Saudi's Palm Ventures secures initial $30 million for first fund, focusing on early-stage investments in MENA startups.
In a significant development for the tech and fintech scene in the MENA region, Palm Ventures, a Saudi Arabia-based venture capital firm, has announced the initial close of its $30 million Fund I. The firm, founded by Dr. Yassir Nasief and Redwan Abudawood, is focused on early-stage venture investments primarily in fintech, AI-driven startups, and technology sectors across the MENA region, including Saudi Arabia, Egypt, and the UAE.
The investment strategy of Palm Ventures emphasizes backing startups that leverage AI opportunities and modern financial technologies to drive growth and innovation. Notable elements of their portfolio include companies like Sampo AI, which offers AI-based pricing optimization for e-commerce in the MENA region, and Teammates.ai, which delivers autonomous AI teammates for superior business results.
Palm Ventures primarily participates in seed, pre-seed, and Series A rounds, supporting startups at an early growth phase to scale operations and expand market reach. This is evident in investments like PALM, a fintech startup providing goal-based incentivized savings in Egypt, which raised a seven-figure pre-seed funding to accelerate growth and innovation.
While headquartered in Saudi Arabia, Palm Ventures targets startups in Saudi Arabia, Egypt, and UAE—regions with growing technology ecosystems and opportunities for AI and fintech innovation. The firm's geographical reach is not limited to these regions, as it has already made 17 direct investments in startups, 13 of which are in MENA and 4 in US-based AI opportunities.
Redwan Abudawood, General Partner at Palm Ventures, stated that MENA's innovation ecosystem is at an inflection point. The fund is backed by over 40 investors and advisors, including CEOs of leading corporations, serial entrepreneurs, and investment experts. Palm Ventures was founded with the intention to be a force for good, backing future industry leaders.
The portfolio of Palm Ventures includes Saudi fintech Nearpay, B2B procurement platform FIFOplus, Y Combinator-backed revenue-based financing startup Erad, and B2B BNPL platform Mala Inc. Palm Ventures aligns with digital transformation trends, including Sharia-compliant fintech platforms like Tarmeez Capital—a Saudi-based digital sukuk issuance platform backed by strategic investors like stc group.
With the initial close of Fund I, Palm Ventures plans to invest in 40 deals, further strengthening its position as a key player in the MENA tech and fintech ecosystem. The firm's focus on AI and fintech, early-stage investments, and geographical reach makes it an attractive choice for startups looking to scale their operations and expand market reach in the MENA region.
- Palm Ventures, with its focus on fintech, AI-driven startups, and technology sectors, will invest in 40 deals with its initial close of Fund I, solidifying its role as a key player in the MENA tech and fintech ecosystem.
- Notable portfolio companies of Palm Ventures include Sampo AI, an AI-based e-commerce pricing optimization startup in the MENA region, and Teammates.ai, which delivers autonomous AI teammates for superior business results, highlighting the firm's technology-centric investment strategy.
