Emerging Market Investment Opportunities

The inventor of the SAFE note Adeo Ressi just eliminated the $150,000 and 6-month tax on starting a VC fund. This is huge, so we need to talk about it. Traditionally: ⏱️ Time: Launching a fund can take 6-12 months from thesis to first investment. 💸 Money: The VC setup cost ranges from $50,000 to $150,000+, with annual operations adding another $50,000+. 😵💫 Complexity: Requires three separate entities (LP, GP, and ManCo), complex legal agreements, and multiple regulatory filings. 🏦 Fund Size: There is a minimum fund size averaging $10M to make the fund economically viable. Each LP typically needs to invest $100K+ minimum because smaller checks are unprofitable due to per-LP administrative costs. 📊 Track Record: In order to raise this type of fund, new managers need larger LPs, and these larger LPs often need to see an existing successful investment track record, which some new managers don't have. These barriers have created a venture ecosystem where only those with established networks, significant resources, and/or institutional backing can participate. In 2025: Adeo came up with the Start Fund, a vehicle addressing all of the above head-on: ⏱️ Time: Set up a fund in ONE DAY vs. 6-12 months. 💸 Money: ZERO setup fees vs. $50K-$150K+. 😵💫 Complexity: ONE Delaware series vehicle vs. three separate entities, with an LPA just 1/3 the size. 🏦 Fund Size: Viable with just $250K+ vs. $10M minimum, and can accept smaller LPs (as low as $25K) because administration is streamlined 📊 Track Record: Fully portable track record that counts as fund one when you move to fund two. The benefits for emerging managers are clear: the barriers to entry are lower, giving a much wider pool of candidates a chance to create impact and shape the future. But here's why this matters for... LPs - The Start Fund allows LPs to participate with smaller check sizes, making it easier to diversify their portfolio - More of their capital actually goes to startups rather than overhead fees Startups: - This means more availability of capital from a wider range of sources - Access to a more diverse pool of venture investors with specialized expertise The Start Fund could fundamentally could change WHO gets to allocate capital to the next generation of startups, and WHO will benefit financially from it. I want to know what you all think. ------------- ✍️ Myrto Lalacos Follow for more content on launching and investing in VC firms

The currency that gets a Pre-Seed funding round done — a powerful vision and infectious belief — gets dramatically devalued when it's time to raise a Seed round. The new currency is evidence, and founders need to prove that they can mint it. As a Pre-Seed investor, this is one of most common (and painful) hurdles I see founders face. We watch portfolio companies—led by brilliant storytellers—run into walls because they continue to trade on belief when the Seed investors now demand hard data and evidence of what's going right. Here's what I'm seeing working for getting a Seed round ($3-6M) done: 1. Evidence of Habit, Not Just Hype. Initial sign-ups, glowing testimonials, pilot customers get you in the door, but they don't prove a durable business. You must show that a core group of users has deeply integrated your product into their life or workflow. 2. Evidence of a "Pull" from the Market. Pre-seed is often about "pushing" your product into the world through sheer force of will. Seed investors want to see early signs that the market is beginning to "pull" it from you. This is the first indicator of go-to-market fit. This evidence can take many forms: a steady stream of organic customers, a specific acquisition channel that works without massive spend, or a word-of-mouth coefficient where your users are starting to do the marketing for you. It's proof that a scalable, self-sustaining growth loop is possible. 3. Evidence of Learning Velocity. Early-stage investing is always a bet on the team. The best way to de-risk that bet for a Seed investor is to show them how fast you learn. This isn't just about what you've built; it's about what you've learned while building. Be transparent about your experiments—both the winners and the losers and show how specific learnings, even from failures, have directly influenced your roadmap and strategy. The goal posts have changed for getting a Seed round done and it can feel like Seed is the new Series A. We don't see this changing anytime soon, so better to settle into this new normal! 🙌🏼 #Founders #Fundraising #EverywhereVC #Startups #Metrics

"Emerging venture fund managers outperform established ones. This is not an opinion. It is what the data shows, consistently, across two decades of fund vintages. The Colibri Institute's February 2026 analysis of nearly 2,500 VC funds raised between 2000 and 2024 found emerging managers outperformed established managers in DPI, IRR, and TVPI. StepStone's 2026 study found Fund I vehicles under $500M delivered above-median returns 67% of the time, with average Fund I IRR of 20.7% versus 17.5% for Fund IV and beyond. Cambridge Associates data shows 91% of the top 10 VC funds annually from 2013 to 2022 were smaller than $250M. And PitchBook found specialist funds under $250M are clear winners in both IRR and TVPI. In climate specifically, the signal is even stronger. Climate tech funds are outperforming overall VC by a 9% IRR premium in the 2020 to 2024 fund vintage (SVB, 2025). Climate tech venture and growth investment hit $40.5 billion in 2025, up 8% year over year, even in the most uncertain policy environment in a decade." https://lnkd.in/et59j6RM

This is where the VC money is actually going right now! Over the past few months, I’ve been talking to founders, attending pitch sessions, and sitting across the table with VCs in Riyadh. The patterns are clear. The money isn’t evenly spread. It’s concentrated where real scale, technology, and problem-solving intersect. This is where the flows are strongest: 1/ Fintech: Payments, digital banking, and financial inclusion are driving huge investor interest. The region is hungry for solutions that make money move faster, safer, and smarter. 2/ E‑commerce tops capital deployed: When it comes to total money raised, e‑commerce and retail took the largest share of VC funding in H1 2025, accounting for a significant chunk of overall investment. 3/ Emerging sectors gaining traction. Enterprise software, logistics tech, edtech, and sustainability startups are all seeing increased activity and investor interest, signaling a broadening of focus beyond the initial leaders. For founders, this is what it means… > Align your vision with the sectors investors care about, but don’t copy ideas blindly. Show how your solution creates measurable impact. > Demonstrate operational readiness. VCs are looking for founders who can execute at speed and scale. > Speak the ecosystem language: why this market, why now, why your team. Saudi VC is moving fast. Founders who understand where attention (and money) is going have a huge advantage. What sectors or solutions do you think are about to catch fire in Saudi Arabia, and why? #Saudi #VC #Founders

It has been more than four years since Russia’s invasion of #Ukraine. Since day one, The World Bank Group, have stood alongside Ukraine, supporting its people, its institutions, and its private sector through one of the most challenging periods in its history. Over this time, IFC - International Finance Corporation has delivered $2.8 billion in financing, including more than $1 billion mobilized, helping businesses remain operational, sustain jobs, and keep critical sectors functioning. From trade finance enabling essential imports and exports, to investments in agribusiness, technology, and SMEs, and support for energy efficiency, housing, and financial infrastructure our focus has been clear: preserving the foundations of Ukraine’s economy today while preparing for reconstruction tomorrow. Last week I was in Ukraine, alongside Anna Bjerde, presenting the new estimations of the Reconstruction needs: $588 billion. Ukraine’s needs are roughly three times its GDP. The priority now is to turn these needs into a bankable pipeline that private capital can help finance. Public budgets alone cannot close this gap. Three key sectors hold significant private potential, together representing nearly 50% of #RDNA5 the latest assessment of Ukraine’s damage, recovery, and reconstruction needs: 🔋 Energy With reforms, private participation could rise from 6% to 75%. Advancing EU market integration, restoring payment discipline, enabling cost recovery, and finalizing renewable auction frameworks will be essential to unlock investment. 🏘 Housing Reforms could allow the private sector to cover 61% of needs. Scaling housing requires long-term finance — modern mortgage markets, regulated developer finance, formal rental systems, and innovative PPP models. 🚆 Transport While complex, private participation can reach 8% significant given this is the largest sector. EU-aligned tolling, rail tariff reform, and advancing port and airport concessions are key steps. Across sectors, fundamentals matter: open markets for private sector competion, rule of law, enforceable contracts, operational PPP frameworks, and financial sector modernization. These priorities shaped our discussions this week with Prime Minister Yulia Svyrydenko, Minister of Finance Sergii Marchenko, Minister of Economy Oleksii Sobolev, CFA Deputy Prime Minister for Restoration @Oleksii Kuleba, and private sector leaders. The alignment is clear: reforms and private investment must move in parallel to accelerate recovery and create jobs. Ukraine’s recovery is not only about rebuilding what was lost it is about building a stronger, more competitive, and investment-ready economy for the future. We are ready and looking forward to continue helping Ukraine on this critical effort. Read the RDNA5 report here:https://lnkd.in/gahajNg4 Ines Rocha, Lisa Kaestner, Alejandro Alvarez de la Campa, Yulia Mironova, IFC Europe

Dear Founders, Early-stage investing is nothing like stock market investing. And when Angels or pre-seed VCs invest, they’re not thinking like growth-stage investors. You’re too early for that. You’re pre-product. Pre-revenue. Sometimes even pre-team. So what are they really betting on? Not your idea (there are thousands of those). Not your business (there isn’t one yet!). They’re betting on: 1) You. The kind of person who gets things done even when it’s hard. 2) Your market. Whether this is a wave worth catching. 3) Your timing. Whether now is the moment to catch it. Yes, traction matters. Any shred of data that derisks your story helps. The more you have, the better. But no amount of traction will overcome the above 1, 2, and 3. Early investors don’t just invest in companies. They invest in people they want to see win, and in macro trends too big to ignore. If you want to raise early… Don’t just polish your deck. Show them you’re the person who will find a way, no matter what. Yours truly, David

I sent 100+ cold emails to VCs and got 1 response. Here’s how I reworked my strategy to close my $790k pre-seed 👇🏾 Investors get (literally) hundreds of cold emails from founders every day. Many won’t even take a meeting with a founder unless someone they know introduces them. Instead of cold emailing investors, send your cold emails to people who can connect you to those investors. Two reasons why this works: 1. Connectors get far fewer cold emails than investors, so they're more likely actually to open and read what you send 2. They're often happy to help founders (especially if they've been in your shoes) Focus on finding people at least one degree of separation away from you (use LinkedIn's connection feature to check), and send them a thoughtful message asking for an introduction. Here’s a template you can use: SUBJECT: Quick question about connecting with [VC Partner] BODY: Hi [Connector's first name], I noticed your connection to [VC Partner/Firm] and wanted to reach out. I'm building [Company] [one-line description with traction point]. We're raising our [round] and I believe [VC Partner] would be a great fit because [specific reason tied to their investment thesis/portfolio]. Would you be open to making an introduction? I can send over a forwardable email to make it easy. Thanks for considering, Toby This approach helped us secure over 50 investor meetings during our raise. The best advice I never got: Stop cold emailing investors. Start cold emailing the people who know them. What's been your experience with getting intros vs. cold emails? Drop it in the comments!

Fintech in the Middle East is moving differently. It’s growing with state backing, big capital, and a strong local market, without needing to follow anyone else’s script. This new report from Lucidity Insights covers the full arc of that growth: who’s raising, where the exits are happening, and what infrastructure is starting to stick. Here are my key takeaways: 🔶 UAE has more fintech scaleups, but Saudi startups are pulling bigger rounds, and increasingly relocating HQs to Riyadh to tap public capital and IPO momentum. 🔶 Paytech still dominates the region’s funding, but newer categories like lending, superapps, and wealthtech are catching up fast. 🔶 Islamic fintech is proving its scale. Products like Takaful and Shariah-compliant investment platforms are now structural. 🔶 Fragmented regulation is still the biggest headache. A fintech licensed in KSA has to start from scratch in the UAE, Qatar, or Bahrain. 🔶 66 fintech exits in 6 years sounds healthy, until you realise only 7 were IPOs. Most startups still lack clear off-ramps. 🔶 There’s a tech talent crunch even in the wealthier Gulf markets. Some firms in Kuwait and Qatar are paying London-level salaries just to stay competitive. 🔶 Cloud ERP is being adopted earlier. Startups are preparing for compliance and cross-border complexity from day one, not year five. 🔶 SAP’s Digital Currency Hub is one to watch. It’s already powering live cross-border payments using stablecoins, with PayPal and EY testing it in the real world. 🔶 Tabby’s evolution from BNPL to full-stack fintech is a playbook in motion: 14M+ users, $6B GMV, and a post-unicorn growth model with real revenue. 🔶 Middle East adoption rates for mobile payments, crypto, and digital banking often match or exceed the US, but gaps in broadband, credit data, and financial inclusion remain real. Fintech here is building around different constraints, different incentives, and a different pace. That’s exactly what makes it interesting to watch. #fintech #GulfStartups #payments #couchonomics #payments #embeddedfinance #digitalassets #futureofmoney #futureoffinance NORBr Onalytica Favikon ⁠Global Finance & Technology Network Thinkers360 - ⁠- - - - - - - - - - - - - - - - - - - - - - - - - - - 👍 Hit like ♻️ Share it with your network 📢 Drop a comment 🎙️ Check out my podcast Couchonomics with Arjun on YouTube 📖 Get my weekly newsletter on LinkedIn: Couchonomics Crunch 🕺💃 In the MENA region? Join our Fintech Tuesdays community. 🤝 Let's connect! - ⁠- - - - - - - - - - - - - - - - - - - - - - - - - - -

Africa is NOT a Country And Treating It Like One Could Cost You Millions. Last week I said it, and I’ll say it again: the biggest mistake investors make is thinking Africa is a monolith. This infographic from Afridigest is the perfect explanation for why that mindset is so dangerous. If you are building or investing in Fintech, you are navigating FOUR market archetypes. You cannot copy-paste a winning strategy from Lagos to Nairobi. The infrastructure dictates the product: ➡️ Banking Bastions (South Africa, Morocco): Compete with entrenched banks; products must inspire trust.  ➡️ Mobile Money Mavens (Kenya, Ghana): Telcos are gatekeepers; if you don’t integrate mobile money, you’re invisible.  ➡️ Transformation Titans (Nigeria, Egypt): High-velocity fintech frontiers; startups shape the economy in real-time.  Now, this doesn't mean we should ignore the push for unity. The AfCFTA (African Continental Free Trade Area) is the most ambitious project on the continent. With the rollout of the Digital Trade Protocol and the Pan-African Payment and Settlement System (PAPSS), we are finally building the pipes to connect these 54 markets. The reality: AfCFTA is the goal; Afridigest’s map is the starting line. Bottom Line for 2026: To win in African Fintech today, you need a "Dual-Track" Strategy ✅ Respect the Archetype: Build for the specific infrastructure of the market you are in now. ✅ Prepare for Integration: Ensure your tech stack is ready for the cross-border interoperability that the AfCFTA promises. Capital alone isn’t enough. Context is everything. Don’t wait for a unified Africa to start building, but don’t build so narrowly that you’re trapped when the borders finally open.

The longer I invest, the more I realize that at the earliest stage, you are not investing in a company. You are investing in the founder’s lens. At seed, there is very little proof. What you are really evaluating is how someone interprets the world, what patterns they notice before others, what technical constraints they understand at a level most people haven’t even framed yet, and whether their conviction is grounded in deep insight or simply optimism. In deep tech, timing is everything, and timing rarely rewards consensus. By the time something looks attractive to everyone, the most asymmetric value has already been captured. What we at TDK Ventures look for beyond brilliance is inevitability in thinking. Does this founder understand the physics, the supply chain, the bottlenecks, the economics? Can they articulate why this market will matter at scale even if the signals are still faint? And just as importantly, do they have the stamina to carry that insight through years where validation is gradual and progress is nonlinear? Founder–market fit is about alignment between lived experience and future reality. That is what makes early-stage deep tech so intellectually demanding, and so rewarding. Do not bet on what is obvious. Rather, bet on who understands why it will become obvious. 🎧 Listen to this part of my conversation with Salah Nasri: https://lnkd.in/e3QXceJk