UAE-Based FAST Ventures Rolls Out US$3 Million Venture Studio To Support MENA Startups

UAE-based FAST Ventures has introduced FAST Foundry, a US$3 million venture studio designed to help early-stage founders across the MENA turn promising ideas into sustainable businesses.

FAST Ventures, a venture capital and marketing holding company that was founded by Waseem Afzal in the UAE in 2023, views the studio as a practical bridge between early product development and the path toward repeatable growth. The studio will direct its investment efforts toward startups building adtech, retail, creator, artificial intelligence (AI), and marketing products with the capacity to scale internationally.

FAST Foundry’s $3 million fund is thus dedicated to early-stage, product-led companies across Saudi Arabia and the wider MENA region. Through this pool, FAST Foundry plans to invest up to $100,000 in each startup that fits within its priority sectors and aligns with its growth-focused approach.  

In an interview with Inc. Arabia, Afzal, who is also the CEO of FAST Ventures, said that FAST Foundry aims to bridge the region’s early-stage bottlenecks, which are becoming increasingly evident. “Over the past few years, we have seen a lot of talent and ambition in the region, together with a strong flow of capital," he said. "Many early-stage companies have a working product, yet struggle to build repeatable demand, clear measurement, and a growth engine that is grounded in real customers. That gap between product and sustainable growth is where a lot of value is currently lost, and it is a major reason startups fail.” 

Here, Afzal points to data showing that about 90 percent of MENA startups shut down within their first few years, with many struggling to generate consistent demand despite having a functioning product. With that in mind, Afzal explained how FAST Foundry fits into the broader landscape, stepping in to support founders when they need it the most, which is typically after validation but before scalability.

“Each part of the ecosystem plays a role," Afzal explained. "Incubators tend to focus on ideas and early validation. Accelerators provide time-bound programs, mentors, and a small amount of capital to help founders get ready for the next stage. Venture capital funds back companies that already show traction and are ready to scale. Venture studios sit in the middle of this journey. They work with teams that have the spark of a product or early market fit, then help turn that into a real business by co-building and co-owning more of the execution. Where many accelerators, incubators, and investors provide capital, frameworks, and mentoring, they still expect the founder to go away and ‘make growth happen.’ Growth is usually the hardest part of the journey, and it is where most businesses struggle.” 

FAST Foundry was thus built to bridge that gap, with it drawing on the infrastructure that has helped drive FAST Ventures’ own growth in recent years. “FAST Ventures is, at its core, a growth engine," Afzal explained. "We have taken the group from zero to a nine-figure valuation in under three years by building an operating system that connects creative, media, data, product, and AI around clear commercial outcomes. FAST Foundry puts that engine at the service of early-stage companies.” 

This approach also shapes how FAST Foundry engages with the startups it backs, defining how the team works alongside founders as they build. “We describe ourselves as a venture studio, anchored in an existing growth machine," Afzal said. "We invest in capital, we bring in specialist teams across marketing, product, and data, and we plug startups directly into the FAST ecosystem. The goal is straightforward: to sit alongside founders inside the build and share accountability for creating real, measurable growth, not just provide advice from the sidelines.” 

In addition to capital and startup support, selected founders will receive operational support from Platformance, FAST Ventures’ performance-focused growth platform; Lion, its AI-creative studio; and Calibrate, its digital commerce arm. The program also offers workspaces in Dubai and Riyadh alongside engineering, commercial, and product expertise. Afzal also highlighted that rather than targeting a specific number of companies, FAST Foundry will prioritize companies that fit into FAST Ventures’ larger ecosystem. “Our priority is to back the right companies where we can be a meaningful growth partner, rather than target a specific number for year one,” he added.

As for industries, the venture studio is targeting companies that "sit close to real customer behavior," can plug directly into FAST Ventures' growth operating system, and have the potential to accelerate measureable growth across the MENA and beyond. Thus, FAST Foundry is targeting four areas where technology, culture, and commerce meet, including those offering AI native marketing agents; retail and commerce media infrastructure; creator commerce and influencer infrastructure; and emerging consumer verticals such as fintech, proptech, traveltech, and edtech.

For founders preparing to apply, Afzal emphasized the importance of clarity and commercial readiness. “FAST Foundry is set up for early-stage, product-led founders who are solving meaningful problems in categories that align with our priorities," he said. "The companies that get the most value from the studio tend to have a clear view of the problem they are solving, who they are solving it for, and how that can translate into commercial outcomes.” 

“A strong pitch usually shows three things," Afzal continued. "First, clarity on the customer and the use case. We are looking for founders who can explain the problem in simple language, tell real stories about their users, and show that they understand the market they are in. Second, evidence of learning and momentum. This can be early for customers, pilots, revenue, or sharp insight from tests and experiments. What matters is that the founder can show how they are moving towards repeatable demand and a working growth engine, not just a strong idea. Third, a clear fit with FAST Foundry’s themes and growth system. We focus on AI native marketing agents, retail and commerce media infrastructure, creator commerce and influencer infrastructure, and emerging consumer verticals. The strongest pitches make it obvious how their product sits inside that universe and how plugging into FAST Ventures’ ecosystem across product, marketing, creators, and AI can help them grow faster and with more clarity.” 

Afzal also shared advice for founders considering applying to the program. “My advice to any founder would be to be honest about where you are strong and where you need support," he said. "FAST Foundry works best with teams who want a partner inside the build. We bring capital and capability, and we share the outcome.” 

Pictured in the lead image is Waseem Afzal, founder and CEO, FAST Ventures. Image courtesy FAST Ventures.