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TeamSec, a next-generation fintech and regtech company that provides AI-powered solutions in the fields of capital optimization and working capital liquidity, has been selected for the T.C. Sanayi ve Teknoloji Bakanlığı | Republic Of Türkiye Ministry of Industry and Technology -powered Turcorn100 program. This achievement once again highlights your position as the first global fintech to transform the securitization market. As TeamSec, we are proud to have been selected for the Turcorn 100 program. In our growth journey, we will continue to be the architect of the financial world of the future. ** TeamSec, a next-generation fintech and regtech company offering AI-powered solutions in capital optimization and working capital liquidity, has been selected for the Turcorn100 program supported by the Ministry of Industry and Technology. This achievement further underscores our position as the world's first fintech aiming to transform the securitization market. At TeamSec, we are proud to be chosen for the Turcorn 100 program. We will continue, on our growth journey, to shape the future of finance.

Asset securitisation, a $14 trillion business in the United States, seems to be finally gaining ground in the Gulf.     Last week the UAE lender Deem Finance sealed a $400 million asset securitisation deal with JP Morgan. Emirates NBD of Dubai and Rasmal Ventures in Qatar have also co-invested $7.6 million in the Turkish startup TeamSec, whose technology makes it potentially less costly and quicker for companies to securitise their assets. Securitising assets frees up capital for so-called originators, usually banks and other financial services companies, enabling them to expand more rapidly and support the region’s economic diversification efforts, while also offering regional institutional and wealthy investors another asset to trade. However securitisation is still “in its infancy” in the Gulf, said Chris Taylor, CEO of Deem Finance, with just “a handful” of deals completed so far. Any company with regular receivables, such as loans, leases or payments owed, can securitise their assets. To do so the company establishes a special purpose vehicle (SPV), which legally takes ownership of the assets. The company then sells securities, often in the form of notes or bonds, which represent a claim on the cash flows generated by the SPV assets. Immediate payment As a result, the company receives an immediate payment, typically at a discount to the receivables’ face value. Investors, in turn, earn returns as the underlying receivables are paid, with the SPV distributing these payments to them. UAE and Saudi market regulators see asset securitisation as an important step forward, according to Taylor. Their governments’ ambitions to expand their economies outstrips the ability of local banks to absorb such growth into their capital and balance sheets, he said. In mid-2023, the UAE Securities and Commodities Authority issued asset securitisation regulations. These clarified that securitisation was the “true sale” of the securitised assets, not a financing transaction, according to a note by the law firm Baker McKenzie in Dubai. Another important specification is that securitised assets are separate from the originator and so would be unaffected were the originator to go bankrupt or insolvent. These rules give prospective buyers much greater confidence to invest, said Mazen Boustany, a partner at Baker McKenzie. UAE capital markets are well placed for a stellar year PIF to anchor Goldman Sach’s new GCC-focused funds  Saudi Arabia embraces mortgage-backed securities However, Saudi Arabia still lacks regulations on securitisation, the law firm White & Case, which has an office in the Dubai International Finance Centre, has written in a note, although the Riyadh-based buy-now-pay-later company Tamara raised $400 million in debt last year that used some of the company’s receivables as collateral. The growing presence of international hedge funds in the Abu Dhabi and Dubai financial free zones augurs well for asset securitisation, said Taylor. “Those guys have got firepower and they’re going to want to deploy into assets, so it’s unimaginable to me that this won’t now take off,” he said. The assets that Deem Finance sold to JP Morgan consisted of approximately two thirds consumer debt – credit cards and loans – and one third loans to small and medium-sized businesses. JP Morgan may re-sell the securitised assets.  ​​“What we’re keen to do is to bring some of this debt into the local market,” Taylor said.   The securitisation does not change the terms and conditions for the original borrowers, with Deem managing its customers as before. Importantly, Deem retains ownership of a portion of each receivable.  “We’re not getting rid of the risk,” Taylor said.

Pakistan-based healthtech MedIQ has raised $6 million in a Series A round led by Rasmal Ventures and Joa Capital, with participation from existing investors. Founded in 2020 by Saira Siddique, MedIQ offers a digitally integrated hybrid healthcare ecosystem for B2B and B2B2C clients, combining telehealth, e-pharmacy, AI-powered facility digitisation, and back-office automation for insurers. The company expanded into Saudi Arabia in 2023. The funding will be used to scale operations across Saudi Arabia’s SAR 7.2 billion healthtech market, enhance its tech stack, and support expansion into Qatar and neighbouring Gulf countries. Press release: First Pakistani Female-Founded Health Tech Startup Secures $6M in Series A Funding to Expand its Middle East Operations MedIQ, a pioneering healthcare technology startup, has raised $6 million in a Series A funding round led by Rasmal Ventures (Qatar) and Joa Capital (Saudi Arabia), with strong follow-on investment from existing backers. Founded in Pakistan in 2020, MedIQ expanded to the Kingdom of Saudi Arabia in 2023, building momentum in healthcare across the region. The funding round is one of the largest in the history of the Kingdom’s health tech sector and will be used to fuel MedIQ’s further expansion across a market sector worth SAR 7.2 billion in Saudi Arabia alone. MedIQ’s growth includes broadening its technological reach and the expansion of a unique, proprietary B2B and B2B2C ‘Digitally Integrated hybrid healthcare Ecosystem’, which will support the rapid modernisation of the sector in line with Vision 2030’s goals to transform healthcare efficiency and accessibility. This includes AI-driven digitisation of healthcare facilities and back-office operations of insurance companies to provide a digitally supported, seamless, patient-centred experience for improved patient satisfaction. This shall be followed by the expansion to Qatar and neighbouring GCC countries.  With a vision to become the operating system for healthcare in the MENAP region, MedIQ had previously raised $3.8 million in seed and bridge rounds to build its foundation in Pakistan, expand to serve more than 10M customers, and become EBIDTA positive. With learnings from implementation in Pakistan, world class tested tech stack, subject matter expertise, and on-ground presence in Saudi Arabia, MedIQ gained strong traction clearly indicating the product market fit not only for KSA but similar GCC countries. Raising 6 million USD in new funds, MedIQ is committed to capitalizing on the fast-growing Saudi Arabia’s economy and other New Economies in the GCC.  Founded by physician-turned-health economist and entrepreneur Dr. Saira Siddique, MedIQ aims to become the "operating system" for healthcare in the MENA region, delivering greater cost efficiency, accountability, and convenience through technology. MedIQ was born out of a personal health crisis experienced by Dr. Saira Siddique, who was left paralyzed and hospitalized for over a year. During this time, she experienced firsthand the fragmented and inaccessible nature of Pakistan’s healthcare system. This journey led her to launch MedIQ, with the goal of creating a coherent, interconnected, and digitally enabled healthcare ecosystem. “People don’t just suffer from illnesses — they suffer from the system,” said Dr Siddique. “MedIQ isn’t just another health app. We’re building the backbone of digital healthcare — a scalable infrastructure that improves outcomes and reduces costs. It started with a simple idea: what if healthcare worked like any modern service — connected, convenient, and patient-first?” Yousef AlYousefi, CEO of Joa Capital  “We truly subscribe to the mission of improving healthcare using technology. The progress MedIQ has achieved since our investment, especially in Saudi Arabia, is incredible. We are thrilled to double down on our position. The next chapter for MedIQ holds an even bigger opportunity, and we’re excited to see MedIQ continue its growth in Saudi Arabia, where it has become the undisputed market leader. These growth plans underline the company’s commitment to creating value for patients and healthcare providers in Saudi Arabia and the Middle East by empowering them with technology, data, ease of access and affordable solutions in healthcare.” Soumaya Ben Beya Dridje, Partner at Rasmal Ventures  "MedIQ’s bold vision to transform healthcare delivery across the Middle East and beyond deeply resonates with us. Led by Dr. Saira, their mission-driven, execution-focused team exemplifies the kind of ambition and innovation we are eager to support. Our investment, alongside Joa Capital, reflects our commitment to advancing health tech solutions that redefine traditional healthcare models. By backing startups like MedIQ, we aim to accelerate digital transformation and strengthen the GCC and regional healthcare ecosystem." 

Sidra Medicine and Rasmal Ventures Partner to Drive Digital Health Innovation in Qatar Advancing Healthcare Through E-health Innovation and Startup Integration 25 February 2025, Doha, Qatar - Sidra Medicine, a member of Qatar Foundation, has signed a Memorandum of Understanding (MOU) with Rasmal Ventures, Qatar’s first venture capital firm. The strategic partnership, announced at the Web Summit Qatar 2025, marks a significant step in the hospital’s role in supporting and advancing digital health innovation in Qatar and beyond. Rasmal Ventures, with its extensive portfolio of global technology companies, will introduce Sidra Medicine to high-potential e-health startups and provide strategic support to incorporate innovative solutions into Sidra Medicine’s operations. In return, Sidra Medicine will contribute its clinical and research expertise to evaluate and refine the startups’ healthcare technologies, ensuring they are effective, scalable, and patient-focused. Moreover, the two organizations will develop entrepreneurship programs that encourage the development and growth of a Health-Tech sector for Qatar. Prof. Khalid Fakhro, Chief Research Officer at Sidra Medicine said: “This partnership highlights our commitment to establishing Sidra Medicine as a leading healthcare innovation hub in Qatar, in alignment with the Qatar National Vision 2030. By collaborating with Rasmal Ventures, we are building upon our current strengths in clinical care, genomics and cell and gene therapy, and taking a proactive approach to adopting innovative technologies and transforming Sidra Medicine into a living lab for entrepreneurial ventures from across Qatar and the world.” The MOU establishes a collaborative framework between the two entities to facilitate the exchange of expertise and best practices in e-health innovations. Through this partnership, Sidra Medicine and Rasmal Ventures aim to drive advancements in innovation, focusing on digital healthcare solutions such as patient-centric artificial intelligence (AI) technologies, telemedicine platforms, and wearable devices. Alexander Wiedmer, Co-Managing Partner at Rasmal Ventures said: “At Rasmal Ventures, we believe that innovation is key to transforming healthcare. Our partnership with Sidra Medicine represents a unique opportunity to bring the latest digital health technologies to the forefront, empowering Qatar’s healthcare system to deliver smarter, more efficient, and patient-centered care.” As part of the agreement, the two entities will host joint workshops, pilot studies, and discussions to validate the efficacy of emerging technologies and foster an open environment for innovation. This partnership positions Sidra Medicine as a driving force in healthcare innovation, creating valuable opportunities for biotech and healthtech leaders. It also underscores Sidra Medicine’s role as a premier destination for medical education and research, attracting innovators and nurturing the development of next-generation healthcare solutions. -Ends-   About Sidra Medicine Innovating Care. Transforming Lives From the heart of Qatar, Sidra Medicine, is a private, not-for-profit academic healthcare and research institution for women, children, and young people. Established by the Qatar Foundation for Education, Science, and Community Development, Sidra Medicine is committed to delivering exceptional patient and family-focused care, conducting innovative biomedical and clinical research, and providing a personalized journey of care and cure and precision medicine specifically for rare and genetic diseases. To access our specialized healthcare or international patient services, including pediatric care, women's health, and rare disease treatment or to book a consultation at one of our private clinics, please call +974 40033333 or visit our website at http://www.sidra.org. For more information, follow us on Facebook, Instagram, X and LinkedIn   About Rasmal Ventures Rasmal Ventures is Qatar’s first independent venture capital fund, with a regional presence across the MENA region. The firm invests in high-potential technology startups and supports top entrepreneurs, including international companies expanding into the MENA market. Focused primarily on Series A and Series B stage startups, Rasmal Ventures also selectively invests in Pre-Series A and later-stage ventures. While sector-agnostic, the firm has particular expertise in healthtech, fintech, B2B SaaS, supply chain logistics, and Artificial Intelligence (AI). Rasmal Ventures thrives on embracing the fast pace of technological evolution and is committed to learning and exploring new sectors alongside visionary entrepreneurs. For more information, visit our website at https://www.rasmalventures.com/en

Qatar Development Bank (QDB) has signed a co-operation agreement with Rasmal Ventures on the sidelines of Web Summit Qatar 2025 to bolster Qatar’s entrepreneurial ecosystem by supporting innovation, attracting global talent, and fostering local and regional growth opportunities for startups. Through the collaboration, both parties seek to strengthen Qatar’s position as a global entrepreneurship hub, which will contribute to attracting top talent and empowering startups to access new regional and global markets. The partnership focuses on supporting entrepreneurs and fostering innovation in Qatar by leveraging QDB’s Talent Community Programme with Rasmal Ventures joining as an official partner of the programme, which was designed to nurture a dynamic and diverse entrepreneurial ecosystem. The partnership will enhance Qatar’s ability to attract global talent and innovators, offering a supportive environment for the growth of high-growth companies. The two organisations will also collaborate to exchange information on promising investment opportunities and foster cooperation in joint investment initiatives to enable startups to access the necessary resources and networks for their global expansion, particularly in the Middle East and North Africa region. The two parties will also work to strengthen cooperation within the framework of the Startup Qatar investment initiative by exploring joint investment opportunities and boosting the contribution of Rasmal Ventures to the programme, as well as expanding the scope of beneficiaries. QDB VP Enterprise Development Khalid Abdulla al-Mana said the partnership reflects the bank’s ongoing commitment to developing an advanced investment landscape in line with the highest global standards to empower startups and contribute to their sustainable growth. “Through our collaboration with Rasmal Ventures, we aim to enhance investment flows and help entrepreneurs build extensive networks, enabling them to connect with regional and global investors.” Dr Shaikha al-Jabir and Alexander Wiedmer, co-managing partners at Rasmal Ventures, emphasised that the work QDB and Startup Qatar are doing is immensely important for the economy and the innovation ecosystem. They added: “It is an enabler for VC funds as we are. We are delighted to partner with QDB to support the startups in the programme as they seek to grow.” QDB’s latest partnership reflects its vision to foster an environment that supports the growth of entrepreneurial ventures, contributing to the development of the business ecosystem and boosting the competitiveness of startups both regionally and internationally. It also equips startups with the necessary tools to succeed, reinforcing Qatar’s position as a regional hub for innovation and investment in the region. This aligns with Qatar National Vision 2030, which aims to achieve economic diversification by empowering entrepreneurs and startups to thrive and grow.

Doha, February 5, 2025 – We at Rasmal Ventures, Qatar’s first independent VC firm, are proud to announce that we have secured strategic funding from the Qatar Investment Authority (QIA) as part of its $1 billion Fund of Funds program. This investment strengthens our ambition to drive technological innovation and economic diversification across the MENA region. A Transformational Milestone in MENA’s Venture Capital Scene Our flagship Rasmal Innovation Fund I LLC, launched in June 2024, is at the forefront of investing in high-growth startups across fintech, B2B SaaS, HealthTech, supply chain logistics, and artificial intelligence (AI). As the first fund to join QIA’s $1 billion program, we have already secured commitments from institutional investors, corporates, family offices, and high-net-worth individuals, with the goal of reaching $100 million in total investment commitments. “This funding marks a pivotal moment for Qatar’s venture capital ecosystem,” said Alexander Wiedmer, Co-Managing Partner at Rasmal Ventures. “As the first private VC fund based in Doha, we are leveraging our deep-rooted partnerships with leading Qatari institutions to nurture disruptive startups that can redefine industries. We are still in the early stages of capital deployment, but our first investments in proprietary technology startups are already demonstrating high potential.” Backing the Next Generation of Tech Titans At Rasmal Ventures, we are proud to have a seasoned team of VC experts with a track record of over 100 venture capital deals and successful exits. Our fund is designed to support pre-Series A, Series A, and Series B companies, ensuring that the most promising startups get the funding and strategic guidance needed to scale globally. Beyond financial investment, we are deeply committed to hands-on engagement with our portfolio companies, providing operational expertise, market access, and business development support to help them scale rapidly. Strategic Alignment with Qatar’s Vision for Innovation The launch of Rasmal Innovation Fund I LLC aligns seamlessly with Qatar’s Third National Development Strategy (NDS3), which emphasizes economic diversification and the creation of a robust technology ecosystem. Our Fund aims to foster an innovation-driven environment where entrepreneurs can access capital, mentorship, and international networks. QIA’s Fund of Funds: A Catalyst for Regional Growth The QIA Fund of Funds program, launched in February 2024, is a game-changer for the startup and venture capital ecosystem in Qatar and beyond. With a dual mandate to generate strong financial returns while accelerating regional entrepreneurship, the program prioritizes technology and healthcare investments. By securing QIA’s backing, we are further cementing our position as a leading player in MENA’s venture capital scene, poised to scale innovative startups that can redefine industries on a global scale. Looking Ahead: A New Era for MENA’s Startup Ecosystem With a clear investment thesis focused on high-potential technology sectors, we are set to play a critical role in shaping the future of entrepreneurship in Qatar and the MENA region. As we continue to raise additional commitments, we remain steadfast in our mission to identify, support, and scale the next generation of transformative startups. With a selective investment approach and deep industry expertise, we are not just deploying capital—we are building the foundation for a thriving innovation ecosystem in MENA.

İSTANBUL, Türkiye, January 30, 2025 (EZ Newswire) -- Deniz Ventures, the venture capital fund of DenizBank, established under the Emirates NBD Innovation Fund; the Corporate Venture Capital arm of Emirates NBD Group—and Rasmal Ventures, a leading Doha-based venture capital firm, have jointly invested in TeamSec, the world’s first AI-powered securitization platform, transforming the structured finance industry through its innovative Securitization-as-a-Service platform. With a total investment raise of $7.6 million, TeamSec aims to accelerate its growth operations, focusing on rapid expansion in the Middle East and North Africa (MENA) region. TeamSec also aims to diversify its product and service portfolio and enhance current service offerings. Focused on accelerating the financial sector's digital transformation, TeamSec is driving the creation of a more efficient and transparent financial ecosystem by digitizing securitization processes. TeamSec seeks to create critical value for investors and financial institutions through AI and data analytics-based solutions. Commenting on the investment, Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said: "We recognize the immense potential securitization holds in supporting regional growth. Our recent strategic investment in TeamSec, a fintech innovator specializing in Securitization-as-a-Service, underscores our commitment to shaping this market and enabling its growth. We are the first investor in TeamSec, supporting the founder and team in their growth journey at an early stage." NEOHUB CEO Gürhan Çam highlighted that TeamSec’s technological infrastructure will lay the groundwork for stronger collaborations among financial institutions in the future and contribute significantly to the economic ecosystem. He stated: "Digital transformation in the fintech sector is no longer a luxury but a necessity. As DenizBank and NEOHUB, we aim to address the technological gaps in the field of securitization by collaborating with startups through our investment in TeamSec. We recognize that TeamSec’s innovations in securitization have the potential to set new industry standards." Emphasizing the collaborative approach, Rasmal Ventures’ Co-Managing Partner, Alexander Wiedmer, noted: "TeamSec’s bold vision to revolutionize the securitization industry across the Middle East and beyond resonates strongly with us. Their mission-driven, execution-focused team exemplifies the ambition and innovation we are excited to support. Our investment, alongside Deniz Ventures, reflects our commitment to advancing fintech solutions that redefine traditional financial processes. By backing teams like TeamSec, with deep expertise in their field, we aim to accelerate digital transformation and fortify the regional financial ecosystem." Emphasizing the role Emirates NBD’s Corporate Venture Capital arm played in driving this investment, Neeraj Makin, Group Head of Strategy, Analytics, and Venture Capital at Emirates NBD, said: “Emirates NBD’s Innovation Fund drives strategic investments in cutting-edge fintech startups like TeamSec, enabling us to deliver tailored solutions that align with our vision of being the most innovative bank for our customers. As the industry evolves, the fund ensures we stay ahead of disruptive trends while enhancing the digital experience for our clients.”  Esad Erkam Köroğlu, founder and CEO of TeamSec, highlighted that this strategic investment from Deniz Ventures combined with the VC mindset and experience of the Rasmal Ventures’ team, is a key enabler in achieving the company’s vision: "The investment we received from ENBD and Rasmal Ventures demonstrates the trust placed in TeamSec’s vision and technological prowess by these renowned institutions. At the same time, this investment round supports our mission to revolutionize the securitization market, positioning TeamSec as a leader in the fintech sector and the securitization market, particularly in the MENA region. With this investment, we endeavor to strengthen our position as a global game-changer in securitization." Emirates NBD and Deniz Ventures remain committed to investing in fintech and technology-driven startups, driving innovation and digital transformation in the financial sector. Building on prior investments such as Erguvan in 2023 and NewBridge Fintech Solutions, their support for high-growth startups like TeamSec highlights their dedication to shaping a sustainable, tech-enabled future in finance.  About Emirates NBD Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As of 30th September 2024, total assets were AED 956 billion (equivalent to approx. $260 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 859 branches and 4,512 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a brand value of $3.89 billion. Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region. Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE’s Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water. Visit https://www.emiratesnbd.com for more information. About Rasmal Ventures Rasmal Ventures is Qatar’s first independent venture capital firm, with a strong presence and network across the MENA innovation ecosystem. Headquartered in Doha with an office in Saudi Arabia, Rasmal Ventures focuses on technology startups at the pre-Series A, Series A, and Series B stages across the MENA region and beyond. The firm has a highly selective investment strategy, homing in on proprietary opportunities that drive innovation and growth in the market. Led by an experienced founding team with a strong track record of successful exits in Europe and the Middle East, Rasmal Ventures combines regional expertise with a global perspective. To learn more, visit https://www.rasmalventures.com. About Deniz Ventures Deniz Ventures, the venture capital arm of DenizBank, operates under the umbrella of the Emirates NBD Innovation Fund and is managed by NEOHUB, DenizBank’s innovation, entrepreneurship and digital arm. Since its establishment, Deniz Ventures has successfully demonstrated its investment acumen, starting with its inaugural investment in Midas, which culminated in a remarkable exit of $6 million. In 2023, Deniz Ventures further expanded its portfolio by investing $733,000 in Erguvan, a promising sustain tech startup, reflecting its commitment to sustainability and forward-looking industries. As a key player in the innovation ecosystem, Deniz Ventures continues to support transformative startups that shape the future. For more information, visit https://www.denizventures.com.   About TeamSec TeamSec is the world’s first AI-powered securitization platform, offering end-to-end securitization services to both financial and non-financial institutions, providing capital optimization and working capital solutions. Its services include credit securitization for financial institutions, invoice receivable securitization for corporates, and trade finance for international trade companies. To learn more, visit https://teamsecfin.com.

A Journey Through the Evolution of Your Cap Table Introduction: As you guide your startup through growth, one document you'll become very familiar with is the capitalization table, or cap table. It's not just a collection of numbers—it's a dynamic story of how ownership, investments, and company value evolve as your startup scales. In this article, we'll take you through the key stages of this journey, using a practical example. For a more detailed understanding, we’ve attached a Cap Table Template for you to explore the steps discussed in this article. In addition, the template can be wiped clean of the transactions content and used for your own startup. Founding Stage: Building the Foundation In the early days, the ownership structure of your startup is straightforward. The founders receive all the initial shares, representing 100% of the company. Usually, the jurisdiction in which you incorporate your startup lets you set the total number of shares. So for example, if the company is incorporated with 200,000 shares and Founder 1 and Founder 2 are equal partners, then they each receive 100,000 shares. Total Shares Issued: 200,000 Ownership: Each founder holds 50% of the company. The math is simple: divide the number of shares each founder holds by the total shares to get their ownership percentage. But remember, as your startup grows, so does the pie. Seed 1 Round: The First Slice of the Pie Now, let's bring in your first investor. As a consequence of the Seed 1 round, new capital enters the company, requiring the creation of new shares. Suppose a Seed Investor contributes $50,000 at a $1,200,000 pre-money valuation. How do you determine the number of shares to issue? Current Share Price: Pre-Money Valuation / Total Number of Shares = $6 Number of Shares Issued: New Investment / Share Price = 8,333 Shares Total Shares Post-Investment: 208,333 Shares The founders still own 200,000 shares, but the total number of shares has increased, leading to a decrease in their ownership percentage—this is dilution. (A note on dilution: sometimes it is perceived as a negative thing because your % goes down. But tell yourself that in parallel to your % going down, your capital increased, so mathematically you have exactly the same value as you had before… dilution is not in itself a bad thing.) Seed 2 Round: A Bigger Slice for Everyone As more investors come on board, dilution continues. In the Seed 2 round, an existing investor adds $3,000 for another 500 shares (he/she wanted to keep the same %, so had to contribute his/her pro-rata of the round in order to subscribe the necessary shares for the % to remain the same), and a new investor contributes $72,000. New Shares Issued: 12,500 Total Shares Post-Investment: 220,833 With each new round of investment, the founders’ ownership percentage decreases. However, the capital infusion ideally increases the company’s overall value, making this trade-off worthwhile, as we have explained above. SAFE Financing: Now We’re Cooking At this stage, the startup receives funding without issuing immediate shares. Instead, the investor receives a right to equity in the future, which happens at the next equity financing round, like Series A. For example, Investor A contributes $400,000 via a pre-money SAFE at a valuation cap of $10 million, with no discount. Conversion Price: $10 million / 220,333 Shares = $45.39 per share Notional Shares reserved for the SAFE Investor: $400,000 / $45.39 = 8,813 shares Note that these are called “notional shares” because it is not certain the SAFE will convert at its cap. A SAFE converts either at its cap or at the valuation of the next equity round, whichever is lower. We assume a good scenario where the next equity round valuation is higher than the cap, so we can calculate the SAFE Investor’s notional stake, as if conversion had occurred. This is an academic exercise however, because when the SAFE converts, it is because yet new money came into the company in the form of equity, impacting the notional % of the SAFE Investor pre-conversion. Series A Round: The Big Leap In Series A, Investor B invests $800,000 at a $13 million pre-money valuation. Series A Price: $13M / 220,333 Shares = $59 per share Number of Shares Issued: 84,936 Total Shares Post-Investment: Founders' Shares + Seed Investors’ Shares + SAFE Investor's now converted Shares + Series A Investor's Shares = 314,603 shares With larger rounds like Series A, the impact of dilution becomes more pronounced. The founders’ slice of the pie shrinks, but the value of their shares increases as the company’s valuation grows with each investment round. Generally, in large rounds like Series A, founders should expect ~20% dilution in exchange for enough funds to create significant value. Conclusion: Keeping an accurate historic cap table at all times (which shows all the steps in your past and present financing rounds), and understanding every step of your cap table, are absolutely vital. Potential investors expect you to have it, and to be able to explain it. There are tools such as Carta to help you keep an accurate cap table. But in the beginning, an excel template such as this one is all you need. And remember, as you raise more capital, finding the right balance between dilution and increasing company value is key. Remember, the goal is to grow the pie so that even a smaller slice is worth much more.

Powering MENA's Future: The Essential Role of Innovation in Climate Action The Middle East and North Africa (MENA) region is at a crossroads in the global battle against climate change. As climate threats intensify, with rising temperatures and dwindling water resources, the region faces unique challenges—and opportunities. Alexander Wiedmer, General Partner at Rasmal Ventures, believes that the solution lies in one powerful word: innovation. In a landscape where sustainability is no longer optional, MENA’s fight against climate change can only succeed through strategic investment in cutting-edge technologies. In this extract from the BLJ MENA Tech 2024 Report by BLJ Worldwide, Alexander shares his insights on how MENA can harness the power of innovative tech to drive a greener, more resilient future. From renewable energy to groundbreaking advancements in carbon capture, the region is poised to lead if it can commit to bold, forward-thinking investments. Discover how MENA can turn its environmental challenges into opportunities by embracing the technologies that will define our future.