How Fasll produces
research briefs and verdicts.
This page documents the full methodology behind Fasll's research outputs — including sources, weighting, confidence handling, and the explicit limits of what the platform produces.
Sourcing & Identification
The Discover sourcing layer is a curated index of Saudi and MENA private companies, built from primary regulatory filings and enriched with structured market data. It is not a comprehensive scraped directory — it is a starting point for identifying deals before requesting a full research brief.
CR Registry Ingestion
Company registration records from the Saudi Ministry of Commerce (Monsha'at) form the foundation of every profile. CR number, legal name (Arabic), registration date, and legal status are sourced from this registry and treated as ground truth.
Enrichment Pipeline
Each CR record is enriched with additional structured data from secondary sources: sector classification, estimated headcount, revenue banding (not exact figures), funding stage, ownership structure, and geographic region.
Signal Layer
A set of binary and scored signals are applied per company: growth signals (job posting velocity, web traffic patterns), sale signals (advisor appointments, management changes), and Sharia compliance screening based on sector and operating model.
Curation Review
During the private beta, all company profiles undergo a manual curation pass before publication. Profiles with insufficient primary source data are withheld until the data gap can be resolved. Coverage breadth is deliberately sacrificed for accuracy.
Coverage scope
The Discover layer currently covers curated Saudi-registered private companies with a CR on file. Coverage of public companies listed on Tadawul is intentionally excluded — Fasll is built for the private market.
The Research Process
Fasll offers two research outputs: Pre-IC Briefs (when only public signals exist) and Deep Verdicts (when you have a pitch deck or financials). Both outputs are scored across three analytical pillars. A Deep Verdict produces a definitive GO/CAUTION/NO-GO score, while a Pre-IC Brief offers directional guidance.
Request
User selects company
Data Pull
All sources queried
Analysis
3 pillars scored
Output
Brief or Deep Verdict
Deep Verdict thresholds
The company passes all critical checks with no blocking red flags. Sufficient data exists to support a positive investment recommendation, subject to further legal and financial diligence.
The company has meaningful positives but one or more significant concerns that require deeper investigation before an investment decision. Specific risk areas are identified and documented.
The company presents blocking risk factors — such as regulatory non-compliance, founder red flags, or material financial inconsistencies — that make investment inadvisable without substantial remediation.
Delivery timeline
Research outputs are produced within 24–72 hours of request, depending on data availability. If primary sources are unresponsive or access-gated, the timeline may extend and the report will explicitly document the gap.
The Three Pillars
Every Deep Verdict is scored across three analytical pillars. Pillar weights are stage-adjusted: at Pre-Seed, founder quality dominates because commercial and financial data are sparse; at Series A, commercial traction and financial health carry more weight as evidence grows. Within each pillar, individual data points are scored and annotated with a source and confidence level.
| Pillar | Pre-Seed | Seed | Series A |
|---|---|---|---|
| Founder Analysis | 70% | 50% | 30% |
| Commercial Analysis | 25% | 35% | 35% |
| Financial Analysis | 5% | 15% | 35% |
Founder Analysis
Assessment of the founding team's credibility, track record, and risk profile. This pillar carries the highest weight because founder quality is the single best predictor of early-stage outcome — and the most commonly misrepresented dimension in Saudi private-market pitches.
- Background verification against LinkedIn, government records, and press
- Prior company outcomes (acquisition, failure, active) and founder roles
- Credential verification — education, board positions, regulatory licenses
- Red flag screening: litigation history, regulatory sanctions, public disputes
- Network analysis: co-founder relationships, investor ties, board composition
Commercial Analysis
Assessment of the company's market position, customer base, and competitive standing. This pillar evaluates whether the business has genuine commercial traction — not just projections.
- Customer concentration and reference-ability (where available)
- Market size and sector dynamics in Saudi/GCC context
- Competitive landscape: named competitors, differentiation, moat
- Revenue model clarity: SaaS ARR vs. project-based vs. transactional
- Partnership and distribution signals from public disclosures
Financial Analysis
Assessment of financial health, compliance standing, and growth trajectory. For private companies, exact financials are rarely available — this pillar works from banded estimates, filing patterns, and compliance signals.
- ZATCA tax compliance status and filing regularity
- Revenue band estimate derived from CR filings, headcount, and sector benchmarks
- EBITDA indicator: gross margin proxy based on sector and cost structure
- Funding history and cap table structure (where disclosed)
- Sharia compliance screening and financing structure (murabaha vs. conventional)
Saudi Compliance layer
In addition to the three pillars, every Deep Verdict includes a Saudi Compliance block covering: Sharia screen (Halal / Needs Review / Not Halal), ZATCA status (Compliant / Non-compliant), and Saudization percentage estimate. This block does not contribute to the composite score but is a required disclosure and may be a deal-breaker for certain investor mandates.
Data Sources
Fasll uses a tiered source model. Primary sources are treated as authoritative; secondary sources supplement and enrich; tertiary sources provide signals and context. All sources are cited inline in Verdict reports.
Government and regulatory databases. Treated as ground truth for legal and compliance fields.
Structured commercial databases and news sources. Used for enrichment and corroboration.
Open web, social, and archival data. Used for signals and context — not as standalone evidence.
Confidence & Data Freshness
Fasll is explicit about what it knows, what it estimates, and what it cannot verify. Every data point in a Verdict report carries a confidence classification. Aggregate confidence at the report level reflects the proportion of high-confidence fields.
Sourced directly from a primary regulatory database (CR, ZATCA) and cross-validated against at least one secondary source. Reliable as of the last check date.
Sourced from secondary or tertiary sources only, or from a primary source that could not be cross-validated. Plausible but should be independently confirmed before reliance.
The field was queried across all available sources and no data was returned. This is explicitly documented rather than omitted — a gap is informative in its own right.
Data freshness
| Field type | Re-check cadence | Staleness threshold |
|---|---|---|
| CR status, legal name | Monthly | 90 days |
| ZATCA compliance | Monthly | 90 days |
| Founder LinkedIn profile | Quarterly | 6 months |
| Revenue band estimate | Annually | 18 months |
| Funding stage | On trigger event | Varies |
| Growth signals (job posts, web) | Weekly | 30 days |
Requesting a re-check
If a Verdict was produced on data you believe has changed materially — such as a new funding round, change of management, or ZATCA status update — you can request a re-run through the Verdict page. Re-runs inherit prior report data except for explicitly refreshed fields.
Limitations & Disclaimers
Fasll is a professional research tool. It is not a regulated financial service, a legal opinion, or a substitute for full legal and financial due diligence. The following limitations are structural, not temporary.
Not investment advice
A Fasll Verdict is an analytical output based on aggregated data. It is not a recommendation to buy, sell, or invest in any company. All investment decisions remain the sole responsibility of the user.
Financial data is estimated, not audited
Saudi private companies are not required to publish audited financial statements. Revenue band, EBITDA indicators, and cap table data in a Fasll Verdict are estimates derived from public signals and disclosed filings — not audited figures. Do not treat them as substitutes for a formal financial audit.
Sharia compliance is a preliminary screen, not a fatwa
The Sharia compliance assessment in a Verdict is a rules-based screen against sector, financing structure, and operating model. It is not a formal Sharia audit or fatwa from a recognized Sharia board. Investors with strict Sharia mandates should obtain a formal opinion from their appointed Sharia advisor.
CR data may lag real-world status
Company registrations, director changes, and activity amendments are filed with MCI at varying intervals by companies themselves. A "compliant" CR status reflects the last filed state, not necessarily current operations. Fasll applies a staleness flag when CR data exceeds the freshness threshold.
AI-generated content carries inherent uncertainty
Verdict narrative summaries and risk assessments are generated by large language models instructed to reason over the structured data. The underlying models can produce plausible-sounding errors. Every AI-generated claim is reviewed against its source citations before delivery — but human review is imperfect. Use Verdict narratives as a starting point, not a final word.
No legal, regulatory, or compliance advice
Nothing in a Fasll report constitutes legal advice, regulatory guidance, or compliance certification. Regulatory status fields reflect data from public sources — not advice from licensed advisors. Users should engage qualified Saudi legal counsel for any regulated transaction.