500 Startups to Establish $ 30 Million Funds for Middle East & North Africa
- 500 Startups to fund budding tech companies
- Geographic-focused fund
- 500 Startups, a venture firm will make initial investments of about $75,000 each for budding tech companies in the MENA region.
- 500 Startups has funds for startups in Mexico, Latin America, South Korea, Thailand, Japan, Turkey, and Nordic countries.
If you’re a budding tech entrepreneur, here’s some good news to get you moving! 500 Startups, a global seed-stage venture capital fund and accelerator founded by Dave Mclure that invests and supports upcoming tech companies around the world has pledged to offer $ 30 million fund for tech companies in Middle East & North Africa.
The firm believes that it is the tech-savvy population, high smartphone adoption rates and the low penetration of the Western tech companies that makes the market lucrative. The new fund joins a string of similar geographic-focused microfunds. Recently, 500 Startups increased the size of its Southeast Asia fund and is also looking at investing in Africa, specifically in Nigerian companies.
Looks like the New-Year is going to start with a bang for the tech companies in the Middle East and North Africa. Now only, if there were more investors like 500 Startups that could support startups in other sectors. Maybe they’re listening!