VC Associate @ MEVP
May 2018 - August 2018-
MEVP is a Middle East-focused venture capital firm that invests in the Middle East region with a focus on the GCC and Levant markets. With offices in Beirut, Dubai, Bahrain and Riyadh and more than USD 260 million in Assets Under Management, MEVP is the largest and most established VC firm in the region, with clear cross border investment appetite.
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As a VC Associate at MEVP, I worked closely with our partners to source and invest in early-stage startups. This included but was not limited to the following:
› Meeting with entrepreneurs and investors from MENA, Turkey, and India
› Assembling investment memos and powerpoints for the General Partners
› Auditing our existing portfolio and assisting CEOs with growth initiatives
› Analyzing political and economic events to determine internnal discount rates
› Working with the CEO to establish hurdle rates for a new $250 million fund
› Determining which startups should advance in MEVP’s investment funnel
› Assisting Limited Partners during quarterly investment meetings
Selected Projects
Startup Sourcing
Startup Sourcing
In early 2018, Munchery was acquired by Giant Eagle, the 8th largest private grocer in the United States. During the acquisition period, I completed a 4 month venture capital externship in Beirut at Middle East Venture Partners. MEVP was in the process of completing the allocation of its second fund and raising a new $250M fund. I was responsible for deal sourcing and analysis across multiple geographies including the Middle East, North Africa, Turkey, & India. My focus was on consumer businesses in the marketplace, mobility, and last-mile delivery space.
Lead Generation
Although many leads were generated through MEVP’s network and referrals, others were sourced via email, LinkedIn, and other methods of direct outreach. Regional deal flow was conducted virtually while many local players came to the MEVP office to pitch and discuss. I was in charge of following up with startups, coordinating with founders, assessing funding needs, and moving companies through the MEVP funnel. Given that this was my first foray into emerging markets venture capital, it was eye-opening to see how many local players were repurposing existing business models to suit their local populations. Many players such as Anghami, Careem, & Souk figured out that building a successful company in the MENA+ region necessitated a deep understanding of the local psyche. Copy-Pasting an existing American business model was not enough to generate traction in local markets. Instead, success was predicated upon knowledge of the local population’s language, user behavior, consumption patterns, socio-economic structure, political system, and religious beliefs.
Analysis
I was responsible for the initial layer of quantitative and qualitative analyses before the Managing Partners got involved in the process. This involved speaking with the founder and leadership team, conducting market research, reviewing cohort and acquisition metrics, calculating growth trajectory, reviewing cap table, determining the competitive landscape, auditing the product and technical stack, evaluating the regulatory environment, and more. Once an initial investment memo was put together, I would then present the most attractive companies to the MEVP leadership team, who would ultimately schedule a follow-up call with the founder and decide how to proceed. My initial work experience at Munchery provided me with the foundation to properly assess regional startups and understand potential roadblocks in relation to team, product, and market.