Oraseya Capital’s Julien Plouzeau On Why Startup Readiness Matters More Than Funding Labels

Julien Plouzeau is the Senior Partner at Oraseya Capital, the US$136 million venture arm of the Dubai Integrated Economic Zones Authority, which backs founders building regionally and globally scalable businesses that have a strong nexus to the UAE as well as address meaningful pain points faced by individuals or businesses in the wider region.

“We are sector-agnostic by design, because we believe innovation often emerges at the intersection of disciplines,” Plouzeau says. “That said, we tend to back companies with strong technology or platform foundations, and we have a growing portfolio across B2B software-as-a-service (SaaS), fintech, artificial intelligence (AI), edtech, e-commerce, and future-of-work solutions. In 2024, for our first year of operations, we closed 24 investments.”

Oraseya Capital typically invests from the pre-seed to Series B stages—Plouzeau reveals that roughly 80 percent of its fund is allocated to seed through Series B, with typical check sizes ranging from US$500,000 to $3 million. But that’s not all— Plouzeau highlights that Oraseya Capital also makes it a point to engage with entrepreneurs at the very start of their journey through its SANDBOX accelerator program, which is billed as Dubai’s only venture capital (VC)-backed startup investment program. As per Plouzeau, SANDBOX enables Oraseya Capital to support early-stage founders through a structured and founder-centric environment, while also enabling it to run high-quality diligence at scale.

Armed with this vantage point at Oraseya Capital, Plouzeau says that funding stages in the MENA are more fluid than the textbook version you’d see in other ecosystems. Indeed, he notes that founders are typically expected to achieve more from a metric standpoint than in the US or Europe at the same stage.

“That said, we try to anchor our stage thinking around company readiness, not just the label,” Plouzeau adds. “At pre-seed, we look for sharp founder insight, strong technical ability, and early signs of product-market resonance. By seed, there should be some commercial validation, clear go-to-market thinking, and a team that’s evolving beyond the founder. Series A is often about repeatability—proving that growth isn’t just possible, but scalable. And Series B is where it becomes more about the strength of the unit economics, operational robustness, and a credible path to regional or global category leadership.”

But not all growth journeys follow this neat progression. “Of course, some sectors move faster,” Plouzeau says. “In artificial intelligence (AI) or crypto, for example, early signals of traction or defensibility might be technical (model performance, protocol adoption, etc.), rather than traditional revenue metrics. That’s where nuance matters.”

Such variability can also be seen in the way rounds are named in the region, Plouzeau adds. “The traditional funding labels are increasingly blurry,” he admits. “We sometimes meet startups generating over $1 million in revenue raising a seed round, while others are raising a Series A round while figuring out monetization. Ultimately, what matters more than the label is our assessment of the startup’s actual maturity and risk profile. Are we taking product risk? Go-to-market risk? Is the team validating product-market fit, or are they scaling a proven model? Each stage carries a different risk-return expectation, and that’s how we underwrite—based on substance and risk profile.”

Plouzeau also highlights intermediate rounds—think bridge financings, pre-series rounds, or Series extensions—as mechanisms that entrepreneurs in the region can make use of to keep their companies on track.

“Founders often need to stay agile in their fundraising, while working toward key operational milestones,” he explains. “These rounds allow for faster execution, simpler legal processes, and the flexibility to onboard new investors on a rolling basis. Such in-between rounds serve a healthy purpose, aligning capital intake with tangible progress rather than arbitrary timelines. That said, it’s important to approach the next priced equity round with clear intent, both in terms of timing and stage labeling, as it sets expectations for valuation, traction, and future investor appetite.”

Plouzeau stresses, however, that successful fundraising is as much about mindset as it is about mechanics. “Play the long game,” he advises founders. “Don’t optimize for the next round—optimize for building a resilient, valuable business. As long as it’s within a reasonable range (typically 10–20 percent), what matters most is being sufficiently capitalized to have a fighting chance. Getting started is more important than holding onto theoretical ownership. If future investors feel the cap table needs rebalancing, there are mechanisms to address that. Every round should be associated to a key milestone, and a new set of ambitious targets.”

That perspective also extends to how entrepreneurs manage their growth. “Stay close to your metrics—not just financial ones, but also product engagement, customer feedback, retention,” Plouzeau says. “Your ability to run a disciplined, customer-centric company is what will ultimately determine your trajectory.”

In the same spirit, Plouzeau advises founders to think strategically about their employee stock ownership plan (ESOP). “A clear, well-structured ESOP becomes especially important at later stages—not just to attract talent, but to keep your team aligned, motivated, and rewarded for long-term success,” he explains. “Don’t treat it as an afterthought—think about it early, and design it intentionally.”

All of this leads to what Plouzeau sees as the ultimate differentiator for founders today—and that is being authentic to themselves. “Your journey, your insight, your team—these are your moat,” he declares. “The best founders we’ve backed didn’t chase trends—they obsessed over a problem they understood deeply, and built something meaningful. Everything else followed.”

Fundraising Fumbles: Julien Plouzeau On What Not To Do When Chasing Capital

“One of the most common fundraising mistakes is failing to clearly articulate why you, why now. Investors need to quickly understand what makes you uniquely positioned to solve this particular problem—your insight, your edge, and your timing. Too often, founders focus on the product or vision, but overlook the sharp narrative around founder–market fit, and why this problem matters deeply today—and even more so tomorrow.

Another recurring pitfall is underestimating the value of transparency. A robust, well-organized data room and a willingness to openly share challenges—not just achievements—build trust. At Oraseya Capital, we particularly enjoy partnering with founders who demonstrate candor. We value founders who are brutally honest about their offering, and who don’t underestimate their competitors.

And finally, not starting early enough. Fundraising is most effective when it’s the continuation of a relationship, not the beginning of one. The strongest rounds we see are led by founders who’ve built investor conviction over time—by sharing progress, being responsive, and engaging long before they need capital.”

Pictured in the lead image is Julien Plouzeau, Senior Partner at Oraseya Capital. Courtesy of Oraseya Capital.

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