US-based accelerator 500 Startups has announced the first close of a US$15 million fund dedicated to Middle East and North Africa (MENA) based startups, to be known as 500 Falcons. While 500 Startups has previously concluded 55 deals in the MENA region to the tune of US$6 million, 500 Falcons aims to raise a total of US$30 million dedicated entirely to investing in MENA-based early-stage startups, or startups targeting MENA. Being a latecomer does not mean staying behind, and the Arabic speaking world is 500 million strong – young, resourceful, wealthy and a yearning to thrive,” said Hasan Haider, venture partner at 500 Startups. 500 Startups venture partner Sharif El-Badawi has been confirmed as partner for 500 Falcons; while recruitment for further team members is currently on-going. “I look forward to 500 Startups playing a significant role in building ecosystems across the MENA region, and investing in the best founders solving real problems.

Source: The North Africa Journal May 12, 2017 09:22 UTC