500 Startup Closes $15M Fund “500 Falcons”
500 Startups, an early-stage venture fund and seed accelerator, has closed a new $15M fund known as ‘500 Falcons’ in May, with a target of $30M. The fund will exclusively target early-stage startups in MENA, MENA diaspora founders, and NON-MENA founders targeting MENA. Both the Oman Investment Fund, which has previously invested capital into 500 Startups’ main fund, and new entrant Qatar Science and Technology Park are serving as anchors for the new fund. Although the group has been investing in the MENA region since 2011, with 55 deals in 32 companies on its portfolio for a total of $6M, 500 Falcons is considered its first MENA focused fund. Furthermore, the group plans to invest in approximately 100-150 companies with about half of the fund and reserve the other half for follow-on investment in the top 20% of companies.