What VNV’s marks imply for Breadfast and Baly, new Saudi growth fund

Happy Friday friends

We spent time this week combing through VNV Global’s latest accounts, one of the few windows that exists into how a handful of MENA’s growth-stage startups are actually being marked.

The Stockholm-listed investor’s disclosures imply Breadfast is held at roughly $444 million and Baly has been marked up to an implied $190 million, while elsewhere in the portfolio VNV has cut its carrying values for Wasoko-MaxAB, Vezeeta and El Basharsoft, the parent of Wuzzuf and Forasna.

A caveat worth repeating, these are our own…