500 Global Launches Bold New Fund to Propel MENA Tech Innovators

In a move that's set to shake up the Middle East and North Africa's tech landscape, 500 Global has rolled out the red carpet for 500 MENA, a fresh fund dedicated to investing in the region's growth-stage technology startups. This isn't just another drop in the bucket; it's a bold initiative aiming to bridge the notorious funding gap that many MENA founders grapple with as they scale their ventures.

At the helm is industry veteran Amjad Ahmad, stepping in as managing partner. With more than two decades under his belt navigating emerging markets, Ahmad isn't a stranger to the highs and lows of the investment world. Remember when he steered NBK Capital Partners as CEO from 2005 to 2015? He was instrumental in channeling over $1 billion into sectors like technology, education, consumer goods, and financial services. These days, he wears multiple hats, sitting on the boards of regional startup stars like Eyewa, Homzmart, and The Luxury Closet.

"It feels like coming full circle," Ahmad shares. "I've witnessed firsthand the tenacity and ingenuity of entrepreneurs in this region. With 500 MENA, we're not just writing checks; we're rolling up our sleeves to empower founders to break barriers and redefine the tech ecosystem here."

Backing this venture is a who’s who of Saudi institutional heavyweights, including Jada Fund of Funds, Saudi Venture Capital (SVC), and Sanabil Investments. Adding more firepower to the investment committee is Courtney Powell, 500 Global’s COO and managing partner, who has been calling Riyadh home since 2021. Her boots-on-the-ground experience in Saudi Arabia brings invaluable insights to the table.

While the fund is playing its cards close to the chest regarding its total size, the game plan is crystal clear: pump $10 million into dynamic startups that are making waves in Software as a Service (SaaS), Artificial Intelligence (AI), and fintech arenas across MENA.

500 Global isn't a newbie in these parts. Since 2012, they've been the wind beneath the wings of over 270 companies in the region. Think about success stories like Eyewa, the eyewear e-commerce sensation, or Foodics, the restaurant management platform that's been revolutionizing the F&B industry. Beyond dollars and deals, they've been champions of knowledge sharing, having trained more than 400 venture capitalists, accelerator managers, and angel investors who are now actively seeding the next generation of innovators.

"This region is at a tipping point," Powell notes. "The energy is palpable. From bustling Cairo to dynamic Dubai and innovative Riyadh, entrepreneurs are not just embracing digital transformation—they're defining it. We're here to be part of that journey."

The launch of the 500 MENA fund is more than just an investment vehicle; it's a statement of intent. It builds upon the solid foundation laid by earlier initiatives like 500 Falcons, Sanabil 500 MENA Accelerator Fund I, and Sanabil 500 MENA Accelerator Fund II. As the MENA region continues its meteoric rise in the global tech arena, this fund is poised to be a catalyst for groundbreaking innovations and economic growth.

In a world that's more connected than ever, and in a region bursting with untapped potential, 500 Global's latest move feels less like a gamble and more like a masterstroke. One thing's for sure: the MENA tech scene just got a whole lot more interesting.