Palm Ventures, based in Saudi Arabia, has launched its inaugural $30 million investment fund targeting early-stage startups in the MENA region, with a particular focus on AI, fintech, and business solutions.

This fund's launch comes at a time of rapid growth in the MENA startup ecosystem, which is crucial for supporting digital transformation and technology-driven economic development.

The firm aims to invest in a total of 40 deals, backed by over 40 investors and advisors, including corporate CEOs, serial entrepreneurs, and investment experts.

Selected startups will receive both financial capital and strategic guidance to enhance their growth and innovation.

Founded by Dr. Yassir Nasief and Redwan Abudawood, Palm Ventures has already made 13 direct investments in MENA startups and four in US-based AI startups through a mini-fund with Cartography Capital.

Initially established in 2014 as a business unit within a consultancy firm, Palm Ventures became an independent venture capital firm in 2021, dedicated to enhancing Saudi Arabia's entrepreneurship ecosystem.

The firm has previously assisted over 25 founders and startups, collaborating with both private sector companies and government entities on initiatives aimed at driving innovation.

Redwan Abudawood expressed enthusiasm for being part of MENA's innovation ecosystem, highlighting their commitment to supporting future industry leaders.

The fund's portfolio includes notable companies such as Saudi fintech Nearpay, B2B procurement platform FIFOplus, revenue-based financing startup Erad, and B2B BNPL platform Mala Inc.

In addition to MENA startups, the fund will also invest in US-based AI startups, showcasing a global approach to technological advancement.

From 2020 to 2024, Palm Ventures has invested in 20 startups within the MENA region and in AI-focused companies in the US.

With this fund, Palm Ventures is poised to make a significant impact on the startup landscape in both the MENA region and the United States.