$212M Gone. Inside the Nana collapse with a Gulf VC
· 58 min · Episode 98
Episode $212M Gone. Inside the Nana collapse with a Gulf VC
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
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