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Global 500  Launches New Fund to Support Emerging Tech Startups in MENA

 

  • 500 Global Launches Its New Fund “500 MENA” to Support Emerging Tech Startups
  • The Fund Focuses on Accelerating Technological Growth in New Companies in the MENA
  • The Fund is Backed by Sovereign Funds in Saudi Arabia

500 Global, a company specializing in supporting startups, has launched its new fund “500 MENA” to support investments in emerging tech startups in the Middle East and North Africa (MENA) region that have already passed the seed stage.

500 Global’s current strategy focuses on accelerating the growth of the burgeoning tech ecosystem in the region. Through this new fund, the focus will be primarily on investing in startups that have proven product-market fit and significant growth potential, helping to bridge the funding gap faced by founders during the expansion stage.

500 Global aims to effectively support these companies through its extended international network and comprehensive platform, enabling them to build and scale innovative solutions both regionally and globally.

The fund will be led by Amjad Ahmad, Managing Partner at 500 Global MENA and Emerging Markets Advisor, who has over two decades of experience in emerging markets venture capital.

Ahmad has previously led investments totaling over $1 billion in the MENA region, spanning multiple sectors including technology, education, consumer products, and financial services.

He will be joined on the investment committee by Courtney Powell, Chief Operating Officer and Managing Partner at 500 Global, who has been based in Riyadh since 2021.

Courtney Powell stated: “Amjad is a seasoned investor with a proven track record in helping founders scale their startups. His leadership will be pivotal in the success of the fund and its portfolio companies.”

Amjad Ahmad remarked: “We are excited to support the next wave of tech leaders in the MENA region, accelerating innovation and economic growth as digital transformation unfolds across key economies.

” The fund is backed by prominent institutional investors from Saudi Arabia, including the Jada Fund of Funds, a Public Investment Fund (PIF) entity, and Saudi Venture Capital (SVC), as well as support from Sanabil Investments.

In recent years, the MENA region has witnessed a significant increase in startup activity, with investments in startups growing from $990 million in 2019 to over $2.6 billion in 2023.

However, there remain challenges in securing capital for scaling companies beyond the seed stage, particularly in Series B funding, which has reached a five-year low and now accounts for only 2% of deals.

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