Qatar Foundation, 500 Startups to launch new fund for MENA region

Qatar Foundation and 500 Startups have partnered to stimulate and advance innovation in the MENA region
Qatar Foundation, 500 Startups to launch new fund for MENA region
Photo by Albawaba: Dave McClure, Founding Partner, 500 Startups, with Dr Hamad Al Ibrahim, Executive Vice President, QF R&D, and Chairman of the Board of Directors, QSTP.
By Tamara Pupic
Wed 28 Sep 2016 10:18 AM

Qatar Foundation for Education, Science and Community Development (QF), a Doha-based private, chartered, nonprofit organisation, has signed a memorandum of understanding (MoU) with 500 Startups, a global venture capital seed fund and start-up accelerator.

As part of this MoU, the two organisations will provide seed funding, training and mentorship to start-ups across the MENA region over the next five years.

QF has become an anchor investor in the 500 Startups MENA region micro fund, and will organise 500 Distro Dojo, an annual growth marketing accelerator programme.

Regional start-ups will also get access to QF’s incubation centre at Qatar Science & Technology Park (QSTP), part of Qatar Foundation Research and Development (QF R&D).

Speaking to local media, Dave McClure, founding partner at 500 Startups, said that the two organisations would provide entrepreneurs with global access to expert mentorship, hands-on support, networking opportunities, and resources to take their companies to the next level.

“We aim to inspire, develop and lead by example,” McClure said. “The MENA region is continuing to experience steady growth and through this partnership with QF, we want to help unleash the potential within the region.”

500 Startups is a global venture capital seed fund and start-up accelerator based in Silicon Valley with over $250 million in assets under management. Since the launch in 2010, the fund has invested in more than 1,500 technology start-ups, including Credit Karma, Grab, Twilio, Udemy, Ipsy, TalkDesk, Intercom, and others.

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