Stephanie Nour Prince, Partner at Nuwa Capital, is the newest guest in our Conversations with Trailblazing Women Series. In this insightful interview, Stephanie Nour Prince told us about her transition from computer science and community building background to venture capital and stressed the importance of long-term relationships and strategic engagement. Drawing on her extensive experience shaping the MENA startup ecosystem at Wamda and now at Nuwa Capital, Stephanie shared her vision of current trends, the evolving role of women in the tech industry, and the transformative potential of AI and data-driven strategies in regional investments.
Q: You’ve had an impressive journey from computer science to community building and venture capital. How did your career evolve, and what drew you to the startup ecosystem?
Stephanie Nour Prince: I’ve always been fascinated by the interplay between software and hardware and how tweaking one affects the other. That curiosity led me to study computer science, but early exposure to the workforce made me realize the field offered a highly insulated approach to problem-solving, often detached from product and business realities. At the same time, I saw how rapidly technology evolved, making traditional education quickly obsolete. My first job introduced me to startups, where I gained a far more dynamic perspective, working across product, brand, business development, and strategy.
This broader exposure led me to Wamda, one of the region’s earliest early-stage funds, where I focused on ecosystem-building before shifting toward investor engagement and deal sourcing. Wamda wasn’t just a fund; it was a platform designed to address the lack of infrastructure and connectivity in the ecosystem. I spent years structuring engagement programs that bridged the gaps between startups, investors, and other key stakeholders, refining my understanding of how capital and strategy shape a business.
In 2020, my partners and I launched Nuwa Capital with the aim of becoming the partner of choice for both founders and investors, effectively bridging a gap in the market. Having seen businesses from multiple angles—from product to brand to strategy—I bring a perspective that blends operational experience with an understanding of investor dynamics. At Nuwa, this translates into a strong focus on LP relationships, ensuring long-term engagement and strategic growth.
Q: Your work at Wamda was instrumental in shaping MENA’s startup community. What were some of the key lessons from that experience that you apply today at Nuwa Capital?
Stephanie Nour Prince: One of the biggest lessons I learned from my time at Wamda is that the worst thing you can do in this industry is to be transactional. Long-term partnerships define success, and we place great emphasis on building relationships. That has driven our ethos at Nuwa as well.
The second lesson is that while some things may not scale efficiently, they’re still worth doing. Relationship-building, opening doors, and creating value for others first may not have immediate ROI, but they compound over time. Prioritizing long-term engagement has been the foundation of our approach to work at Nuwa.
The third lesson is recognizing that stakeholder engagement—whether investors, corporations, or governments—isn’t always clear-cut. In a market as nascent as ours, value doesn’t just emerge organically; it needs facilitation. Bridging intent with action is essential to unlocking real impact.
Q: As a partner at Nuwa Capital, you focus on LP engagement, network building, and operations. How do you define success in your role?
Stephanie Nour Prince: Success for me is measured by two things: First, delivering on our promise to both investors and founders, creating real value on both sides. Second, building lasting relationships where partners repeatedly choose to work with us while thoughtfully expanding that network. Our deliberately concentrated investor base has allowed us to engage deeply, setting foundations for long-term partnerships.
Q: Nuwa Capital is known for taking a different approach to investing in the MENA region. What sets Nuwa apart from other VCs?
Stephanie Nour Prince: Nuwa was built to be a lifecycle partner of choice for both founders and investors. For founders, we’re active, high-conviction investors: we take board seats, hold strong positions, and leverage our regional expertise to help companies scale. We build trust-based relationships well before investments. At the same time, we’re disciplined, returns-driven investors who proactively manage portfolios. Our concentrated LP base also allows deep engagement, successful co-investment programs, and early returns.
Q: The VC landscape in MENA has been evolving rapidly. What are the biggest trends and shifts you’ve observed in recent years?
Stephanie Nour Prince: The startup landscape has fundamentally shifted in two key ways. First, the profile of founders has evolved, with experienced operators and diaspora talent building globally oriented ventures. Second, capital allocators have diversified from institutional dominance to greater involvement of private capital, family offices, and corporates. This shift allows deeper LP engagement and more strategic alignment.
Q: There’s often a gap between startups and investors in emerging markets. How does Nuwa bridge that gap to ensure both founders and LPs get long-term value?
Stephanie Nour Prince: The gap usually lies in alignment—founders need sustained support beyond capital, while LPs seek meaningful engagement and exposure. At Nuwa, we bridge this through strategic guidance, board participation, and network leverage for founders. Concurrently, our LPs benefit from concentrated relationships, co-investment opportunities, and comprehensive insights beyond traditional reporting.
Q: AI and data-driven decision-making are reshaping venture capital. How does Nuwa leverage data and AI in sourcing deals, evaluating startups, or supporting portfolio companies?
Stephanie Nour Prince: Data is central to our investment strategy. While relationships and pattern recognition remain vital, we integrate structured data-driven insights. Our proprietary deal flow engine identifies high-potential opportunities early. We use benchmarking data to evaluate startups against regional and global peers and help portfolio companies implement data-driven strategies for efficient scaling.
Q: With AI startups booming globally, how do you assess their potential for real-world impact and scalability in MENA?
Stephanie Nour Prince: AI is valuable when applied effectively to region-specific challenges. We assess startups on defensibility, quality data access, and integration into existing workflows—particularly in fintech and enterprise SaaS, where AI can drive efficiency. Scalability also depends on navigating regulatory complexities and talent, so we look for founders who can build globally relevant businesses from the region.
Q: What are the biggest data-related challenges that startups in MENA face, and how can investors help solve them?
Stephanie Nour Prince: Access to high-quality, structured data remains challenging. Fragmented datasets, regulatory constraints on data privacy, cross-border data flow issues, and talent gaps pose significant barriers. Investors can assist by facilitating access, supporting regulatory advocacy, and helping startups build partnerships and networks to overcome these obstacles.
Q: You’ve been at the forefront of ecosystem building in MENA. How do you see the role of women in venture capital and tech entrepreneurship evolving?
Stephanie Nour Prince: Women’s participation has significantly evolved, with increasing leadership roles driving positive change. However, systemic barriers remain. The next evolution requires more women in decision-making roles, institutional backing for female-led funds, and addressing structural challenges to sustain women’s careers long-term.
Q: What advice would you give to female founders and aspiring VCs in the region?
Stephanie Nour Prince: For female founders, build investor relationships early and seek investors who actively support your growth. Aspiring VCs should intentionally build networks, seek mentors, and engage deeply in the ecosystem. There’s room to shape the industry significantly.
Q: Where do you see the MENA startup ecosystem in the next 5–10 years? What needs to happen for it to reach its full potential?
Stephanie Nour Prince: Over the next decade, the ecosystem will become more globally integrated. Achieving full potential requires sophisticated capital allocation, improved cross-border market access, and supportive regulations. These developments will enable further growth and refinement.
Q: One book that changed the way you think about business or investing?
Stephanie Nour Prince: “The Power Law” by Sebastian Mallaby offers valuable insights into venture capital’s non-linear dynamics, though our unique regional ecosystem demands its own tailored playbook.
Q: What is the biggest myth about VC you’d like to debunk?
The idea that venture capital is glamorous and delivers quick returns. It actually demands patience, disciplined risk management, and sustained relationship-building.
Q: If you could give one piece of advice to startup founders, what would it be?
Build relationships before you need them—trust compounds over time and translates into better opportunities when it matters most.
