On Monday, Palm Ventures announced the closing of its first investment fund, valued at $30 million.
The fund aims to support early-stage startups in the Middle East and North Africa (MENA) region, with a portion of the funds allocated to AI companies in the United States.
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Palm Ventures investment in MENA startups
Palm Ventures’ new fund will focus on early-stage investments in AI, Fintech, and Business Solutions sectors.
The company aims to empower entrepreneurs by providing financial backing and strategic support, enabling startups to scale their operations and drive technological innovation that contributes to the digital economy’s growth.
Since 2020, Palm Ventures has invested in 20 startups across the MENA region and the U.S., demonstrating its dedication to fostering entrepreneurial ecosystems.
Palm Ventures focuses on growth and innovation
Founded in 2014, Palm Ventures has supported over 40 startups and collaborated with government agencies to implement innovative solutions.
The firm aims to bridge investment opportunities between the MENA region and global markets, particularly in AI innovations from the U.S.
Palm Ventures believes this fund will help address funding gaps for early-stage companies while fostering partnerships between regional startups and global players, especially in AI and emerging technologies.
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More on Palm Ventures
Palm Ventures was established as a business unit under a consultancy firm in 2014 with a vision to support the entrepreneurship ecosystem in KSA. The business unit has supported over 25 founders and startups and assisted various government institutions in fulfilling their innovation-commercialization mandates.
In 2021, Palm Ventures evolved into a standalone company, focusing on technology startup investments. This transformation brought together over 30 investors and advisors, creating the Palm Ventures family, which includes CEOs of top corporations, serial entrepreneurs, and investment experts.