Palm Ventures, a VC firm based in Riyadh, has announced the initial close of Palm Ventures Fund I, a US$30 million fund dedicated to investing in early-stage startups across the MENA region, with a strategic allocation for AI opportunities in the US.
The announcement was made during LEAP 2025.
With a sector-agnostic approach, the fund will focus on high-growth opportunities in AI, fintech, and B2B solutions, sectors undergoing significant transformation across the region.
The fund is backed by more than 40 investors and advisors, including CEOs of corporations, serial entrepreneurs, and investment experts.
This network provides founders with access to market insights, strategic connections, and opportunities for international expansion.
Additionally, Palm Ventures has secured a strategic partnership with a Silicon Valley VC firm, enabling exclusive access to sought-after AI investment opportunities.
Since its founding in 2020, Palm Ventures has invested in 20 startups across MENA and the U.S., backing founders who are driving technological innovation.
“Palm Ventures is more than a fund; it’s a movement,”
said General Partner Redwan Abudawood.
“We are ex-founders who built this platform to be a force for good, backing future industry leaders. MENA’s innovation ecosystem is at an inflection point, and we’re excited to be part of it.”
Featured image credit: edited from freepik
