500 Global announced the launch of 500 MENA, L.P., a new fund dedicated to investing in high-growth technology startups across the Middle East and North Africa (MENA) region 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). Sanabil Investments also supports it alongside its ongoing strategic partnership with 500 Global.
