Saudi Arabia-Based Wealthtech Vennre Bags US$9.6 Million In Pre-Series A Round

Saudi Arabia-based wealthtech platform Vennre has closed a US$9.6 million pre-Series A funding round through a hybrid equity and debt structure as it sharpens its focus on expanding access to private market investments for high-income retail investors across the region. 

The round was co-led by Riyadh-based venture capital firm Vision Ventures and the Saudi Arabia-based anb Capital's seed fund, with participation from KSA-based Sanabil 500, Switzerland-based ACE & Company, Abu Dhabi-based Plus VC, alongside a group of strategic individual investors drawn from the private banking, technology, and entrepreneurship sectors. 

Founded by Ziad Mabsout, Anas Halabi, and Abdulrahman AlMalik in KSA in 2021, Vennre targets "high earners, not rich yet" investors (aka HENRYs), offering Shariah-compliant access to private market investment opportunities. Today, the company is regulated by Saudi Arabia's Capital Market Authority and the UK's Financial Conduct Authority, and has offices in Riyadh and London. 

Vennre plans to deploy the new capital to expand its client base, introduce additional platform features, and deepen its presence in Saudi Arabia, aligning its trajectory with broader financial sector reforms under the Kingdom's Vision 2030. In addition to the new investment, the company also announced two operational milestones, including the appointment of Dr. Ibrahim AlMojel as Chairman of its Saudi board, and the platform's transactional value surpassing $40 million. 

Speaking with Inc. Arabia, Mabsout, co-founder and CEO, Vennre, reflected on the motivation behind building the platform, pointing to the founders' exposure to longstanding inefficiencies in the region's wealth ecosystem. “Vennre was founded after we experienced a common frustration shared by many high-earning professionals: being locked out of curated, Sharia-compliant private market opportunities that are typically reserved for ultra-wealthy individuals and institutions," he said. "We built Vennre to close that access gap for HENRYs, professionals with strong income and ambition to build long-term wealth, but without the structures, access, or tools traditionally needed to participate in private markets... We offer an investor-first digital experience that combines curated private market opportunities with a guided, education-led wealth journey, designed to help eligible investors make more informed, long-term decisions.” 

The new investment thus signals alignment between Vennre’s operating model and investor expectations. According to Mabsout, the financing structure was closely tied to how the company is building its business. “Investor confidence came down to structure and fundamentals," he explained. "On structure, the equity and debt mix is designed to match how we are building the business. Equity supports long-term platform value creation, including product, trust, and expansion. Debt is structured to support scalable execution where we already see repeatable demand and predictable performance outcomes.” 

Additionally, Mabsout pointed to the company’s track record as a key factor in demonstrating to investors that the HENRY segment can be activated at scale when the model, execution, and engagement are aligned. “On fundamentals, the HENRY segment is not new, it is historically underserved," he said. "What mattered most was proving that HENRYs will engage seriously when the experience is built for them: clear eligibility, a trusted process, institutional-grade standards, and transparent communications. Proof points that mattered most included close to SAR150 million ($40 million) in facilitated transactions to date, repeat participation across opportunities, and disciplined deal selection with clear risk framing and stronger investor communications. We have also built investor communities through in-person events, creating a trust layer that supports conversion and retention over time.” 

These dynamics, Mabsout noted, are unfolding against a broader shift in how wealth is being managed across the region. Indeed, Mabsout pointed to a combination of market forces reshaping investor behavior. “Over the past two years, demand has accelerated, because the region’s wealth landscape is evolving quickly," he said. "High-income individuals are increasingly looking beyond traditional banking and basic market products, and want access to differentiated return drivers. Private markets have become more understandable and more relevant as institutional participation and investor education in the region has grown.” 

However, Mabsout cautioned that growth in this space hinges on more than access alone. “What the industry still underestimates is that private markets at the retail level are not only a distribution challenge, they are a trust and experience challenge," he said. "Education, reporting, post-investment communications, and operational clarity are core product features. If you get those wrong, growth becomes expensive and fragile.” 

This perspective also informs how Vennre evaluates opportunities beyond its home market. While Saudi Arabia remains central to its strategy, expansion decisions are guided by a defined set of readiness indicators. “We stay disciplined on expansion," Mabsout said. "The signals we look for are not just that wealth exists, but whether the ecosystem can support retail participation responsibly. Key readiness signals include regulatory clarity and enforceable investor protection frameworks, a large and identifiable HENRY segment with clear financial capacity, strong trust infrastructure such as reliable know your customer and anti-money laundering workflows and payment rails, and consistent behavioural evidence in repeat engagement rather than curiosity alone. We also look for the ability to operate locally through partnerships and talent, so the investor experience remains high quality.” 

Reflecting on how he has built Vennre, Mabsout shared advice for founders building fintech and private market platforms today. “Build trust before growth," Mabsout said. "In this category, compliance, disclosure, reporting, and operational excellence are core product features. Earn the right to scale by proving repeatable behavior in one market and one segment before expanding. Do not confuse demand creation with demand capture. Start with audiences already inclined to act, and build education funnels to expand the base over time.” 

Mabsout also highlighted that the real test of any platform comes after capital is deployed. “Treat investor communications as a first-class product, because post-investment experience determines retention and word of mouth," he said. "Stay disciplined on standards. The fastest way to damage a platform like this is to chase short-term growth at the expense of suitability and transparency."

Pictured in the lead image is Vennre co-founder and CEO Ziad Mabsout. Image courtesy Vennre.