Investment firm Palm Ventures from Saudi Arabia secures initial funding of $30 million for their debut venture, aiming to support early-stage startups within the MENA region.
Palm Ventures Accelerates Digital Transformation in MENA Region
Palm Ventures, a Saudi Arabia-based venture capital firm, has announced the initial close of its $30 million Fund I, marking a significant milestone in its mission to be a force for good and back future industry leaders.
Founded in 2014 by Dr. Yassir Nasief and Redwan Abudawood, Palm Ventures has made a total of 40 investments, with 13 in MENA startups and 4 in US-based AI opportunities. The debut fund plans to invest in 40 deals, focusing on AI, fintech, and business solution startups.
One of the notable startups in Palm Ventures' portfolio is the Egyptian fintech startup PALM, which develops a goal-oriented savings platform using AI-driven strategies to help users achieve financial goals through smart investments and rewards. Other investments include Saudi fintech Nearpay, B2B procurement platform FIFOplus, Y Combinator-backed revenue-based financing startup Erad, and B2B BNPL platform Mala Inc.
Redwan Abudawood, General Partner at Palm Ventures, stated that the MENA innovation ecosystem is at an inflection point. He emphasized that Palm Ventures will continue targeting AI, fintech, and business solution sectors with their new fund, designed to accelerate digital transformation across the MENA region. This includes collaborations with government entities to foster innovation ecosystems.
The firm’s strategy leverages emerging technologies like AI and machine learning to optimize solutions in various industries, including automotive SaaS and finance. By investing in AI-focused startups and partnering with government bodies, Palm Ventures plays a crucial role in strengthening the MENA startup ecosystem. Their support bridges early-stage funding gaps and promotes innovative, scalable digital companies, which contribute to the regional economic diversification and technological advancement.
Palm Ventures is backed by over 40 investors and advisors, including CEOs of leading corporations, serial entrepreneurs, and investment experts. The firm's investments and strategic partnerships underscore its commitment to driving digital transformation and innovation in the MENA region and beyond.
In summary, Palm Ventures has established itself as a key player in the MENA and US AI investment landscape, with a robust portfolio and future plans centered on AI, fintech, and digital transformation, significantly impacting startup growth and innovation in these regions.
[1] Source: Palm Ventures website and press releases. [2] Source: PALM website. [4] Source: TechCrunch article on PALM.
The debut fund of Palm Ventures, focused on AI, fintech, and business solution startups, will continue to invest in innovative companies, such as the Egyptian fintech startup PALM, which utilizes artificial-intelligence-driven strategies for goal-oriented savings and smart investments, exemplifying the firm's commitment to digital transformation in the MENA region. Redwan Abudawood, General Partner at Palm Ventures, reiterates the firm's intention to collaborate with government entities to foster innovation ecosystems and accelerate technology adoption in the region, particularly in sectors like finance through investing in AI-focused startups and bridging early-stage funding gaps.
