VC React Podcast VC React MENA E62: Noon's $500M Raise & MENA IPO Roadmap, Algeria's Largest Local currency Round!
Dec 22, 2025
Tala Al Jabri, founder of Wyld VC, and Louiza Chitour, co-founder of 10FT Ventures, dive into the dynamic MENA startup scene. They discuss Noon's recent $500M raise and whether it truly qualifies as a startup, given its backing and scale. The guests share insights on competitive pressures in e-commerce, the impact of AI and logistics, and the potential for further IPOs in the region. They also shed light on Algeria's burgeoning tech ecosystem and how innovative startups like Volz are redefining payment solutions.
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Noon Is More Sovereign-Backed Platform Than Typical Startup
- Noon functions more like a sovereign-backed platform than a typical startup due to PIF's 50% stake and deep capital backing.
- Competing with Amazon-scale players requires huge capital and strategic backing from day one.
Mindset, Not Money, Defines A Startup
- Startup status depends on mindset and execution, not just capital, says Tala Al Jabri about Noon.
- Pre-IPO moves should focus on logistics, automation, supplier networks and proving a path to breakeven.
Prioritize Ops And Profitability Pre-IPO
- If leading Noon, prioritize automations, logistics expansion, and supplier growth to win on price and speed.
- Prove a clear route to breakeven before pursuing an IPO narrative.