Zest Wire
Posts
Zest Wire | 12-November-2025

Zest Wire | 12-November-2025

LP-led secondaries surge. Plus: why setting your financial foundations early on is key.

November 12, 2025

This week’s agenda

💰 Who’s raising?

💼 M&A activity

📈 Chart of the week

📖 What we’re reading

💡 From the feed

Let’s dive in!

Who’s raising?

🇦🇪 UAE-based floral gifting and e-commerce platform Petal Group has raised $18M from Quintas Capital to drive international expansion.
🇸🇦 Saudi-based digital procurement startup Builtop has raised $11 million in a seed (equity + debt) round led by TAM Capital, with participation from strategic investors, to expand its operations across Saudi Arabia, enhance trade-credit services, and advance product innovation aligned with Vision 2030’s infrastructure goals.
🇸🇦 Saudi-based AI-powered customer engagement platform Bonat has raised $6 million (SAR 23 million) in a Series A round led by tali ventures, with participation from ANB seed Fund, Rua Growth Fund, RZM Investments, and leading angel investors, to enhance its AI platform and drive Saudi Arabia’s digital transformation agenda.
🇸🇦 Saudi-based fintech Stream has raised $4 million in a seed round led by Outliers VC, with participation from BYLD Ventures and angel investors including Careem co-founder Abdullah Elyas, to accelerate its mission of removing friction from business transactions across the region.
🇸🇦 Saudi-based logistics technology company Logexa has raised $2 million in a pre-Series A round led by SEEDRA Ventures, with participation from Nour Nouf Ventures and several angel investors, to expand operations, enhance its digital platform, and build an integrated logistics and storage marketplace.

M&A activity

ORA Technologies has announced the acquisition of Cathedis in partnership with Azur Innovation Management, framing the move as a catalyst for a Morocco-first digital ecosystem. Source.
Morgan Stanley announced it has entered into an agreement to acquire leading private shares platform, EquityZen. The acquisition enhances Morgan Stanley’s distinctive private markets ecosystem that provides a full suite of services to private companies and their shareholders. Source.
Charles Schwab has announced plans to acquire Forge Global Holdings, a move that signals the brokerage giant’s intent to broaden its reach into private markets for both retail investors and Registered Investment Advisors (RIAs) - firms that typically provide investment advice or financial planning for a fee. Source.

Chart of the week

LPs are exploring secondary sales at record levels across the globe, according to Jefferies H1 2025 research.

Liquidity opportunities have offered early investors a way to solidify some of their “paper” returns, while new investors are buying in with the belief that there’s still value to be gained as companies mature in the private markets and eventually IPO.

These opportunities are not only becoming an expected feature of private markets, but they’re also improving price discovery and market mechanics in a growing industry.

What we’re reading

LP secondaries soar with influx of first-time sellers

Longer hold periods and the search for liquidity have motivated investors to offload their stakes.

M&A leveraged loan activity picks up, with more big-ticket deals on the horizon

EA and Hologic promise significant new supply, as neither has existing broadly syndicated term loans.

Pandemic-era overdeployment is triggering PE consolidation, says KKR

The $723 billion investment manager said it learned the hard way, as it has to pay back $350 million of carry on a 2013 Asia buyout fund.

The Relationship Accelerator: How Visibility Shortens M&A Timelines

In M&A, reputation, networking and credibility often outweigh pure tech or financial performance, writes startup adviser Itay Sagie, making visibility and relationship-building core responsibilities for founders.

Fast Growth, Fragile Foundations: How High-Growth Startups Can Build Financial Resilience

High-growth startups often mistake rapid expansion for stability, but scaling can expose weak financial foundations and chaotic operations, writes guest author Julio Martínez, who argues that financial discipline is not a constraint but rather the key enabler of sustainable, resilient growth.

Avoiding The ‘First Board Meeting Surprise’ Problem

There's nothing more disheartening than experiencing a First Board Meeting Surprise, that sinking sensation of investor-CEO disagreement in that first board meeting, writes guest author Bob Morse of Strattam Capital. In this commentary, he shares how his firm avoids the surprise through its five-point plan.

Jahez and noon announce landmark strategic partnership to transform everyday convenience in Saudi Arabia

This landmark partnership enables direct access to noon Minutes through the Jahez app — and to Jahez food delivery through the noon app

From the feed

Nine months into 2025, MENA’s venture capital ecosystem has achieved its strongest 9M performance on record. The region recorded more than double the funding compared to the same period last year, driven by growth across mid- and late-stage rounds, with stronger demand for larger ticket sizes.

MENA VC Surpasses Southeast Asia, Sets New Record

For the first time ever, MENA venture funding has surpassed Southeast Asia, marking a defining moment for the region’s startup ecosystem.

First-time reader? Sign up here to make sure you never miss another edition.