Two people arrive at a funding decision from opposite sides and both find the same thing missing: an independent read. The founder has term sheets and no way to compare them beyond headline valuation. The investor has a deck, a model built by the person raising the money, and a diligence budget that has to be spent where it matters most. Neither shortage is solved by more enthusiasm about the market.
Our venture capital consulting practice sits on the side neither party can occupy for itself: independent, paid for the work rather than for the outcome, and - because we also build and operate the platforms these businesses run on - able to form a view on whether the technology actually does what the deck says it does.
You are holding a funding decision that is hard to reverse and you do not have a view on it that is free of interest. That is the whole trigger. Not "we would like to understand the venture ecosystem better" - a specific round, a specific investment, a specific term sheet, with a date attached.
Three situations where we will tell you not to engage us. First, if you want the valuation supported rather than tested - a favourable independent opinion that was commissioned to be favourable is worth nothing to the party you plan to show it to, and they will know. Second, if you are pre-product and pre-revenue: at that stage the useful spend is building, not advisory, and the honest advice is to come back when there is something to diligence. Third, if the round is small enough that a full readiness engagement would consume a real share of what you are raising - in that case buy the single piece you need (usually the model, or the cap-table check) and run the rest yourself.
And if the transaction is really a control acquisition rather than a growth investment, this is the wrong page - see M&A advisory.
Five named stages, run in order, each with a defined output. The same method across our advisory practice - see how we work - applied here to funding decisions.
Whose decision, by when, and judged against what. An investor deciding whether to lead, a founder deciding between two term sheets, a family office deciding whether to allocate to venture at all, and a corporate deciding between investing and building are four different engagements, and the analysis that serves one is close to useless for another. We fix the question, the timeline, and the walk-away condition before any work starts.
Market and competitive position built from demand evidence rather than from a top-down share of a national figure. Unit economics as they actually are: acquisition cost, retention, contribution margin, and the point at which the business funds itself. Technical and product diligence - architecture, technical debt, key-person dependency, security posture, data protection, and whether the platform can carry the growth the plan assumes, which is the assessment most financial-only processes skip and the one we are structurally best placed to run; where it goes deep it draws on our IT security consulting and technology vendor selection practices. Then the structural layer: cap table, existing preferences, and the Saudi regulatory envelope the vehicle and the transaction have to sit inside.
One recommendation, in writing, with the alternatives rejected and the reason for each, and the conditions under which it would flip. For an investor that is invest / invest on conditions / decline, with the terms we would require. For a founder it is which offer to take and which terms to negotiate, ranked by how much economic difference each actually makes - which is frequently not the order they were argued about internally.
Execution: data room preparation and management, supporting the negotiation with the analysis behind each position, and coordinating with legal counsel through to completion. Where a vehicle or an entity has to exist first, that runs through our company formation in Saudi Arabia and business setup in Saudi Arabia practices, with commercial registration and, where the activity fits one, a special economic zone assessment. Post-investment, the portfolio-operations work - reporting, systems, finance consolidation - is the part that determines whether the investment case is ever actually measurable.
For investors: portfolio review against the original thesis, follow-on decisions, and readiness for exit. For founders: preparing the next round from the position the last one created, which is far cheaper than assembling it from scratch again eighteen months later.
Two variables dominate, and neither is the size of the round: how quickly the counterparty produces information, and whether the target's records support diligence directly or have to be reconstructed first. Stage 1 is short and runs first - it is also the stage most often compressed, which is how the wrong question gets answered thoroughly. Stage 2 is the long pole and is sized against the scope agreed at the end of Stage 1. Stage 4 runs to the transaction's own calendar rather than to ours. We commit to dates at the end of Stage 1, once the scope and the information position are known. We do not publish a standard duration here, because a number that would be wrong for most engagements is worse than no number - and a live round is exactly the situation where a wrong estimate costs you something real.
On fees: we quote a fixed fee against a written scope before work starts, and we do not charge a percentage of a round or a transaction. That is a deliberate choice and it is the term you should check with every advisor you speak to - an advisor paid on completion has an interest in completion, which is precisely the interest you are paying an independent party to be free of.
We are not publishing indicative price ranges on this page. The brief asks for them and we are declining, for a reason that is already on the record elsewhere on this site: our pricing work is deliberately held back until approved ranges exist, rather than filled with estimates. Publishing a range here that we would have to re-quote for most enquiries would be a worse answer than telling you plainly, on the first call, what the work will cost.
Institutional investors, corporate venture arms and family offices deploying into Saudi and regional companies. Banks and financial institutions building or backing venture and fintech exposure - see banking and financial services - where the investment decision and the platform decision are usually the same decision. Government and government-linked entities with investment or ecosystem mandates, where the reporting standard is higher than a private fund's; see government and public sector. Telecom and large corporate groups deciding between investing in a capability and building it. Founders and management teams raising an institutional round, particularly those raising from outside the Kingdom for the first time. And foreign funds setting up to invest into Saudi Arabia, where vehicle and licensing structure comes before deal flow - a path that usually starts at market entry advisory.
This is the section where advisory pages publish a number, and we are going to explain why this one does not. In venture, the numbers most often published - deal count, deployed capital, portfolio uplift - are either unverifiable or measure the wrong thing: an advisor who reports how many rounds closed is reporting activity, not judgement, and the engagements we are proudest of include ones where the recommendation was to decline. We would rather be checked than believed. The documented record is on our success stories page, updated as engagements complete and are cleared for publication, and a reference call can be arranged privately where confidentiality allows.
Information flow sets the pace, not organisation size. A diligence engagement where the target has a populated data room and responsive management moves quickly whether the investor is a family office or an institution; one where the financials have to be rebuilt before anything can be assessed does not. Where a round has a live deadline, tell us at the start - we will say plainly whether the scope is achievable in the time, rather than discovering it is not halfway through. Dates are committed at the end of Stage 1.
There is no licence to buy. Over three years the real cost of an investment programme is: advisory and diligence on the deals you do and the ones you do not - the declines are a genuine cost and are usually left out of the budget; the cost of running the vehicle itself, including its entity, licensing, audit and reporting obligations; portfolio monitoring and the systems that make it possible rather than manual; and follow-on diligence at each subsequent round. For a founder the equivalent picture is the cost of this round plus the cost of being ready for the next one, which is much lower if the readiness work from this round is maintained rather than repeated.
Two distinct things. On the activity: investment funds and fund-management activities in Saudi Arabia are regulated by the Capital Market Authority, and whether a particular vehicle or arrangement falls inside that regime is a structuring question we assess at Stage 2 - before a vehicle is established rather than after it has begun operating. We advise on the structuring question and work alongside licensed counsel where a regulated activity is involved; we do not hold ourselves out as performing a licensed activity. On data: diligence involves the target's most sensitive material, and a data room carries obligations under Saudi data-protection rules - handling, residency and access are agreed before the room opens. Where the target's own product processes personal data, its residency and protection posture is itself a diligence finding, not a footnote, and it is one that has changed valuations.
For an investor, the genuine alternatives to a direct investment are backing a fund rather than a company, a commercial partnership instead of equity, or building the capability in-house - and for a corporate, the build option is frequently cheaper than the investment case admits; that comparison belongs with strategic business advisory. For a founder, the alternatives to an equity round are debt or revenue-based finance, a strategic partner, or extending runway and raising later at a better position. Each is documented with why it was ruled out. Within a transaction, the same treatment applies to structure and terms.
Yes. Deliverables are built to live in your environment: the model is a working file rather than a locked report, diligence findings are structured to feed your existing investment committee format, and portfolio reporting is designed around the systems you already run - which for most investors means a reporting layer over existing finance systems rather than a new platform. Where a genuine gap exists, our data, AI and analytics and fintech and investment platforms practices cover what closing it involves, and we will say plainly when the honest answer is that a spreadsheet is still adequate for your portfolio size.
Three things, and none of them is the analysis. First, structure: how a fund or investment vehicle can be established, what it may hold, and how proceeds move out of the Kingdom are structuring questions with real answers that have to be settled before deployment, not after. Second, the regulatory perimeter: whether an arrangement constitutes a regulated fund-management activity under the Capital Market Authority's regime determines what you can do and who has to be licensed to do it. Third, the ecosystem's institutional layer - government and government-linked investors, SME support programmes under the Small and Medium Enterprises General Authority, and the policy direction set out under Saudi Vision 2030 - shapes co-investment and follow-on funding in a way a purely private-market playbook does not account for. The diligence discipline travels; the structuring does not.
Proportionate, and directed at the assumption the valuation rests on rather than spread evenly. At early stage the financial history is thin by definition, so spending the budget there produces very little; the assets worth diligencing are the product and the technology (is it defensible, or a thin layer over somebody else's platform), the team's ability to execute the specific plan, the cap table and any preferences already granted, and the legal ownership of the intellectual property - which is the single most common early-stage defect we find. We scope the diligence to the cheque size and tell you which questions we would drop first if the budget were smaller, so you are choosing rather than being sold a standard pack.
A model that survives someone else's questions, not just your own; a data room that is populated rather than promised; a clean cap table with all existing preferences, options and convertibles documented; corporate records and registrations in order, which is where avoidable delay concentrates - see commercial registration in Saudi Arabia; financials on a consistent basis with the tax and zakat position clean, including VAT and, if you pay foreign suppliers, withholding tax, both of which diligence will look at; and the intellectual property and key contracts actually held by the company rather than by a founder personally. Most rounds that slow down do so on this list, not on valuation.
The practical test is whether you could open a data room tomorrow and answer the first twenty questions from documents that already exist. If the answer involves "we would need to prepare that", you are not ready - and discovering it during a live process is expensive, because momentum with an investor is not recoverable. A readiness engagement runs the process against you before a real investor does: the same questions, the same document requests, the same model scrutiny, with the gaps listed and sequenced by how long each takes to close. It is the cheapest work in this practice and the one most often skipped.
Not because of a number on this page. The figure block the benchmark uses - a founding year, a headcount, a project count - works precisely because each of those figures is verifiable, and we do not currently publish figures we could stand behind at that standard. So here is the honest version of what large organizations actually engage us for: an advisor with no audit relationship, no financing mandate and no percentage of the round; a technical diligence capability that comes from building and running these platforms rather than from reading about them; and a team that operates inside the Saudi regulatory and registration reality rather than applying an international playbook to it. Those are claims you can test on a first call, which is more than a statistic offers.
Investors, corporate venture arms, family offices, government-linked investors and founders raising institutional rounds. We do not display client logos on this page ahead of each client's own agreement to appear on it - and in investment work that agreement is rarer than elsewhere. The permissioned list is maintained on our customers page.
Case studies are published individually, with the client's clearance, on our projects page. We are not going to paraphrase unclearable work into anonymous cards here - in venture, an anonymised case is either recognisable to the people who matter or useless to everyone else.
No quote is published until the named client has approved the exact wording attributed to them, with their name, role and organization alongside it. An unattributed testimonial is not evidence, and we would rather show this section honestly empty than fill it. If a reference matters to your decision, ask on the first call and we will arrange one where confidentiality allows.
What stands behind this practice is the delivery organization: the platform and technology partnerships that make our technical diligence a first-hand assessment rather than a desk review, and that let a post-investment operations plan actually get built. Those are listed on our partners page, alongside our fintech and investment platforms and payments and e-invoicing practices. We are explicit about the boundary: where an engagement requires a licensed regulated activity, a statutory audit or legal advice, we work alongside your appointed licensed professionals rather than in place of them.
If the transaction is a control acquisition rather than a growth investment, see M&A advisory. If you are raising and the evidence base is the gap, start with business plans and feasibility studies. If you are structuring to invest into Saudi Arabia, market entry advisory sequences the entry decision, company formation in Saudi Arabia covers the entity and licence, and business setup in Saudi Arabia covers what follows registration. For the framing decision above all of these, see strategic business advisory; for the tax position a vehicle carries, tax and zakat advisory. On the platform side, fintech and investment platforms, data, AI and analytics and CRM and contact centre are the systems portfolio companies most often need help with after the round, and business intelligence consulting is what makes portfolio reporting measurable.
Whether you are evaluating an investment, comparing term sheets, or deciding how to structure a vehicle before you deploy at all, the useful first step is one conversation about the specific decision. Book a decision session and we will tell you what we would want to see, where we would spend the diligence budget, and whether you need an engagement at all.
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لقد كان تحويل عملياتنا ف ي فندق وأجنحة تايم رب اترست آنجل استطعنا أن ننفذ مجموعة من األنظمة التقنية الجديدة الت ي عززت كفاءتنا وحسنت تجربة ضيوفنا بصورة ملحوظة. إن الت ام ترست آنجل بالجودة والحلول االبتكارية يعد عالمة فارقة ف ي هذه الصناعة، كما يضيف .قيمة عظيمة ألعمالنا
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