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500 Global, a prominent venture capital firm based in the U.S., has launched a dedicated fund, 500 MENA L.P., aimed at investing in high-growth tech startups across the Middle East and North Africa (MENA). Backed by key Saudi institutional investors like Jada Fund of Funds and Saudi Venture Capital (SVC), along with support from Sanabil Investments, this fund seeks to bridge the critical funding gap for MENA founders, particularly beyond the seed stage.
Empowering Growth in MENA’s Startup Ecosystem
The 500 MENA L.P. fund will focus on startups that already demonstrate product-market fit and strong growth potential. By addressing the challenges of expansion-stage funding, the fund will empower founders to scale regionally and globally, leveraging 500 Global’s extensive international network and comprehensive resources.
The MENA region has seen impressive growth in startup funding, jumping from $990 million in 2019 to over $2.6 billion in 2023. Despite this progress, Series B funding remains a hurdle, with only 2% of deals focused on this stage in 2023. 500 MENA L.P. aims to fill this gap, fostering innovation and driving economic growth across the region.
Experienced Leadership to Drive Impact
The fund is led by Amjad Ahmad, a seasoned investor with over 20 years of experience in emerging markets. Amjad has spearheaded venture and growth investments exceeding $1 billion in industries such as technology, education, and financial services.
“Amjad’s expertise and leadership will play a pivotal role in the success of this fund and our portfolio companies,” said Courtney Powell, Chief Operating Officer and Managing Partner at 500 Global, who has been based in Riyadh since 2021.
“We’re excited to fuel the next wave of MENA tech champions,” Amjad shared. “By supporting founders, we aim to accelerate innovation and contribute to the region’s digital transformation.”
500 Global has a legacy of Investing in MENA
500 Global has been an integral part of the MENA startup ecosystem since 2012. The firm has a strong focus on early-stage investments and has built an impressive track record. Key milestones include:
- The launch of 500 Falcons L.P. in 2017, one of the first MENA-focused funds by a U.S. VC firm.
- The establishment of Sanabil 500 MENA Accelerator Funds I and II, which have supported early-stage startups across the region.
To date, 500 Global has invested in over 270 companies in MENA, including notable names like Eyewa, Floward, Foodics, Lean Technologies, and TruKKer. Their contributions have earned them recognition as one of the region’s most active investors and the foreign firm with the highest number of exits in 2022.
Building the Future
As governments in the Gulf Cooperation Council (GCC) continue investing heavily in venture ecosystems, MENA is poised to achieve venture capital penetration levels comparable to global leaders like the U.S. With 500 MENA L.P., 500 Global strengthens its commitment to empowering startups and driving innovation in one of the world’s fastest-growing entrepreneurial landscapes.
