Venture capital firm 500 Global has announced the launch of 500 MENA, a $140 million fund dedicated to investing in high-growth technology startups across the Middle East and North Africa (MENA) region. The fund will target startups with proven product-market fit and significant growth potential, aiming to address the funding gap that MENA founders face, particularly in the expansion stage.
Amjad Ahmad, Managing Partner at 500 Global MENA, will lead the fund. The fund is backed by prominent Saudi institutional investors, including Jada Fund of Funds, a Public Investment Fund company, and Saudi Venture Capital (SVC). It is also supported by Sanabil Investments.
The MENA region has seen a significant increase in startup activity, with funding rising from $990 million in 2019 to over $2.6 billion in 2023. However, expansion capital beyond the seed stage remains limited, with Series B funding accounting for only 2% of deals. 500 Global has been active in the MENA startup ecosystem since 2012, investing in over 270 regional companies, including Eyewa, Floward, Foodics, Gathern, Lean Technologies, Lendo, and TruKKer.
The firm has also launched initiatives such as the Sanabil 500 MENA Accelerator Fund I and II and has been recognised as one of the most active investors in MENA, with the highest number of exits in 2022. In addition to investing, 500 Global’s education programs have trained over 400 venture capitalists, accelerator managers, and angel investors focused on deploying capital in the region and beyond.
