Our 2022 Wrapped is certainly more insightful and fun than Spotify & Anghami combined 😛

I guess what we treasure most about 2022 is that it was kind enough to let us attend physical events and gatherings🙏

Let’s unwrap?



2022 Wrapped

This is how the ride began.



… and that’s how it’s ending.


Region in 5 points:
1. Despite the global funding slowdown, our region outperformed last year. MENA-based startups were injected with 22.01% more funds than in 2021.*
2. BUT. Valuations reset continues. Globally, declines in mid- and late-stage valuations further accelerated in Q3’22. However, seed stage valuations (<$2.5M round size) remain 37% above 2021 levels.
3. Bootstrapping strategies made a comeback.
4. M&A on fire: 74 MENA-based startups got acquired since January’22 (vs. 42 in 2021).**
5. Lessons learned: NO to overhiring.


Arzan VC in 5 points:
1. We prepped for the launch of our 3rd fund: Arzan VC Fund III 💰.
2. Our portfolio grew to 46 startups (3 of which are warehoused for AVC III).
3. In total, we invested in 9 startups in 2022 (3 of which were follow-ons).
4. We hit 9 exits since inception (~20% of our portfolio).
5. Team-wise, Captain CFO Adeel Shahid joined us aboard.


Ready for the next ride🎢 ? We are.


* Data as of 16 December 2022. Source: Racha Ghamlouch’s amazing Digital Digest
** Data as of 22 December 2022. Source: our in-house research

TL;DR (too long; didn’t read)  
We recap the region’s 2022: 22.01% more funds invested in MENA-based startups (YoY) across 556+ rounds. We recap our 2022: portfolio expanded to 46 startups and we hit 9 exits since inception. Take a ride on that rollercoaster above for more details 😛

Family Postcard


MENA’s top 50

TruKKer, Zid, Lucky, Retailo and Money Fellows were featured in Forbes Middle East as MENA’s 50 Most Funded Startups in 2022.



CB Insights gave us all an early Xmas gift with 120+ maps of tech markets. Featuring Haseel, iKcon (REEF), Lucky, Merit Incentives, Cartlow, Money Fellows, Qoyod, FlexxPay & Onfleet.


Best workplace

Qoyod was ranked 18th best place to work at in the Middle East for 2022.


Paris in January?

Citron will be exhibiting at MAISON&OBJET in January.


+1 photo with Khazenly team at their new office and with a new logo 😉



Latest Jobs @ ArzanVC Family


  • Sales Account Manager at TruKKer (Cairo)
  • Inbound Sales at Zid (Kuwait)
  • Procurement Specialist at Qoyod (Riyadh)
  • Talent Acquisition Specialist at Money Fellows (Cairo)
  • Junior Accountant at Lucky (Giza)
  • Junior Accountant at Cartlow (Dubai)


Happy holidays, careful on the ski slopes and see you in ’23,


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