Early-stage Middle Eastern and North African (MENA) startups receive investment from Palm Ventures, a new Saudi-based fund, after successfully raising a debut $30 million in its first round of funding.

Early-stage Middle Eastern and North African (MENA) startups receive investment from Palm Ventures, a new Saudi-based fund, after successfully raising a debut $30 million in its first round of funding.

Saudi Arabia's Palm Ventures Announces $30 Million Fund for Digital Transformation

Palm Ventures, a Saudi Arabia-based venture capital firm, has recently announced the initial close of its $30 million Fund I. Established in 2014, the firm has been a force for good, backing future industry leaders and fostering innovation across the MENA region.

Founded by Dr. Yassir Nasief and Redwan Abudawood, Palm Ventures boasts a diverse portfolio of investments. This 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. The firm's strategic allocation for US-based AI opportunities is also evident in its investments, with four AI investments in the US.

Palm Ventures has worked closely with government entities to promote innovation, and between 2020 and 2024, the firm invested in around 20 AI startups located in both MENA and the US, demonstrating a dual regional focus on digital transformation and AI technologies.

Redwan Abudawood, General Partner at Palm Ventures, stated that MENA's innovation ecosystem is at an inflection point. The firm's debut fund plans to invest in 40 deals, continuing its mission to support digital transformation initiatives within the MENA region.

With a focus on early-stage startups across MENA, Palm Ventures' investment strategy centers on early-stage venture investments primarily in AI, fintech, and business solutions. The firm's portfolio includes approximately 40 startups, with significant emphasis on fostering AI innovation and digital transformation.

The fund is backed by over 40 investors and advisors, including CEOs of leading corporations, serial entrepreneurs, and investment experts. Palm Ventures is poised to play a significant role in driving digital transformation and innovation across the MENA region and the US.

1. Palm Ventures' investment strategy primarily focuses on early-stage venture investments in AI, fintech, and business solutions, demonstrating an interest in leveraging artificial-intelligence technology and driving digital transformation in the MENA region and the US.
2. By investing in around 20 AI startups located in both MENA and the US between 2020 and 2024, and with four AI investments in the US, Palm Ventures has shown a commitment to fostering artificial-intelligence innovation and integrating AI technologies into their investments, particularly in the areas of finance and business solutions.

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