Mintiply Capital, Fuel Venture Capital To Back UAE Startups

Mintiply Capital, a UAE-based advisory and investment banking firm specializing in mergers and acquisitions (M&As) and alternative investments, has joined forces with the US-based Fuel Venture Capital to expand startup investments in the GCC.

The firms will collaborate through a special purpose vehicle (SPV) to target startups across the GCC region, with a focus on the UAE. The partnership aims to support early-stage companies and contribute to the country’s entrepreneurial ecosystem by providing funding, mentorship, and strategic guidance to local startups.  

Fuel Venture Capital brings the vast experience of founding partner and managing director Jeff Ransdell, a former senior executive at Merrill Lynch’s global wealth group. Meanwhile, Mintiply Capital brings the market acumen of Hasnae Taleb, managing partner at Mintiply Capital, who was previously recognized as a “Shewolf of Nasdaq” by Nasdaq Inc., and who has a proven track record in equities and capital markets managing significant portfolios of $660 million. 

In an interview with Inc. Arabia, Taleb told us that the partnership’s newest vintage fund is US$300 million, with $45 million being allocated to early-stage startups in the GCC. Taleb added that the two firms will combine local expertise and a global investment strategy to focus on making meaningful investments in the creative economy and outlined key differentiators that set them apart from other venture capital (VC) players.  

“Mintiply Capital brings established local knowledge and a track record of serving regional investors," Taleb explained. "As a trusted advisory and investment firm with a team track record of $3.8 billion assets under management, they offer a strong foundation of credibility within the UAE and GCC.”

Taleb also highlighted the partnership’s global investment mandate, which helps mitigate risk and capitalize on diverse opportunities. “Many traditional venture capital firms primarily focus on Silicon Valley, often neglecting the significant potential within the UAE, GCC, and other emerging markets like Europe, Asia, and Latin America," Taleb noted. "The partnership actively seeks out and invests in promising ventures within these underserved regions. The partnership recognizes that technology transcends geographical limitations. They actively finance and support promising founders in the GCC and other regions, eliminating the perceived necessity for relocation to traditional tech hubs like Northern California.” 

Photo: Hasnae Taleb, managing partner at Mintiply Capital (L), and Jeff Ransdell, founding partner at Fuel Venture Capital (R). Courtesy of Mintiply Capital.

This focus on global markets, she pointed out, also allows Mintiply Capital and Fuel Venture Capital to leverage the nimbleness of startups from across the Global South. “Startups outside the West Coast of the United States tend to be stronger companies led by more experienced founders," she explained. "Our founders are not privileged with an abundance of capital from firms in their backyards. Our founders have to run companies focused on a balance of growth and profitability. Our partnership prefers this as it aligns more with what our investors expect from us."

The partnership thus aims to allocate funds across diverse geographies, with 40 percent going to US-based startups and 15 percent going to each of the GCC, Latin America, Europe, and Asia. In terms of financing stages, 18 percent will go to Series Seed, 49 percent to Series A, 26 percent to Series B, and 7 percent to Series C+. 

Another key differentiator of the partnership between Mintiply Capital and Fuel Venture Capital, Taleb told us, is the two firms’ active management models, which focus on driving returns through involvement in portfolio companies rather than passive asset holding. “Unlike traditional VC aggregators primarily focused on asset accumulation and potentially lower returns, the partnership operates as an active global management team specializing in the creative economy," she said. "This hands-on approach aims to drive significantly higher returns (3X to 5X multiple on invested capital) by actively managing portfolio companies rather than passively holding assets.”

This approach also results in much stronger investor-founder relationships, she told us. “We have much stronger relationships with our founders because our partnership is far more involved than traditional VC firms. Again, this brings down the risk factors.” 

In addition to driving down risk, Taleb told us that this creates a foundation for more meaningful collaboration between founders and investors, stressing that, “Without the investor, the creative world never gets off the ground.” This is the reason for the partnership’s mantra: founder-focused, investor-driven. "The two must be present and alive at the exact same time for our world to improve,” said Taleb. 

The team’s diverse background also plays a pivotal role in shaping their approach. “The partnership's team comprises seasoned professionals with diverse backgrounds, " Taleb said. "This unique blend of experience brings a fresh perspective to venture capital. Beyond just capital, the partnership offers crucial guidance, mentorship, and connections to support the growth and scaling of startups within the GCC ecosystem. This active involvement is critical for navigating the complexities of the global market."  

One of the key benefits that Taleb noted about the partnership between Mintiply Capital and Fuel Venture Capital is its ability to facilitate global exits for GCC startups. “The partnership leverages its extensive two decades of Wall Street relationships to provide a clear pathway for GCC-based startups to achieve successful exits on major global capital markets like the New York Stock Exchange or Nasdaq. This addresses a significant challenge for regional startups seeking international scale and liquidity.” 

The partnership is set to focus on key vertical markets, including fintech, enterprise software-as-a-service (SaaS), consumer tech, and sports and entertainment. In fintech, the partnership will focus on investing in platforms that unify financial products and empower both consumers and businesses. In enterprise SaaS, it will target scalable, end-to-end, data-driven solutions, with priority going to companies leveraging network effects and innovative business models to enhance enterprise ecosystems.  

As for consumer tech, Taleb told us that the evolution of consumer marketplaces is redefining e-commerce and offering the opportunity for significant growth, in spite of scaling challenges. "With advancements in payments, logistics, and globalization stretching supply chains, we believe the next generation of unicorn marketplaces will emerge over the next 5-10 years,” she said.  

The partnership will also target sports and entertainment as an area driving consumer spending, with a focus on companies “that enhance fan experiences, offer new forms of entertainment, and adopt data-driven approaches to performance and training,” Taleb noted.  

Common among all these sectors, she told us, is investing in businesses that are solving essential problems. “Founders must have a business that has a strong mote of technology that is hard to duplicate and is solving a problem the masses need to have fixed," she said. "Strong founders are willing to work relentlessly to see their disruptive company succeed." 

Taleb also highlighted the critical role that artificial intelligence (AI) is playing across industries. “We are already funding leading AI-driven ventures in key sectors: healthcare, fintech remittance, and legal technology. We believe AI will be a foundational force in shaping the future of these industries and driving transformative business outcomes across the region,” she explained. 

Looking ahead to 2025, Taleb anticipates that several trends will shape the region’s startup ecosystem. “We expect the GCC startup ecosystem to be influenced by trends such as AI-powered automation, sustainable technology solutions, and the growing adoption of Web3 and blockchain,” she noted. Globally, Taleb told us that “themes like decentralized finance, generative AI, and healthtech innovation will continue to attract capital. Our partnership is designed to position regional founders at the forefront of these global shifts, fostering scalable solutions that bridge regional opportunities with international markets.”