"500 Global initiates fresh MENA venture capital fund to invest in expanding startup businesses"
500 MENA Fund Launches to Boost Tech Startups in MENA Region
In a significant move to support the growth of technology startups in the Middle East and North Africa (MENA) region, 500 Global has launched a new fund called 500 MENA, L.P. The fund, backed by units of the Saudi Public Investment Fund and Saudi Venture Capital, aims to invest up to $10 million per investment in promising tech startups across the region.
The 500 MENA fund is focused on supporting growth-stage technology startups that are addressing regional and global challenges. The fund partners closely with sovereign wealth funds, governments, development finance institutions, and philanthropic organizations to mitigate investment risks and drive inclusive economic growth. This investment strategy is part of 500 Global’s broader emerging markets strategy, which includes investing in over 2,600 companies across 80 countries since 2010.
Amjad Ahmad, who brings over 20 years of emerging markets experience, will lead the fund as managing partner. Ahmad has previously led venture and growth investments exceeding $1 billion in the region across technology, education, consumer products, and financial services sectors. He was the CEO of Dubai-based investment firm NBK Capital Partners from 2005 to 2015 and currently sits on the board of different regional startups, including Eyewa, Homzmart, and The Luxury Closet.
Amjad Ahmad stated that the fund aims to fuel the next wave of tech champions in the MENA region, driving innovation and economic growth as digital transformation accelerates across key economies. Courtney Powell, 500 Global's chief operating officer and managing partner, will join Ahmad on the investment committee.
The new fund will invest in growth-stage startups in SaaS, AI, and fintech startups, across the region. The fund has a physical presence in Abu Dhabi to deepen regional engagement and capitalize on MENA opportunities. The leadership under UN Sustainable Development Goals architect Dr. Alaa Murabit reflects a strategic shift toward blended finance and longer-term value creation in emerging markets.
In summary, the 500 MENA fund aims to catalyze venture capital investment in promising tech startups across MENA with strong backing from major public and private sector partners, deploying significant capital focused on sustainable growth and regional innovation. The fund is poised to play a crucial role in driving the digital transformation and economic growth of the MENA region.
The 500 MENA fund, backed by key business entities in the region, aims to invest in growth-stage technology startups focused on SaaS, AI, and fintech sectors, as part of 500 Global's broader emerging markets strategy. The fund's investment strategy aligns with the broader goals of digital transformation and economic growth in the MENA region.
