Early stage venture capital firm 500 Startups launched a $30M fund focused on the MENA region (GCC, Levant and North Africa).
500 Falcons focuses on making seed stage investments between $50k and $100k in 100-200 companies. It will actively co-invest and syndicate deals with existing funds and angels in the MENA ecosystem.
The invesment areas of focus will be on e-commerce and marketplaces, video and Arabic content, SaaS, mobile, fintech, hardware and IoT.
Led by 500 Startups Partner Hasan Haider, the fund also plans to do follow-on investments of up to $500k in the top 20-30% of their backed companies.
500 Startups currently has over 30 existing investments in the region including Jamalon, Tamatem, Wuzzuf, Fetchr, Edfa3ly, and Shopgo.