We back the founders
digitizing what came
before software.
Regulated markets. Fragmented distribution. Offline incumbents. Where paperwork became platforms — and category leaders were made. We invest in the growth-stage companies rewriting the Gulf's real economy.
Our Thesis
The next decade of Gulf wealth won't be built in oil or real estate. It will be built by the founders who digitize the fragmented, regulated, offline markets that touch every citizen — and by the capital that recognizes them early.
The Opportunity
A regional economy
at an inflection.
Saudi Arabia and the UAE are digitizing every regulated market at once — insurance, healthcare, education, real estate, government services. The result is a generational window for category creators. And a rare set of companies compounding at rates unseen since the internet's first wave.
Median Age in the Gulf
32years
A young, digitally-native population reshaping demand across every consumer and financial category.
Smartphone Penetration, KSA
97%
Near-universal mobile access enabling regulated-market digitization at a pace unseen in mature economies.
MENA VC Deployment, 2024
$3.2Billion
A step-change from a decade ago — with Saudi Arabia now the region's largest funding source. ↑ 4.7× vs 2019
The Framework
Not every tech company.
Three specific patterns.
We're a focused firm, not a generalist one. The businesses we back share a repeatable set of structural conditions — the same conditions that turned Rasan from a startup into a $3 billion category leader.
Regulated markets going digital.
Insurance. Healthcare. Real estate. Financial services. Government adjacency. Markets where compliance is a moat, distribution is broken, and the first digital-native platform captures durable, category-defining share.
Aggregators that become the market.
Two-sided platforms that begin as comparison layers and evolve into the primary transaction rail. They win by making legacy incumbents' distribution obsolete — then extending upstream into data, pricing intelligence, and financial products.
Capital-light compounders.
Businesses with software-industry margins, near-zero incremental cost per customer, and the operating leverage to grow revenue faster than headcount. Debt-free balance sheets. 40%+ EBITDA margins at scale. Public-market-ready.
The Flagship
Rasan.
The company that proved the thesis.
In 2016, buying an insurance policy in Saudi Arabia required a branch visit and took two days. Rasan built a marketplace — Tameeni — that collapsed the process into two minutes and made pricing transparent for the first time in the Kingdom's history.
What began as a comparison platform became a diversified fintech ecosystem: motor and health insurance distribution, embedded leasing insurance for banks, salvage-vehicle auctions, workshop networks, and pricing-intelligence platforms for insurers themselves.
In June 2024, Rasan listed on the Saudi Exchange in an IPO oversubscribed 129 times. Two years later, it stands as one of the region's most successful tech listings and a $3 billion category leader — with the balance sheet, margins, and market position of a business that will compound for another decade.
$3B+
Market Capitalization
↑ 3× IPO valuation
129×
IPO Oversubscription
Tadawul 2024
+82%
Revenue Growth, 2025
44% EBITDA margin
15×
Revenue, 2020 → 2025
CAGR 72%
that started it all Tameeni.
Saudi Arabia's first — and now largest — digital insurance platform.
Tameeni is the flagship consumer product inside Rasan's ecosystem: the aggregator that connects approximately 15 million customers with 23+ insurance carriers. It transformed a two-day, paper-and-branch process into a two-minute transaction, and quietly became the primary distribution rail for the Kingdom's insurance industry.
The pattern is the model: begin as a comparison layer, earn consumer trust, extend into adjacent categories, and eventually own the transaction stack. Tameeni now spans motor, health, home, travel, and savings insurance.
How We Partner
Capital is table stakes.
Everything after matters.
We're structured to be useful to founders long after the wire clears. Four commitments — each specific, each measurable, each anchored in what actually shifts the trajectory of a growth-stage company.
01 Regulatory Fluency
Deep working relationships across SAMA, CMA, ZATCA, the SFDA and their UAE counterparts. Regulated markets are our lane; navigating them is not learned on the fly.
- Insurance authority engagement
- Central bank licensing pathways
- Data protection & residency
02 Distribution Access
Warm introductions to the banks, insurers, telcos, family offices, and government adjacencies that turn a product into a category. What took Rasan five years can take a portfolio company two.
- Top-10 Gulf bank relationships
- Insurance carrier network
- Family office & conglomerate access
03 Public-Market Readiness
We've been through the IPO. Governance, board structure, auditor selection, roadshow choreography, analyst relations — the machinery of a Tadawul or ADX listing is a solved problem, not a first attempt.
- Tadawul & ADX IPO playbook
- Financial reporting infrastructure
- Bank & advisor introductions
04 Patient Alignment
We hold. Rasan compounded for eight years before it became a $3 billion company. Our capital is structured for that horizon — no forced exits, no return-cycle theatre.
- 10+ year hold horizons
- No forced liquidity events
- Founder-friendly governance
Perspectives
Field notes.
We publish rarely and specifically — sector letters and working papers on the Gulf's regulated-market digitization.
The Rasan Template: A Playbook for Digitizing Regulated Gulf Markets
What made Rasan work — and where the same conditions exist today across Saudi healthcare, education, real estate, and government-adjacent categories. A working thesis on the next ten $1B+ companies.
The Aggregator's Second Act
How comparison layers evolve into transaction rails, and eventually into full financial-services stacks.
Vision 2030's Second Half: Where Growth Capital Fits
Notes on the shifting composition of Saudi capital markets and the emerging role of independent growth funds.
Presence
Three cities.
One market.
The Gulf's capital, regulatory, and consumer centers of gravity — where our founders build, our co-investors decide, and our companies list.
46.68°E
54.37°E
55.27°E
Get in Touch
Building the next
category leader?
We meet with founders working on regulated-market digitization across the Gulf. Warm intros welcome; direct outreach welcomed too.
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