MAGNiTT News 2 years ago - Mon, Feb 19, 2018, 9:43 AM
With the announcement of Careem's acquisition of RoundMenu, we wanted to share why we believe this to be a positive sign for the ecosystem in the region.
Victory for all startups: as it provides light at the end of the tunnel for all founders that look to grow their startups and create their own success stories.
Victory for regional VCs: As noted in our Exit report last year, there had been only 6 or 7 exits from regionally backed VC startups. Multiple MENA investors, such as MEVP and BECO Capital invested in RoundMenu, which provides great news for the funds, their LPs and teir teams.
It takes time to succeed: This example reiterates the fact that we need to be patient. In our Exit report we also showed that it takes an average of 7 years for MENA startups to exit and 60% of the top 200 funded startups were founded between 2012 and 2015, including RoundMenu.
With time and maturity of the ecosystem, we will continue to see more success stories emerge.