500 Global Launches MENA Fund To Bridge Funding Gaps
It will target startups with established product-market fit and growth potential to contribute to the development of the region’s tech ecosystem.
California's 500 Global, a venture capital firm founded in 2010 by Dave McClure and Christine Tsai, has announced the launch of 500 MENA, L.P., a new fund focused on investing in technology startups across the Middle East and North Africa (MENA) region. The fund aims to address the funding gap faced by MENA startups, particularly at the expansion stage, and support them beyond the seed phase.
The fund will target startups with established product-market fit and growth potential to contribute to the development of the region’s tech ecosystem. Startup funding in the MENA has increased significantly in recent years, rising from US$990 million in 2019 to $2.6 billion in 2023. However, Series B funding remains limited, accounting for only 2 percent of deals over the past five years.
Amjad Ahmad, managing partner of 500 Global MENA, will lead the fund. With more than 20 years of experience in emerging markets and over $1 billion in venture and growth investments in technology, education, and financial services, Ahmad brings extensive expertise to this initiative. He will be joined on the investment committee by Courtney Powell, the firm’s chief operating officer and managing partner, who has been based in Riyadh since 2021.
“Amjad is a seasoned investor with a proven track record of helping founders scale their startups,” Powell said in a statement. “His leadership will be instrumental in driving the success of our fund and portfolio companies.”
"We are thrilled to fuel the next wave of tech champions in the MENA region, driving innovation and economic growth as digital transformation accelerates across key economies," Ahmad stated. "Our partnership with talented founders aims to empower them to innovate, build, and scale.”
The fund is backed by Saudi institutional investors, including Jada Fund of Funds, Saudi Venture Capital (SVC), and Sanabil Investments, which continues its partnership with 500 Global.
Since 2012, 500 Global has been involved in the MENA's startup ecosystem, investing in over 270 companies, including Eyewa, Foodics, and TruKKer. The firm also launched 500 Falcons in 2017, one of the first MENA-focused funds by a US venture capital firm, and two Sanabil 500 MENA Accelerator funds.
500 Global is recognized as one of the region’s most active investors, with the highest number of exits in 2022, and as a key foreign investor in Riyadh’s entrepreneurial ecosystem. Its education programs have also trained over 400 venture capitalists, accelerator managers, and angel investors.
As governments in the Gulf Cooperation Council (GCC) invest in the region’s venture ecosystem, 500 Global believes that the MENA is positioned to achieve venture capital activity levels similar to other established markets.
