500 Startup Closes $15M Fund “500 Fal­cons”

Arabnet - The Quarterly - - Industry Stories -

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.

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