Saudi Arabia-based Palm Ventures has announced the initial close of its $30 million Fund I, focusing on early-stage startups across MENA with a strategic allocation for US-based AI opportunities, it announced last week.
Founded by Dr. Yassir Nasief and Redwan Abudawood, Palm Ventures, according to its website, has already made 13 direct investments in MENA startups and four US-based AI investments through a mini-fund in partnership with Cartography Capital.
The debut fund of Palm Venture plans to invest in 40 deals. It is backed by over 40 investors and advisors, including CEOs of leading corporations, serial entrepreneurs, and investment experts. Its portfolio includes Saudi fintech Nearpay, B2B procurement platform FIFOplus, Y Combinator-backed revenue-based financing startup Erad, and B2B BNPL platform Mala Inc.
Redwan Abudawood, General Partner at Palm Ventures, said, “MENA’s innovation ecosystem is at an inflection point, and we’re excited to be part of it. We are ex-founders who built this platform to be a force for good, backing future industry leaders.”
Started in 2014 as a business unit under a consultancy firm supporting Saudi’s entrepreneurship ecosystem, Palm Ventures transformed into a standalone venture capital firm in 2021. The firm has previously supported over 25 founders and startups, and worked with different government institutions on innovation-commercialization initiatives.
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