Global 500 Unveils New MENA Fund to Support Growth-Stage Startups
500 Global has officially unveiled the launch of 500 MENA, a strategically focused fund dedicated to investing in growth-stage technology startups across the dynamic Middle East and North Africa (MENA) region. This initiative, announced in a recent statement, aims to support a diverse array of companies both within and outside the existing 500 Global portfolio, underscoring the firm's commitment to fostering innovation and entrepreneurship in this burgeoning market.
Leading the charge for 500 MENA is Amjad Ahmad, who takes on the role of managing partner. With over 20 years of extensive experience in emerging markets, Ahmad brings a wealth of knowledge to the fund. His impressive track record includes overseeing venture and growth investments exceeding $1 billion across multiple sectors, such as technology, education, consumer products, and financial services. Ahmad previously served as the CEO of NBK Capital Partners from 2005 to 2015, a prominent investment firm based in Dubai, where he cultivated a deep understanding of the regional landscape. Currently, he holds board positions in several successful startups, including Eyewa, Homzmart, and The Luxury Closet, further solidifying his reputation as a key player in the MENA startup ecosystem.
The establishment of 500 MENA is backed by a consortium of prominent Saudi institutional investors, including the Jada Fund of Funds, Saudi Venture Capital (SVC), and Sanabil Investments. These partnerships are indicative of a broader trend among regional investors to seek out and nurture high-potential startups that can drive economic growth and technological advancement. Joining Ahmad on the fund's investment committee is Courtney Powell, chief operating officer and managing partner at 500 Global, who has been stationed in Riyadh since 2021. Together, they aim to leverage their expertise and connections to identify and elevate the most promising ventures in the region. However, specific details regarding the fund's size remain undisclosed, leaving potential investors and entrepreneurs eager for more information.
500 MENA intends to make significant investments, with each check averaging around $10 million, primarily targeting growth-stage startups in sectors such as software as a service (SaaS), artificial intelligence (AI), and fintech. This focused approach not only reflects the growing investor interest in these areas but also highlights the critical need for capital at the expansion stage—a phase often fraught with challenges for MENA founders seeking to scale their operations.
“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 expressed in the announcement. “Our partnership with talented founders aims to empower them to innovate, build, and scale their ventures effectively.” This sentiment captures the essence of 500 MENA’s mission: to catalyze growth by supporting visionary entrepreneurs and their groundbreaking ideas.
Since its inception in 2012, 500 Global has established a significant footprint in the MENA region, investing in over 270 companies that span various industries. Notable investments include leading startups such as Eyewa, Floward, Foodics, Gathern, Lean Technologies, Lendo, and Trukker. Beyond capital infusion, 500 Global has demonstrated its commitment to building a robust entrepreneurial ecosystem by offering educational programs that have trained more than 400 venture capitalists, accelerator managers, and angel investors. This focus on education underscores the firm’s dedication to empowering the next generation of leaders in the region, equipping them with the skills and knowledge needed to navigate the complex landscape of venture capital.
The launch of 500 MENA marks a significant strategic expansion of 500 Global's presence in the MENA region, following the successes of previous initiatives such as 500 Falcons and the Sanabil 500 MENA Accelerator Funds I and II. As the region continues to evolve, the introduction of this new fund represents not only an opportunity for growth but also a commitment to fostering a vibrant ecosystem where innovation can thrive. In a world where technology is reshaping industries and economies, 500 MENA stands poised to play a pivotal role in driving the next chapter of entrepreneurial success in the MENA region, creating lasting impact and paving the way for future advancements.