8726 Views

500 Startups Bolsters Commitment to MENA’s Startup Ecosystem

by

September 30, 2020

500 Startups made its first investment in MENA in 2012. Back then, few U.S. venture investors made their way to the region, but we recognized its potential and after making more than 30 investments in the region, launched our first MENA-dedicated fund, Falcons I, in 2017. 

Since then, 500 has cemented its position as one of the most active early stage investors in the Middle East. We have almost fully deployed the Falcons I fund, investing in more than 175 innovative startups. Nearly 100 founders have gone through our accelerator programs and our investments have helped these founders create countless jobs, and aided in advancing the region’s agenda to diversify economies, capitalize on technology and encourage investment in entrepreneurship. 

MENA has become one of the most promising startup ecosystems in the world, with myriad opportunities to support talented founders and promote innovation as a means to transform economies. 

With an eye toward MENA’s limitless future, 500 is strengthening its commitment to founders across the region and preparing for this next phase of growth with the addition of the following phenomenal new leaders to 500 MENA: Coming on board to extend their support and develop new initiatives are Bedy Yang and Rina Onur.

Bedy has been with 500 almost since its inception in 2010 and now joins Falcons I as a Managing Partner. As a Managing Partner at 500 and the GP of Global Funds I, II, III, IV, she co-manages over $220 million in Global Funds’ committed capital. Among investments Bedy was involved in are Talkdesk, which is valued at more than $3 billion, Viva Real which sold to OLX, and Cinepapaya, acquired by Fandango. 

Bedy also leads the team responsible for ecosystems development, the innovation arm of 500 Startups which focuses on fostering economic development, government and corporate innovation, and tech acceleration, as well as the VC Unlocked programs, which train investors and managers of startup accelerators worldwide, including over 70 professionals in the MENA region.

Rina Onur joins as an Advisor to Falcons I. She is a Founding Partner of 500 Istanbul, which focuses on early stage tech startups in Turkey and the Turkish diaspora. Funds under her management have invested in more than 40 companies, including Carbon Health, BilliontoOne and Firefly. Prior to becoming a VC, Rina was an entrepreneur, having co-founded Peak Games which Zynga acquired recently for $1.8 billion, the second largest exit event ever in the MENAT region.

With the Falcons I fund nearing full deployment, we’ve worked closely with Partners Hasan Haider and Sharif El-Badawi to plan for what’s next in line with 500’s future strategy in MENA and analyzed the evolving need for capital across the MENA ecosystem. While Falcons I focused on pre-seed and early seed investments, Hasan and Sharif will launch an independent fund filling the gap in the market for later seed stage capital. They will also continue to actively support the Falcons I fund during the next 18 months. 

Starting out as emerging fund managers in Falcons I, Hasan and Sharif were pivotal in building the 500 brand and investment practice across MENA, and we’re excited to see them evolve and continue to support MENA founders in their new fund. They have made significant contributions to MENA’s startup ecosystem, and we are proud of the work the Falcons team has done. We look forward to collaborating in support of great founders.

500 will also continue to invest in the region via new funds and programs which you will hear more about soon. As Chief Operating Officer of 500 Startups globally, I will oversee all strategic operations in the MENA region, including the development of new funds and initiatives. 500 is here to stay in MENA, and we are grateful to continue to be a part of this leading ecosystem. Stay tuned for more exciting updates in Q4!

This post is intended solely to provide information regarding 500 Startups. All content provided in this post is provided for general informational or educational purposes only and no solicitation for any investment product is intended thereby. No legal tax or investment advice is provided herein. 500 Startups makes no representations as to the accuracy or information contained in this post and while 500 Startups has taken reasonable steps to ensure that the information contained herein  is accurate and up-to-date, no liability can be accepted for any error or omissions. Figures are approximated based on internal estimates as at July 31, 2020 and have not been independently verified. All logos and trademarks of third parties referenced herein are the trademarks and logos of their respective owners. Any inclusion of such trademarks or logos does not imply or constitute any approval, endorsement or sponsorship of 500 Startups by such owners. 

Most Popular

June 09, 2020

Our Framework Post-COVID-19

May 22, 2020

Launch Your Business in Georgia (The Country, not the State)

Recent

What It’s Going to Take To Increase Female Founder Fundraising in 2021

Last month, Pitchbook reported a grim update that 2020 Q3 fundraising for female founders hit a three-year low. Firms invested $434 million in female founders, a 48% drop from Q2 in 2020 and a 36% ...

WorkClass Matches Frontline Job Seekers with Employers in Southeast Asia

We are always on the lookout for companies that help connect job seekers with employers. In Southeast Asia, the frontline labor market remains large but fragmented. While there are numerous job boa...

500 Startups Signs Agreement with iNNpulsa Colombia to Train Accelerator Managers

It was a warm sunny day in San Francisco in May 2019, as the U.S. Secret Service cordoned off the building where 500 Startups’ headquarters are located and thoroughly searched the emptied office. “...

Ash Makes it Easy to Get Tested for STIs/STDs at Home

Although at-home test kits have become a popular alternative to visiting a medical clinic in person, there are still limited options for people to get tested for sexually transmitted diseases. Not ...