Nuwa Capital Research
Investment Thesis
Nuwa Capital is a Dubai- and Riyadh-based venture capital platform founded in 2020 by Khaled Talhouni (former Managing Partner at Wamda Capital), Sarah Abu Risheh, and Stephanie Nour Prince. The firm describes itself as "a radical investment platform reshaping the relationship between founders and capital." Its central thesis is that founders, not the fund, are the core stakeholder: Nuwa places heavy emphasis on being founder-led, transparent, and engaged, and it has built the "Nuwa Network" of accomplished regional entrepreneurs and Operating Partners who mentor and support portfolio founders on product, growth, recruitment, fundraising, and legal matters. Nuwa also runs "Vc-IN-Training," a quarterly six-week program (launched Summer 2021) that trains individuals in the region to identify and vet MENA tech investment opportunities.
Sector Focus
Nuwa is a broad early-stage generalist across MENA, Turkey, and Pakistan, with the heaviest concentration in fintech and payments (Mala, ClearGrid, Muwazana, Edfa Pay, Qashio, Erad, Raqamyah, MoneyHash, Baraka, Flexxpay, Zest Equity). Other clusters include e-commerce and retail/marketplace platforms (Gowit, Eyewa, Homzmart, Sharwa, Speero, BOI), enterprise SaaS and AI-enabled software (Tapper, Mantas, Usersdot, Huudle, Nomo, KeepConverting AI, Nafes), food and beverage/foodtech (Bundle Kitchen, Butterfly Foods, The Food Lab, Calo), healthtech (Mascotte Health, Tuhoon, Valeo), agtech (Aydi, Tazah), autotech/mobility (Sylndr, Seez), and proptech (Silkhaus).
Stage Focus
Nuwa invests primarily at pre-seed and seed, with selective participation in pre-Series A, Series A, and growth-stage follow-ons for standout portfolio companies (labeled "Growth" on their site: Calo, Seez, Flexxpay, Eyewa, Homzmart). The firm's original NVF I vehicle was structured as a $100M pre-seed/seed fund; a second $100M early-stage fund and a deal-by-deal growth vehicle followed.
Check Size
Publicly documented rounds show typical initial checks in the roughly $500K-$3M range for pre-seed/seed (e.g., a $1.2M pre-seed lead in Mascotte Health, a $2.4M pre-seed in Erad, a $3M seed in Valeo), with the firm co-leading or participating in larger rounds ($10M-$15M+) at Series A and growth stage, and occasional strategic/growth checks such as the November 2025 GoWit round.
Lead Tendency
Mixed: Nuwa has led rounds outright (Mascotte Health pre-seed, GoWit strategic round), co-led alongside other funds (Aydi's $7.5M seed with COTU Ventures and Daltex; Eyewa's pre-Series B bridge), and also participated as a syndicate member in larger rounds led by others.
Recent Activity
Nuwa remains actively deploying. Recent disclosed moves include: leading a strategic investment in Gowit (AI-powered retail media platform) in November 2025 to fund EMEA expansion; co-leading Aydi's $7.5M seed round (with COTU Ventures and Daltex) in September/October 2025 for its AI-powered agricultural workforce platform; backing ClearGrid's $10M stealth-exit round in March 2025 for its AI debt-resolution platform; and investing in Mala, Saudi Arabia's first B2B "Buy Now, Pay Later" platform, disclosed in December 2024. In February 2025, portfolio company Seez (automotive SaaS) was acquired by UK-listed Pinewood Technologies Group for $42M, marking one of Nuwa's headline exits.
Portfolio Highlights
Portfolio spans over 35 companies across the UAE, Saudi Arabia, Egypt, Turkey, Bahrain, and beyond. Notable names include Seez (exited to Pinewood Technologies, 2025), ClearGrid, Mala, Gowit, Calo, Baraka, Homzmart, Eyewa, MoneyHash, Qashio, and Sylndr. Eyewa was Nuwa's first-ever investment (a co-led $2.5M pre-Series B bridge round in 2020).
Team
- Khaled Talhouni, Managing Partner: co-founder; previously Managing Partner at Wamda Capital
- Sarah Abu Risheh, Partner, Investments: co-founder; leads the investment team
- Stephanie Nour Prince, Partner, Network and Operations: co-founder; leads the Nuwa Network and operating-partner program
- Nitin Reen, Partner: joined post-founding to expand the investment team
- Arnav Danthi, Principal: active on deal sourcing and portfolio support (e.g., ClearGrid)
Decision Process
Nuwa operates as a partnership with a small core investment team (Managing Partner plus dedicated Partners for Investments and for Network/Operations, supported by Principals), rather than a solo-GP or large-committee structure.
Founder Preferences
Nuwa's public messaging emphasizes backing founder-led businesses and founders who "drive rapid transformation" in their category, with a preference for technical and operationally strong teams building in fintech, commerce, SaaS, and consumer/food infrastructure across the MENA, Turkey, and Pakistan corridor.
Geographic Focus
Primary geography is the GCC (UAE, Saudi Arabia, Bahrain), with meaningful additional coverage of Egypt, Turkey, and Pakistan. The firm is headquartered in Dubai (DIFC-regulated by the DFSA) with an additional office presence in Riyadh and Cairo.