EPISODE · Apr 28, 2026 · 58 MIN
$212M Gone. Inside the Nana collapse with a Gulf VC
from with Loulou · host Loulou Khazen, Khaled Talhouni
A Saudi quick-commerce startup raised $212 million and just collapsed. MENA VC funding fell 37% year-over-year. Late-stage debt is frozen. Khaled Talhouni — Managing Partner of Nuwa Capital, one of the most active GCC funds with 53 portfolio companies across Saudi, the UAE, and Egypt joins With Loulou to break down what's actually happening in the regional venture market right now. Recorded in Dubai, April 22, 2026. Chapters: 00:00 The state of MENA VC right now 02:35 What's actually happening in the Gulf 06:55 53 portfolio companies through the war 12:45 The Q1 numbers: $941M, -37% YoY, and the late-stage freeze 18:20 How to deploy capital when nothing is priced 24:35 The case for investing during downturns 28:05 IPOs, secondaries, and where MENA exits actually happen 33:20 Why Nana burned $212M (the dark store math) 47:30 The "Accenture for AI" thesis 54:20 Rapid fire: 2026's biggest MENA exit, deals he regrets, the underrated sector 57:15 What he'd do differently Khaled Talhouni: https://www.linkedin.com/in/khaledtalhouni/ Nuwa Capital: https://www.nuwacapital.io Follow Loulou: Instagram: /louloukhazen LinkedIn: /louloukhazen X (Twitter): /louloukhazen Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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What this episode covers
Khaled Talhouni of Nuwa Capital joins Loulou Khazen to unpack how geopolitical uncertainty is shaping startups, capital, and investor sentiment across MENA. They discuss what 53 portfolio companies saw through the conflict, the slowdown in funding, the Nana collapse, AI opportunities, and where liquidity may emerge next. It’s a grounded conversation on venture risk, resilience, and what founders and investors should be watching now.
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$212M Gone. Inside the Nana collapse with a Gulf VC
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