How to raise from VCs in Dubai + list of 45 top VCs
Welcome 17 new subscribers to my weekly newsletter about the Dubai startup ecosystem!
After my short Easter break, I'm back!
If you're now enjoying your long Eid break - enjoy it to the max (you won’t get 9 days paid leave when you're a startup founder ;)).
What happened in startups in Dubai:
Alfii shuts down - UAE’s HR-tech startup that raised $2.5 million pre-seed in July 2023 shuts down due to "concern with the company's management of funds" and "lack of product market fit".
New VC studio in Dubai - Able Ventures - is supporting startups that build services and products for senior adults (65+).
Dubai is trying to compete with other GCC countries on business licensing, potentially offering decade-long licenses across FZ and Mainland at a discount.
I’m reading interesting news all the time, so I’ll be sharing highlights with you from now one - let me know if you find it useful.
How to raise from VCs in Dubai?
If you know me, you know I prefer to bootstrap as long as possible and my startups aren't VC backed. However, I'm in touch with many VCs, startup advisors, and startup founders who are VC backed. So let me share ONE KEY THING that every local VC is telling to founders who seek investment.
No, it's not about your pitch deck, about your one-liner, about the industry you're in. It doesn't matter if you're male or female. If you have AI all over your pitch deck.
The key thing Dubai/UAE/Middle Eastern VCs are looking for when you approach them is humanity.
Don't jump straight into pitching them. Explaining how much you are raising for your next round. How amazing you are.
Introduce yourself as a person, be curious about their approach and portfolio, give it time.
As I've shared multiple times in this newsletter, people want to get to know you first as a person before doing any business with you. Dubai isn't San Francisco. Be human, give it time, don't be desperate, show progress and traction.
Sounds easy and obvious, I know. But you'd be surprised how few founders actually do this. You will stand out.
I also recommend following Obediah Ayton on LinkedIn. I quite enjoy his content where he's sharing how to connect with UAE family offices, raise money in the UAE, and what are the cultural specifics.
List of 45 VCs in the UAE with contacts
I made a sheet with the top VCs, including specialization, Crunchbase link, website, and general contact.
Sharing it here wouldn't be very structured and useful, so please download the sheet on my website.
That’s it for this week, see you next Saturday with a cool “behind the scene” story from a local startup!
Kristina
🔗 Connect with me on LinkedIn - Kristina Melsova.
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