500 Startups has pulled together capital for a new $15 million fund that will exclusively target startups in the Middle East and North Africa (MENA). Despite just closing today, 500 Startups has already made 39 investments in the MENA region out of other funds, which reflects their experience in deploying capital in the region.
The Oman Investment Fund and the Qatar Science and Technology Park are serving as anchors for the new fund. 500 is calling this a first closing, which means it is possible that the size of the fund could increase in the future.
Hasan Haider, the managing director of the MENA fund, has a massive task ahead of him. The Middle East alone encompasses a land area nearly the size of the United States, and, as such, the role will involve a lot of traveling. Haider is based in Bahrain but will be making regular trips to cities that are hotbeds for business activity, like Cairo, Riyadh, Dubai and Doha, where 500’s Series A program is located.
“Right now government-supported programs are incentivizing people to set up VC funds,” notes Haider. “M&A interest is coming from Europe and the Far East.”
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