Initial Closing of a $30 Million Debut Fund by Saudi Palm Ventures for backing early-stage businesses in the MENA region
Palm Ventures, a venture capital firm based in Saudi Arabia, has announced the initial close of its debut fund, Fund I, with $30 million in capital. The firm, founded by Dr. Yassir Nasief and Redwan Abudawood, positions itself as a force for good, backing future industry leaders across the Middle East and North Africa (MENA) region.
Palm Ventures' strategy is aimed at supporting innovative startups, particularly in the fintech and technology sectors. The firm leverages Saudi Arabia’s strategic advantages such as scale, infrastructure, and location to catalyse growth within the ecosystem.
The firm adopts an investment approach oriented towards modernising key industries, fostering technology integration, and driving product innovation. While exact portfolio details for Fund I are limited, contextual evidence from the region’s startup activity suggests a focus on companies that build fintech solutions.
Palm Ventures' general strategy includes investing in early-stage startups with scalable business models across the MENA region. The firm supports companies that align with Saudi Arabia’s Vision 2030 by modernising capital markets and enhancing regional tech infrastructure and innovation. The firm targets sectors like fintech, AI infrastructure, insurtech, and other technology-driven fields that can localise operations or expand across multiple markets in the region.
Fund I’s $30 million capital facilitates backing startups to grow user acquisition, develop diverse product use cases, and build strategic partnerships to strengthen market positioning. This holistic approach under Palm Ventures aims to transform traditional sectors through technology and position Saudi Arabia as a regional investment hub.
So far, Palm Ventures has made 17 direct investments, 13 in MENA startups and 4 in US-based AI opportunities. The firm's portfolio includes Saudi fintech Nearpay, B2B procurement platform FIFOplus, Y Combinator-backed revenue-based financing startup Erad, and B2B BNPL platform Mala Inc. The firm has a strategic allocation for US-based AI opportunities, with four investments made through a mini-fund in partnership with Cartography Capital.
Redwan Abudawood, General Partner at Palm Ventures, stated that MENA's innovation ecosystem is at an inflection point. The fund is backed by over 40 investors and advisors, including CEOs of leading corporations, serial entrepreneurs, and investment experts. Palm Ventures plans to invest in 40 deals with Fund I.
- Palm Ventures, in line with its strategy, is focusing on investing in startups that operate in the fintech and technology sectors, specifically those building fintech solutions and leveraging artificial intelligence.
- In an effort to drive product innovation, Palm Ventures is adopting an investment approach that aims to modernize key industries, foster technology integration, and localize operations or expand across multiple markets in the MENA region, including the fields of AI infrastructure and insurtech.
