500 Global has announced the launch of 500 MENA, a new fund focused on investing in growth-stage technology startups across the Middle East and North Africa region, the firm announced in a statement today. The fund will target companies both within and outside the current 500 Global portfolio.
Led by Amjad Ahmad as managing partner, the fund aims to address the critical funding gap for MENA founders, particularly at the expansion stage. Ahmad brings over 20 years of emerging markets experience, having previously led venture and growth investments exceeding $1 billion in the region across technology, education, consumer products, and financial services sectors.
He was the CEO of Dubai-based investment firm NBK Capital Partners from 2005 to 2015. Amjad also sits on the board of different regional startups, including, Eyewa, Homzmart, and The Luxury Closet.
The fund is backed by prominent Saudi institutional investors including Jada Fund of Funds, Saudi Venture Capital (SVC), and Sanabil Investments. Courtney Powell, 500 Global’s chief operating officer and managing partner who has been based in Riyadh since 2021, will join Ahmad on the investment committee. The statement does not share any details about the size of the fund.
The new fund will invest $10 million checks in growth-stage startups in SaaS, AI, and fintech startups, across the region.
“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.”
500 Global has been active in MENA since 2012, investing in over 270 companies including notable startups like Eyewa, Floward, Foodics, Gathern, Lean Technologies, Lendo, and Trukker.
Through its education programs, 500 Global has also trained more than 400 venture capitalists, accelerator managers, and angel investors focused on deploying capital in the region and beyond.
The new fund represents a strategic expansion of 500 Global’s MENA presence, following the success of previous funds including 500 Falcons, Sanabil 500 MENA Accelerator Fund I, and Sanabil 500 MENA Accelerator Fund II.
- Saudi’s Orbii raises $3.6 million in Prosus-led seed to help banks and fintechs launch SME lending - September 8, 2025
- Egypt’s TradeHub shuts down, returns remaining capital to investors after failing to achieve product-market fit - September 7, 2025
- Dubai’s WheelsOn raises $12.5 million in debt and equity for its deposit-free car rental platform - September 7, 2025
