500 Startups has announced that its MENA-focused fund, dubbed 500 Falcons, is now ready to operate full-fledged. The $33-million fund is designed to provide financial assistance to promising up-and-coming businesses in the region’s thriving ecosystem.
Already widely recognized as one of the world’s leading early-stage investors, 500 Startups is increasingly focusing in MENA because of its rich talent pool and a superior infrastructure that has turned the region into a hotbed for entrepreneurial success.
500 Startups issued the following statement to underline the significance of this new development: “We are happy to announce that we’ve had an oversubscribed final closing for our first MENA region focused fund, 500 Falcons. We set out to raise a $30 million fund to have a significant impact in the MENA region, and thanks to the support of our Limited Partners we held an oversubscribed final closing for the fund at $33 million.”
Despite operating in MENA since 2012, the global venture capital firm first raised its MENA-focused fund nearly two years back. The net capital raised at that time was $15 million.
Till date, 500 Startups have invested (or committed to invest) in more than 100 companies across the region. Notably, one of nearly four startups backed by the firm had at least one female founder.
More than 250 entrepreneurs have benefitted from the VC firm’s activities in the region over the past few years.
“We hope that our influence on the region has been positive, both for investors and startups, and we are excited to continue playing an active role in the MENA region for many years to come. This is just the start,” the statement from 500 Startups added.