500 Global, a global venture capital firm, has launched the 500 MENA, L.P. (the “Fund”), a new fund dedicated to investing in high-growth technology startups across the Middle East and North Africa (MENA) region both from outside and inside the current 500 Global portfolio.
The Fund will invest primarily in startups with proven product-market fit and significant growth potential, addressing the critical funding gap MENA founders face, particularly in the expansion stage. 500 Global aims to actively support these companies through their extended international network and comprehensive platform, empowering them to build and scale innovative solutions regionally and globally.
Amjad Ahmad, managing partner, 500 Global MENA, and emerging market advisor, will lead the fund. A seasoned investor with over two decades of experience in emerging markets, Amjad has previously led venture and growth investments of over $1 billion in the MENA region in sectors ranging from technology and education to consumer products and financial services. He will be supported on the investment committee by Courtney Powell, chief operating officer and managing partner at 500 Global, who has been based in Riyadh since 2021.
“Amjad is a seasoned investor with a proven track record of helping founders scale their startups,” said Courtney Powell. “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,” said Amjad Ahmad. “Our partnership with talented founders aims to empower them to innovate, build, and scale.” The Fund is backed by prominent Saudi institutional investors, Jada Fund of Funds, a Public Investment Fund (PIF) company, and Saudi Venture Capital (SVC). It is also supported by Sanabil Investments alongside their ongoing strategic partnership with 500 Global.
The MENA region has witnessed a significant surge in startup activity in recent years. Funding in startups has soared from $990 million in 2019 to over $2.6 billion in 2023. 500 Global believes the growth is further evidenced by the return of international funds leading mega-rounds and successful tech IPOs in Saudi Arabia and the U.A.E. However, that expansion capital beyond the seed stage remains challenging, with Series B funding at a 5-year low accounting for only 2% of deals. As regional governments continue to invest in the venture ecosystem, especially in the GCC, we think the MENA region is on track to achieve venture capital penetration levels comparable to robust economies like the U.S.
