At the 12th MENA Investor Conference 2025, held last week, the VC Majlis session brought together leading voices to confront one of the region’s biggest scale-up challenges: the Series B funding gap

The conversation was moderated by Basil M., Managing Partner at Key Capital, and featured a powerhouse panel of founders and investors: Mostafa El-Beltagy (Nawy), Julie Barbier (Merit Incentives), Manar Mahmassani (Stake), Eslam Ahmed Hussein (invygo), and Wael Nafee (RAED Ventures).

What emerged was a clear signal: while MENA is producing globally ambitious, often profitable startups, the capital needed to fuel their next stage of growth remains scarce. There are reportedly 20 to 50 times more early-stage funds than growth capital in the region. Founders are being forced into profitability, navigating pulled term sheets, and facing limited conviction from investors—even as they scale into global markets.

The momentum is real. The talent is here. But without a stronger growth-stage capital base, the region risks stalling just as it hits its stride.