Khaled Talhouni unplugged, VC wisdom and war stories [Startups Arabia Podcast, June 2025]
"True success for a founding team lies in having vision without the hubris that resists change." -- Khaled Talhouni
Dear reader who doesn’t have time to listen to VC podcasts,
Why do so many VC stories feature a couch of someone’s best friend, uncle, cousin’s cousin, ….?
For the first time ever, today’s issue is dedicated to the local podcast Startups Arabia and its recent episode featuring Khaled Talhouni, the managing partner and co-founder of Nuwa Capital.
Khaled is a seasoned MENA VC veteran with a slick Duke economics background and a career accidentally kicked off from his uncle’s couch during the financial crisis, eventually stumbling into venture capital through Dubai International Capital’s experimental seed fund (part of Dubai Holdings). “I didn't really know what venture was. I was just thankful someone paid me a salary, a very small salary,” quips Khaled.
Since then, he’s managed over 150 early-stage deals with over $300 million in AUM, bringing deep regional insights, serious hustle and a quirky appreciation for classic Greek mythology (do you also fancy The Illiad?).
Startup Arabia’s Ali Zewail hosted Khaled on June 23.
Enjoy🍿
[Time saved: 70 minutes]
Let’s hear it!
Alternative routes to VC: Khaled emphasizes the value of operational experience but also champions alternative routes. He admires VCs like Fred Wilson at Union Square Ventures, who transitioned from traditional finance, highlighting diverse paths into VC success.
Mentored by legendary Fadi Ghandour: Wamda Capital was Khaled’s big breakout. Founded by legendary super-angel Fadi Ghandour in 2013, Wamda was one of MENA’s earliest and largest VC funds at the time, launching with a chunky $70 million. Khaled credits Fadi as a visionary with an “incredible knack for optimism,” a true founder’s VC who leveraged his Aramex success to back the region’s brightest startups. For Khaled, Wamda was a transformative journey - eight years of VC first-mover hustle, helping set the groundwork for regional VC infrastructure we see today.
Founding of Nuwa Capital: After his nearly-decade-long run at Wamda, Khaled co-founded Nuwa Capital in 2020 with the idea of shaking things up: “We wanted a radical new investment platform redefining founder-capital relationships.”
At Nuwa, they aim to be “super good partners” to both founders and LPs - offering hands-on operational support and genuinely integrating LPs into their extended VC family. A bit idealistic? Sure. But that’s Nuwa’s secret sauce: putting partnership first, fee structures second.
The Nuwa investment thesis: Nuwa loves betting early - like idea-on-a-napkin early - and their mantra is simple: “founders, founders, founders.” Khaled’s team dissected data from 100+ successful startups and built their ideal founder profile:
Multi-founder teams
Mid-career pros aged 28-35
Blue-chip experience (consulting, banking, big tech)
Top-tier undergrads (think Ain Shams, King Fahad Petroleum Uni, Princess Sumaya Uni and of course Ivy League)
(Ideally) second-time founders
He notes a regional nuance:
“YC might avoid mid-career professionals, but regionally, mid-career founders typically do better.”
Sector-wise, they’re generalists but dig fintech, SaaS, consumer brands (“digitally native with offline potential,” he says), and emerging global trends still untapped regionally. They skip super low-margin plays like many B2B marketplaces - too tricky for emerging markets.
Decision-making style: Nuwa makes quick, conviction-based decisions, with investments like Trophy (social commerce), ClearGrid (consumer credit AI), and Balio (AI-powered SaaS acquisitions).
Trophy: Immediate conviction based on founder credibility and market potential.
ClearGrid: Second-time founder with deep market understanding.
Balio: Quick decision due to founder talent, AI integration and global potential.
Regional startups going global: Five years ago, Khaled was skeptical about MENA startups going global out of the gate. But now? He’s bullish, crediting AI’s scalability boost and an influx of world-class talent landing in Dubai and Riyadh. Insider, a Turkish SaaS turned global unicorn, proved the model. Global from MENA is now legit.
The Golden Age for MENA region (and its startups): Khaled dubs this MENA’s “Golden Age” for startups - structurally bullish and geopolitically stable. Big drivers: Saudi’s rapid socioeconomic opening, tech-friendly regulatory frameworks, digitally native youth and capital markets maturing fast. Plus, strategic neutrality between US-China geopolitics positions the Gulf perfectly: “We're just at step one,” Khaled asserts, calling out secular shifts that transcend cyclical oil prices. But the entrepreneurial genie is certainly out of the bottle. “For the first time in my life, it feels like there are big structural forces pushing in a positive direction.”
VC wisdom & war stories: Reflecting on his journey, Khaled emphasizes embracing outcomes, even smaller exits like Seez’s $46 million acquisition earlier this year, as valuable.
Seez’s acquisition came after eight-year pivot fest. Khaled praises founder Tarek Kabrit’s “amazing perseverance,” noting how his relentless pivots finally nailed explosive growth. Sure, it wasn’t a mega-exit, but it was life-changing, emphasizing VC shouldn’t be transactional: "You never want to block a founder ready to exit - trust the tired driver."
The importance of founder-investor relationships: Respecting founder intuition, psychological readiness, and decisions are paramount to Khaled. He highlights backing second-time founders like ClearGrid’s Mohammad Al Zaben. “I think he’s a remarkable founder that is destined to build great things.”
Reflecting on missed opportunities and challenges: Oh, the anti-portfolio scars. Notable misses? Fresha, a beauty SaaS marketplace, and Huspy, a mortgage aggregator (“we should have jumped early”).
Lesson learned: whoever champions a deal internally must fiercely advocate, not bow to group dynamics. His takeaway? “Conflict matters - manage it but push when you're convinced.”
Great founders - how do you spot them?: Spotting greatness is instinctive. The sweet spot: a confident founder who’s open to evolving. His favorite pitch question cuts straight through business fluff: “Why this particular business important for you?” Founders must have personal, deep conviction - but zero hubris. Pivoting instantly when challenged is a red flag. So is not budging at all.
And that’s 75 minutes squeezed into 5. Full episode here.
Make the last June days count ;)
Dominika
For those of you who can find the time to tune in, here’s a selection of my recent finds:
- VC React Podcast (E40): Exclusive: Stryde Acquires Qora71, AI-Native Sales, Labubu, Arabs at Cannes by VC React (June 23, 46 minutes) (Spotify)
- Scaling with Purpose: Antler’s Global Thesis on Intentionality & Outlier Returns by Billion Dollar Moves (June 19, 50 minutes) (Spotify)
- 20Product: How Duolingo Build Product 10x Faster with AI by 20VC (June 20, 59 minutes) (Spotify)
- AI Producers, Tesla Robotaxis & the Rise of the “Tiny Teams” Era by This Week in Startups (June 24, 71 minutes) (Spotify)
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Disclaimer: This article was written by a human with some help from AI.