Global venture capital firm 500 launches a new fund targeting growth-stage startups in the Middle East and North Africa (MENA) region.
The venture capital firm, 500 Global, has announced the launch of a new fund, 500 MENA, focused on investing in early-stage technology startups across the Middle East and North Africa (MENA) region.
The fund's strategy targets sectors driving innovation such as AI, fintech, edtech, climate tech, SaaS, and proptech. The aim is to back startups that are ready to scale and have high growth potential, with a view to supporting startups that can foster innovation and economic growth in the region.
500 MENA's approach aligns with 500 Global's broader MENA strategy of attracting and enabling entrepreneurs with promising ideas, with a particular focus on startups ready to expand regionally and internationally.
The fund's leadership includes Amjad Ahmad as managing partner. Ahmad brings over 20 years of emerging markets experience and has previously led venture and growth investments exceeding $1 billion. Courtney Powell, 500 Global's chief operating officer and managing partner, will join Ahmad on the investment committee.
The fund is backed by prominent Saudi institutional investors including Jada Fund of Funds, Saudi Venture Capital (SVC), and Sanabil Investments.
500 Global has been active in the MENA region since 2012, and has invested in over 270 companies in the region. Notable startups 500 Global has invested in include Eyewa, Floward, Foodics, Gathern, Lean Technologies, Lendo, and Trukker.
The fund aims to address the critical funding gap for MENA founders, particularly at the expansion stage. This aligns with a larger move in the MENA venture ecosystem to focus on innovation-driven, scalable tech companies that address regional and global market needs.
In addition to the new fund, 500 Global also runs accelerator programs like the Sanabil Accelerator by 500 Global, which helps nurture startups in these key sectors, reinforcing their leadership and ecosystem presence in the MENA region.
Ahmad sits on the board of different regional startups, including Eyewa, Homzmart, and The Luxury Closet.
The author of this article is MB Staff.
Technology startups in the Middle East and North Africa (MENA) region will receive investment from 500 MENA, a new fund launched by venture capital firm 500 Global. The fund's strategy focuses on AI, fintech, edtech, climate tech, SaaS, and proptech sectors, aiming to back startups ready to scale with high growth potential, fostering innovation and economic growth in the region.
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