GCC VC Stays Flat, Pipeline Thins: November at a Glance

Trendlines & Context

GCC startups raised US$4.05 billion year-to-date as of November 2025, essentially flat on 2024 (−0.3%), while deal volume fell to 321 (−31.8% YoY). The average ticket hit a record US$12.6M (vs US$8.6M in 2024) as capital concentrates in fewer, larger rounds. November captured this mix perfectly: one mega-round (≥US$100M) cleared—Erad’s US$125M debt financing—while the mid-market stayed quiet. Month on month, YTD value added roughly US$280M (US$3.77B → US$4.05B) across 33 more deals (288 → 321), but most of that incremental flow arrived via debt or structured capital rather than pure equity.

Macro conditions continue to bias investors toward proof and profitability. With higher-for-longer rates and a narrow exit window outside a few national champions, sovereign-linked vehicles, family offices, and corporates are writing selective checks—often debt/quasi-debt—to scale winners in priority sectors. Liquidity isn’t scarce; risk tolerance is. Expect late-stage, strategically aligned plays to keep clearing while seed and early Series A stretch timelines and rely on bridges.

November Top 5 Funding Rounds (GCC)

• Erad (KSA) raised US$125M in debt financing led by Jefferies Financial Group, funding its Shariah-compliant SME revenue-based lending platform across the GCC.
• CratD2C (UAE) secured US$30M in venture financing from Nimbus Capital to scale its Layer-1, DPoS-based blockchain rails for e-commerce.
• Cube Protocol (UAE) announced a US$30M Series A to advance its “trust layer” for autonomous robotics, pairing off-chain AI with on-chain verification.
• Revibe (UAE) closed a US$17M Series A led by Partech to expand its refurbished-electronics marketplace across the Gulf and select African markets.
• Mnzil (KSA) raised US$11.7M in a Series A led by Founders Fund to grow its turnkey worker-housing platform serving enterprise clients nationwide.

Why It Matters

• Concentration deepens. November’s Top 5 totaled ~US$214M, with Erad alone contributing ~58%, a snapshot of a market driven by a handful of large tickets.
• Debt sets the cadence. Two of the year’s largest rounds and November’s only mega-deal were debt, underscoring a continued swing toward structured capital as equity remains expensive.
• KSA-UAE axis dominates, without surprise. Saudi Arabia and the UAE captured 100% of November’s Top 5 value, mirroring the 2025 leaderboard.
• Mid-market gap persists. The month’s incremental cohort averaged ~US$8.5M per deal, below the YTD average, signaling scarce US$25–$75M checks.

Founder takeaway. Late-stage teams with revenue and regulatory clarity can still command capital; earlier stages should plan for staged milestones, longer cycles, and optionality on bridges.