Saudi's Palm Ventures Secures Initial Closing of $30 Million Debut Fund for Investment in Early-stage Startups in the MENA Region
Saudi Arabia's Palm Ventures Closes $30 Million Fund I to Boost MENA Startups
Palm Ventures, a Saudi Arabia-based venture capital firm, has announced the initial close of its $30 million Fund I. The fund, strategically focused on supporting early-stage startups in the Middle East and North Africa (MENA) region, aims to capitalize on the growing momentum in AI and fintech within the MENA ecosystem.
Founded by Dr. Yassir Nasief and Redwan Abudawood, Palm Ventures plans to invest in 40 deals, prioritizing startups developing innovative technologies and solutions that facilitate digital growth in the region. The investment plan includes a portion of the fund allocated to US-based startups in these sectors.
According to its website, Palm Ventures has already made 17 investments, 13 in MENA startups and 4 in US-based AI opportunities. The firm's portfolio includes Saudi fintech Nearpay, B2B procurement platform FIFOplus, Y Combinator-backed revenue-based financing startup Erad, and B2B Buy Now, Pay Later (BNPL) platform Mala Inc.
Redwan Abudawood, General Partner at Palm Ventures, stated that MENA's innovation ecosystem is at an inflection point. He believes that the region is ripe for disruption and that Palm Ventures is well-positioned to support the next generation of industry leaders.
The fund is backed by over 40 investors and advisors, including CEOs of leading corporations, serial entrepreneurs, and investment experts. Palm Ventures has a strategic allocation for US-based AI opportunities, with four investments made through a mini-fund in partnership with Cartography Capital.
Palm Ventures was founded with the intention to be a force for good, backing future industry leaders and driving digital transformation across the MENA region. The fund aims to accelerate innovation and economic diversification consistent with wider trends in Saudi Arabia's investment landscape, which includes a broader emphasis on technology and scalable business models.
With the initial close of Fund I, Palm Ventures is poised to make a significant impact on the MENA startup ecosystem, supporting the growth of innovative AI and fintech startups and contributing to the region's digital transformation.
[1] Source: Palm Ventures' website and press releases.
- Palm Ventures, with a focus on artificial intelligence and fintech, will reinvest a portion of its $30 million Fund I into US-based startups in these sectors.
- The Saudi Arabia-based venture capital firm, Palm Ventures, is planning to invest in startups developing innovative technologies and solutions, particularly in the fields of artificial intelligence and finance.
