech opportunities.
The region’s unique position as a bridge between East and West, combined with massive digital transformation initiatives, creates perfect conditions for tech innovation.
The next unicorns won’t just come from Silicon Valley – they’ll also emerge from Dubai, Riyadh, and Cairo. That’s why we’re not just investing; we’re building lasting partnerships in this dynamic ecosystem.
Our vision for our role in MENA
We’ve already made a number of investments in the region but have an appetite for much more.
Some of the companies we’ve already invested in include:
- Proteinea: use insect larvae as bioreactors to produce recombinant proteins more affordably and efficiently for applications in medicine, agriculture, and industry
- Flashy: offers a platform where brands can easily book and manage shoots with vetted photographers and videographers, leveraging AI-powered editing to deliver high-quality visual content rapidly.
- Amwal: is innovating the payments space by focusing on improving authentication and processing infrastructure.
- Vault: provides infrastructure for businesses to offer financial services such as payments, banking, and credit products.
- Dynamiq: a B2B SaaS startup specializing in generative AI solutions for client, targeting industries such as finance, healthcare, and the public sector.
But in addition to these we are constantly looking for more. Right now we are looking for another 5-10 companies in the region to invest in.
In terms of countries our main focus currently is on Saudi Arabia and UAE, but we can also consider companies from other countries.
Do you want to work with us?
There are a variety of ways of working with us. The easiest way is if you are considering angel investing then have a look at iclub.vc.
This is our angel network that consists of 1,000+ angels in 40+ countries and growing. iClub is backed by TA Ventures and is a great place to start for first time angel investors.
There is a simple form to fill out on the site and after being qualified you will have access to our exclusive deal flow.
If you’re interested in TA Ventures than you can see our team here and you can reach out to the person that you feel is most appropriate to your inquiry: https://taventures.vc/team/.
