Palm Ventures, a Saudi-based VC, has announced the initial closing of its $30M Palm Ventures Fund I.

More to Know:

• The fund focuses on early-stage startups in the region and will allocate a portion of its investments to artificial intelligence (AI) opportunities in the United States.
• It aims to invest across various sectors, with a particular emphasis on artificial intelligence, fintech, and B2B.
• Since 2020, the company has invested in 20 startups across the Middle East, North Africa, and the United States.
• Its portfolio includes investments in companies such as FIFOplus, Nearpay, Erad, and Mala.
• The fund is backed by over 40 investors and advisors, including CEOs, entrepreneurs, experts, and consultants.

Related comments:

• General Partner and Fund Manager, Redwan Abudawood, stated: “Palm Ventures is not just a fund; it marks the beginning of a movement. As entrepreneurs and specialists in digital transformation, we will continue to invest in and support entrepreneurs and future technology leaders. The innovation ecosystem in the region is at a turning point, and we are excited to be part of it.”