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MENA’s startup ecosystem is navigating a dynamic phase, with venture capital activity revealing both challenges and opportunities. In the first nine months of 2024, MENA’s venture capital (VC) market recorded $1.3 billion across 352 deals, reflecting a 13% drop in funding compared to the previous year, according to MAGNiTT. Despite this dip, funding for non-MEGA deals—those under $100 million—grew by 7%, signaling sustained interest in early-stage startups and a vote of confidence in the region’s entrepreneurial potential.

Leading this charge is Saudi Arabia, which accounted for 39% of total funding and is emerging as a standout player in the region. Key deals like Salla’s $130 million funding round highlight the kingdom’s growing appeal, driven by regulatory reforms, government-led initiatives, and increasing international interest. “The Saudi market is becoming a very deep economic market with strong infrastructure enabling businesses to grow,” says Riyadh-based Amal Dokhan, Managing Partner at 500 Global MENA.

The kingdom’s robust infrastructure, forward-thinking policies, and growing consumer base make it an attractive destination for startups. Dokhan describes it as a market where businesses can “plug in and do their business,” thanks to the ease of accessing resources like know-your-customer platforms and government-backed systems. However, despite these advances, challenges remain. High startup costs and a shortage of affordable technical talent are barriers that many founders still face. “We need more models of exits to encourage new money to come in,” Dokhan highlights, emphasizing the need for more success stories to further incentivize investment.

As one of the world’s most active VC firms, 500 Global has been at the forefront of MENA’s transformation. Headquartered in San Francisco, California, the multi-stage VC firm manages $2.3 billion in assets as of March 2024 and has backed over 5,000 founders, representing more than 2,900 companies in more than 80 countries, including Canva, Grab, Reddit, Solana, and Twilio. The firm made its first investment in the region in 2012, recognizing its potential at a time when few U.S. investors ventured there.

By 2017, 500 Global launched its first MENA-dedicated fund, Falcons I, which has since been fully deployed, supporting 181 innovative startups. Since 2021, 500 Global launched the Sanabil 500 MENA Accelerator fund I and II, which mostly invests in the companies graduating from the Sanabil 500 MENA Accelerator Program. “We’re doing everything from boot camps for early-stage startups to accelerator programs and seed funding,” says Dokhan. “The idea is to create a comprehensive platform that supports startups through every stage of their journey.” The firm’s comprehensive approach has created a pipeline that supports startups from inception to scaling.

“The most challenging aspect for startups is to understand the market gap and ways to address those,” adds Jack Lau, President of Qatar Science & Technology Park. “And, if accelerators can address that aspect of the problem, they will greatly enhance the chance of success of the startups.” Recognizing a gap in early-stage deal flow, Dokhan spearheaded the creation of Sanabil Startup Unlocked by 500 Global, a 5-day bootcamp focused on the earliest part of the founder journey, taking an idea and developing it into a startup most valuable product. The program, which welcomed its first batch in December, broadens the pool of potential startups that can later be funneled into 500 Global’s accelerators and funding programs.

Among these, the Sanabil 500 MENA Seed Accelerator Program, supported by Saudi-based financial investment company Sanabil Investments (wholly owned by the Public Investment Fund), provides pre-seed and seed-stage startups across MENA with more than $100,000 in equity investment. The eighth cohort of the Sanabil Accelerator by 500 Global showcased nine standout companies selected from over 430 applications across MENA. Highlights include Saudi-based Scooply, which boosts F&B businesses with gamified worker training, and Egypt’s Cultivaet, a platform modernizing agriculture with data-driven solutions to increase farmers’ earnings.

As of December 2024, a total of 97 companies had graduated from this 14-week program tailored to startups from the region across the eight batches. “Later-stage financing is one of the biggest issues,” Dokhan explains. “As companies grow and exceed Series A, options become limited in the MENA region which highlights the opportunities for alternative means of financing in growth stage.”

To address challenges related to later-stage funding, Qatar Science & Technology Park’s Lau points to collaboration with the government sector that can work with VCs to encourage, among others, Fund of Funds (FoF). “FoFs can allow for significant capital injections into later-stage startups that otherwise struggle to expand or enter new markets due to lack of large-scale funding,” he explains. “Global investors, of course, are hugely important not only in terms of the funding but also, and more importantly, for their expertise in various sectors, connections, and knowledge that significantly support local startups and boost the overall entrepreneurial landscape.” Meta’s AI Accelerator Program “Llama Design Drive,” in partnership with the Dubai Future Foundation and Startupbootcamp, is one example of a global tech investor betting on the regional ecosystem. Launched in 2024, the initiative’s first cohort supported 22 startups and eight AI development professionals with up to $500,000 each for developing groundbreaking AI-powered solutions.

Although her journey into VC wasn’t a direct path, the industry veteran has been consistently driven by a determination to learn and a willingness to take calculated risks with every new endeavor. Dokhan began her career in teaching, climbing the ranks to lecture at high school and university levels. She later earned a master’s degree in strategic marketing from the University of Wollongong, pivoting her career in 2013 when she joined the King Abdullah University of Science and Technology as a program design lead. Her early foray into the MENA tech ecosystem came at a time when the region was largely untouched by VC or startup activity. “No tech was actually being talked about, no venture money,” she recalls.

In 2021, Dokhan helped establish the regional headquarters of 500 Global in MENA in Saudi Arabia and has since supported the Sanabil 500 MENA Seed Accelerator Funds and program. She served as General Partner of 500 Global in MENA since June 2022, and assumed her current role as Managing Partner in May 2024. “I’ve been in the ecosystem for over 14 years now, and the scale keeps getting bigger,” she notes, reflecting on the growth. “Seeing the evolution over the past decade is one of the most exciting things.”

While VC plays a crucial role in helping new businesses launch, the industry remains strikingly homogenous. In 2023, just over 3% of the $107 billion raised globally by VC funds went to women-led firms—an improvement from 1.9% of the $158 billion raised in 2022, according to the Venture Capital Journal. Increasing gender diversity in VC offers significant business advantages. Research from Harvard Business School found that VC firms that increased the proportion of female partners by 10% experienced a 1.5% annual boost in overall fund returns and a 9.7% increase in profitable exits, as of 2018. One reason for this success may be that diverse investment teams are more likely to back underrepresented founders. For instance, the Kauffman Fellows Research Center discovered that female VC partners were twice as likely as their male counterparts to invest in female-led founding teams at the early stages.

As one of a handful of female managing partners in Saudi Arabia’s VC space, Dokhan’s presence is a testament to her grit and determination. “I never thought of myself as a woman in a man’s world. I just kept moving forward,” she says. She has built a reputation for collaboration and mentorship, supporting other female partners and working closely with other enablers to advance the ecosystem. Her approach emphasizes breaking down barriers through action, engagement, and presence. “You hack access by building your own allies—VCs, angel investors, founders. Eventually, you become part of that ecosystem,” she explains. Noor Sweid, Managing Partner at Global Ventures, and Ambar Amleh, Managing Partner at Ibtikar Fund, are other prominent female leaders shaping the region’s startup ecosystem.

For Dokhan, technology is a means to an end, not an end in itself. She encourages founders to focus on solving real problems rather than getting caught up in trends. “What is the problem you’re solving? The solution is not AI; it’s the tool to solve the problem,” she asserts. This practical philosophy has guided 500 Global’s investments, including Lisan, a company that essentially created the Arabic version of Grammarly. “It’s a clear, simple solution with complex algorithm, and that’s why it works,” she says. Dokhan also advises founders to prioritize simplicity and focus, avoiding the distractions of buzzwords. “Buzzwords can get you so far, but nothing works better than clarity and focus.”

As the region continues its ascent on the global stage, Dokhan’s contributions to its growth, innovation, and inclusivity are helping leave an enduring legacy. “I don’t ever want to stop,” she declares, her passion evident in every word. Her aspirations are deeply rooted in her mission to unlock potential in others. “Whatever I do in life, it will always be about unlocking potential,” she says. Whether through investing, mentoring, or teaching, she sees her work as a continuation of the values that have defined her career. “I want to always be around creatives and entrepreneurs, constantly learning and staying active.” Looking to the future, Dokhan envisions 500 Global as a fully integrated platform that supports startups at every stage, from pre-seed to pre-IPO. “We’re heading in a good direction,” she says. “And there’s still more to do.”