Iran Startup Pulse: January 24–31, 2025
Reza Ghiabi
Strategy Advisor | Community Builder | Driving Practical Growth & Transformation | ex-?? PwC & Omidyar | TEDx Advocate & Organizer of TEDxTehran
Highlights of the Week:
Struggles in Online Gold Business Oversight: Alarming Gaps and Urgent Reforms
Reza Olfat-Nasab, board member of the Union of Virtual Businesses, highlighted the regulatory vacuum facing Iran’s online gold marketplaces. In a candid interview with Iranian Startups, he revealed that over the past three years, critical supervisory bodies like the Inspection and Complaints Committees have ceased functioning, leaving the sector vulnerable.
With more than 500 unlicensed websites selling gold online, Olfat-Nasab issued a public warning: only buy from licensed platforms and take physical delivery of purchases to reduce fraud risks. His call for an immediate review of issued licenses reflects broader concerns over ineffective oversight, a pressing problem in a market that demands both transparency and trust.
Medrick Studio’s Market Share and Challenges in Iran’s Gaming Industry
Mohammad Mehdi Behfar-Rad, CEO of Medrick Studio, revealed that approximately 5% of Iran’s daily mobile game users engage with Medrick’s games. However, the industry faces significant hurdles—a shortage of skilled professionals and insufficient venture capital investment.
Behfar-Rad emphasized the high-risk nature of game development, which deters investors despite potential long-term gains. As Medrick continues to produce both online and offline mobile games, its growth will depend on better access to capital and talent development initiatives.
Snapp Group Ventures Further into E-commerce and Online Platforms
In a strategic move following its acquisition of Cafe Bazaar, TapSell is reportedly exploring the purchase of Sheypoor’s shares. Sheypoor, with over 35 million installations and an estimated valuation of €28.9 million, could give TapSell a competitive edge in digital advertising.
Analysts believe this potential acquisition could position TapSell as a formidable rival to Yektanet, intensifying competition in Iran’s advertising space. While neither company has officially commented, this move signals TapSell’s ambition to dominate multiple online verticals.
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Smart Money and Corporate Venture Capital: The Role of Snova Ventures
Amir Alhaji, CEO of Snova Ventures, described their investment philosophy as leveraging the “smart money” from parent company Selection Industrial Group to help startups scale. Focusing on export-oriented startups, Alhaji stressed the importance of embedding startups within larger corporate structures to maximize synergies.
However, he also warned that Iran’s regulatory environment limits CVC effectiveness. Without improved tax and financial mechanisms, such as faster cash flow from tax credits, Iran could miss key startup investment opportunities.
Sarava Exits Event Management Platform Evand: A Strategic Shift
After nearly a decade, Sarava Venture Capital has exited its 36% equity position in Evand by transferring shares to its founder without compensation. This marks Sarava’s sixth major exit in recent years, following earlier exits from Digikala, Cafe Bazaar, Alibaba, and others.
Sarava cited strategic realignment and Evand’s maturity as key reasons for the move, underscoring its confidence in Evand’s leadership to pursue new growth independently. This exit also reflects a broader trend in Iran’s startup ecosystem, where VCs are reassessing portfolios in response to shifting market dynamics.
Digital Gold Platforms Face Resistance: Insights from Digikala’s CEO
Masoud Tabatabai, CEO of Digikala, addressed criticism targeting online gold platforms, comparing the resistance to earlier pushbacks against online taxi services and e-commerce. He argued that technology inevitably changes markets and that today’s opponents often become tomorrow’s users.
His remarks highlight the struggle between technological innovation and regulatory acceptance. For Iran’s online gold market, balancing growth and regulation will determine whether it can follow the success of previous tech-driven sectors.
Babak Zanjani’s New Ventures Stir Controversy
News surrounding Babak Zanjani’s planned crypto bank, “Bit Bank,” and airline, “Dot One,” has sparked heated debates. Allegations of Zanjani’s involvement in shady financial activities raise concerns, as unverified reports claim he is establishing a stablecoin (USDZ) with characteristics similar to Tether.
While Zanjani’s activities remain speculative, they underscore the evolving nature of Iran’s crypto ecosystem, where regulatory uncertainty and ambitious private ventures often clash.
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