2022 Wrapped

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

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 😉

• 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,

Hasan