A seasoned growth-stage investor, Amjad will be deploying the new fund, 500MENA, L.P., which will focus on early-growth stage companies.
RIYADH, Saudi Arabia–(BUSINESS WIRE/AETOSWire)– 500 Global, a leading global
venture capital firm, today announced the launch of 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. This strategic move
positions 500 Global to support startups beyond the seed stage and aims to catalyze further the
growth of the MENA region’s burgeoning tech ecosystem.
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. We believe 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, we see 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.
500 Global has been pivotal in shaping MENA’s startup ecosystem since it began deploying capital
in the region in 2012. With a strong focus on early-stage investments and a founder-centric
approach, the firm has a proven track record of success. Key milestones include the launch of 500
Falcons, L.P. in 2017, one of the first MENA-dedicated funds by a U.S. venture capital firm, and
Sanabil 500 MENA Accelerator Fund I, L.P. and Sanabil 500 MENA Accelerator Fund II, L.P.
The firm has invested in over 270 companies in the region, including Eyewa, Floward, Foodics,
Gathern, Lean Technologies, Lendo, and TruKKer, to name a few. The firm’s significant
contributions have earned it recognition as one of the most active investors in MENA with
the highest number of exits in 2022 and as the most influential foreign investor in Riyadh’s
entrepreneurial ecosystem. In addition to investing, 500 Global Education Programs have trained
400+ venture capitalists, accelerator managers, and angel investors focused on deploying capital
in the region and beyond.
About 500 Global
500 Global is a venture capital firm with $2.2B in assets under management as of 30 September
2024 that invests in founders building fast-growing technology companies. We focus on markets
where technology, innovation, and capital can unlock long-term value and drive economic growth.We work closely with key stakeholders and advise governments and corporations on how best to
support entrepreneurial ecosystems so startups can thrive. 500 Global has backed over 5,000
founders representing more than 2,800 companies operating in 80+ countries. We have invested
in 35+ companies valued at over $1 billion and 160+ companies valued at over $100 million
(including private, public, and exited companies). Our 180+ team members are located in 27
countries and bring experience as entrepreneurs, investors, and operators from some of the world’s
leading technology companies.
