MAGNiTT Recap - Careem's acquisition of Roundmenu
Posted 3 years ago - 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.