Execution, Optics, And Outliers: How Plus VC’s Hasan Haider Defines The MENA Venture Playbook

Hasan Haider is the founder and Managing Partner of Plus VC, a UAE-based early-stage venture capital (VC) firm investing in tech and tech-enabled startups across the MENA region and its diaspora. According to Haider, Plus VC is “largely industry-agnostic,” and its investment thesis is centered on finding teams and founders that have a bias towards execution.

“We like investing in things that are different, and that might even sound a bit crazy the first time you hear about them,” Haider says. “These are the kind of startups we believe are the non-obvious outliers, and where the real returns in VC come from. At Plus VC, we believe the MENA region is full of untapped talent and opportunity, and we’re committed to playing a leading role in shaping its startup ecosystem.”

While Plus VC typically writes its first checks at the pre-seed to seed level, Haider notes that funding today is increasingly fluid, with round names not always matching business realities. “The naming of a round is typically not something that is set in stone,” he points out. “We’ve seen startups that are generating millions of dollars in revenues announce seed rounds, and others that have very little traction announce a Series B. Generally, in the MENA, startups are generating more revenues and have real business models prior to raising a round; so, the stage of the startup is a bit more advanced than in Silicon Valley, for instance. A Series A startup in the MENA is generally generating over US$1 million in revenues, whereas a Series A startup in Silicon Valley may not be even monetizing yet.”

According to Haider, this fluidity is driven by differing levels of market maturity, investor appetite, and founder experience across the region. “A seed round in one market may look like Series A in another,” he says. “Labels often reflect fundraising optics more than strict milestones.” To illustrate, Haider offers a breakdown of how Plus VC views the stages across the region, starting with pre-seed funding, which, he explains, is typically used to validate the startup idea, and build an initial minimum viable product (MVP). “At this stage, startups usually have a small founding team, a clear concept, and may be working on an early version of the product,” Haider says. “Funding rounds range from $50,000 to $1 million, and the capital usually comes from angel investors, accelerators, or early-stage VCs like Plus VC.”

Seed funding comes next, with Haider noting that this is typically used to support product development, acquire early users, and test go-to-market strategies. “Startups at this stage typically have a live MVP, initial traction, and have started generating early revenue, or showing strong user engagement,” he explains. “Funding amounts generally range from $500,000 to $2 million, and investors include early-stage VCs and strategic angel investors.”

From here, startups move on to the Series A stage, which, Haider says, is aimed at helping them scale operations, grow their team, and expand their customer base. “By this stage, the company has typically achieved product-market fit, with recurring revenue, and early signs of a scalable customer acquisition model,” Haider adds. “Funding amounts usually range from $2 million to $10 million, and the round is led by institutional and regional venture capital firms.”

By the time startups reach Series B and beyond (often labeled as Series B+), Haider says that the conversation shifts from proving the model to pushing for dominance. “Startups at this stage have shown strong traction, solid unit economics, and a well-functioning operational structure,” he explains. “Funding rounds typically exceed $20 million and are led by growth-stage VCs and sometimes family offices. These rounds are designed to support aggressive growth, consolidate market position, and pave the way for potential exits or further strategic investment.”

Looking at the fundraising journey as a whole, though, Haider suggests that it’s imperative for founders to be deliberate about their approach at every stage. “This is one of the reasons it’s helpful to have a founding team,” he adds. “I would usually recommend one of the team members work full time on fundraising, while the other(s) focus on continuing to grow and build out the business, so that you don’t lose momentum. Also, it’s good to have a clear understanding of where your startup needs to be, and what it would look like for each round you need to raise. Plan at least one round in advance to make sure you are hitting the metrics to make your next round easier to raise. Make sure you understand what the market looks like, for how much you need to raise, versus the stage and the valuation you are at.”

Ultimately, all fundraising roads lead to the question of exits, and from Haider’s perspective, expectations in the MENA have changed significantly on this front. “If you had asked me 10 years ago if our endgame and exit path would be an initial public offering (IPO) for tech startups in the region, I would have been very strongly suggesting it was a far-off dream,” Haider says. “Fast forward to today, with the successful listing of KSA-based Jahez, and many others after that, the IPO market for startups, particularly in the Saudi market, is a very active and viable exit path.”

Fundraising Fumbles: Hasan Haider On What Not To Do When Chasing Capital

"There are so many mistakes startups make; I’m not sure where to start! But here are a few to be aware of:

Not planning far enough in advance. An exercise I like to go through with startups when we invest is to say, ‘Okay, with this funding, how long will you last, and what will the company look like when you need to fundraise again?’ Most of the time, the targets they have set for themselves would not result in a good round taking place, causing them to rethink how to get to metrics that make sense for the next round of investors.

Not planning enough time for the raise. Raising a round in the current environment would take a minimum of three months, maybe even six months to pull a larger round together. There are always exceptions, but this is the kind of timeline you need to take into account when fundraising.

Forgetting the holidays. I’ve seen many startups aim to start their fundraising just before the summer or holiday breaks. In our industry, a lot of decision makers are unfortunately out of the region during the hottest months of the year; so, you need to time your raise well.

Talking to the wrong investors. I’ve had requests from pre-seed founders looking to talk to funds that focus on late-stage deals. It’s not the best use of time right now, although it might be useful for the future. Focus your efforts on investors that are interested in your stage, invested in your region, and have an affinity for your sector even—although that is a bit early to judge in the MENA.

Not raising enough. I’ve seen this many times and even wrote a blog post about how you should take any real, reasonable, and realistic funding offered to you, even if it’s an extra few percentage points in dilution.

Setting the valuation too high. You can’t price yourself as if you’re in Silicon Valley when you are in the MENA region. The exit exceptions don’t have the same high-water mark in our market.

Not keeping their existing investors up to date. Your biggest cheerleaders are the investors that have already invested in you. You should be keeping them updated at least quarterly with how the company is growing, if not a quick monthly update, so that they have you top of mind, and they can talk about your progress with any other investors they meet. It’s also useful to put investors you met that passed on a similar updates email list—you never know when your metrics and progress turn that no into a yes."

Pictured in the lead image is Hasan Haider, founder and Managing Partner of Plus VC. Courtesy of Plus VC.

This article first appeared in the September 2025 issue of Inc. Arabia. To read the full issue online, click here.