Our guest in episode 95 of Çıtayı Yükseltenler (in English) is Bilal Baloch, partner at Abu Dhabi-based Shorooq. His biggest customer became his investor and then bought half of his AI company; today he is a partner at a fund that manages over a billion dollars. The episode is hosted by Hüseyin Oğuz of Opus Partners and Erdem Mümtaz Hacıpaşaoğlu, Managing Partner of Vircon Legal.
Who is Bilal Baloch? From Oxford to venture capital
The episode opens with Bilal Baloch’s path from Oxford to venture capital, and then how Shorooq went from friends-and-family money to USD 1 billion. We also ask what he looks for in an early-stage founder.
Building an AI company before ChatGPT
Bilal built Inquire AI before ChatGPT. We talk about what that was like, and how his biggest customer ended up buying half the company.
A note from the legal side: when a customer first invests and later buys a large stake, the documents signed at the first investment usually shape the second step. Rights of first refusal, information rights and whether the commercial contract is tied to the shareholding all matter when the customer comes back to buy more. Agreeing early how a later sale would be approved and priced keeps the founders’ options open. See M&A and Strategic Transactions.
Can the Middle East become AI’s ground zero?
We discuss how Gulf sovereign funds got into the rounds of the world’s leading AI companies, what Turkey’s real edge is, and how a new fund gets into rounds like Yann LeCun’s AMI Labs.
For Turkish founders talking to Gulf investors, structure often comes up before price. Foreign funds usually prefer to invest under a legal system and documents they know, which is why a holding company abroad (a flip) is a frequent topic. Whether and when it is needed differs from company to company. See our International Desk.
Capital, customers, compute: what Shorooq brings to the table
What Shorooq offers AI founders beyond capital: customers and compute. We then turn to where venture capital is heading and whether AI can replace an investor’s judgment.
When an investor offers customer introductions or compute alongside the money, it is worth checking how those commitments are documented. They often sit outside the round documents, so founders should know whether they are binding, for how long, and what happens to them if the relationship changes.
The most overhyped part of AI
Bilal’s view on the most overhyped part of AI, followed by why Shorooq backed Roamless and why they keep investing in Turkey.
How should founders pitch Shorooq?
The episode closes with how founders should pitch Shorooq, the one thing Turkish founders need to get much better at, and rapid-fire questions.
Before a pitch to a foreign fund turns into due diligence, an organised data room shortens the process: a clean cap table, a signed founders’ agreement, IP assignments from founders and developers, and the key commercial contracts. See our Startup Law Guide.
Three practical takeaways
- Plan the second step at the first investment: if a customer invests, agree early how a later, larger sale would work.
- Read the non-cash offers: customer and compute commitments from an investor should be documented as carefully as the cash.
- Think about structure before talking to foreign investors: whether a flip is needed, and when, should be assessed before the round closes.
Watch the full episode on YouTube or listen on Spotify. For more from us, browse our Insights.
Frequently asked questions
What is Shorooq?
An Abu Dhabi-based investment firm; Bilal Baloch is a partner. In the episode description it is described as a fund that manages over a billion dollars.
Who are the guest and hosts?
Bilal Baloch, partner at Shorooq and the founder of Inquire AI; the hosts are Hüseyin Oğuz (Opus Partners) and Erdem Mümtaz Hacıpaşaoğlu (Vircon Legal).
What is Çıtayı Yükseltenler?
A podcast about the journeys of scaling startups. Most episodes are in Turkish; this one is in English. Subscribe to the YouTube channel to hear about new episodes.
Source. Çıtayı Yükseltenler, Bilal Baloch episode, YouTube; Spotify.
This article is general information and not legal advice.
