The search for Saudi Arabia’s next tech unicorn by VC firm “500 Global”

500 Global has expanded its prodigious fundraising pace to Saudi Arabia, where it is on the lookout for the next tech unicorn – a company worth more than US$1 billion.

Christine Tsai, the fund’s CEO, said that they’ve distributed their holdings over a wide spectrum of companies in the hopes of finding the next big thing.

The Firms View:

Tsai said their background helped them secure funding for the company since they shared “a vast network of high-net-worth individuals, many of whom were ex-Google and ex-YouTube executives,” according to an interview with Arab News.

The fund’s investments typically range from US$100,000 to US$200,000, which is usually small when compared to other VC firms.

Tsai however believes that for a small business with only two or three employees, “even a US$100,000 check might be quite a lot” when it comes to developing a product or hiring additional personnel.

About VC Firm- 500 Global:

500 Global is a venture capital fund that backs entrepreneurs launching fast-growing digital businesses. It concentrates on markets where technology, innovation, and capital can help unleash long-term value and propel economic growth. 

500 Global also collaborates closely with key stakeholders and provides recommendations to governments and corporations on effectively promoting entrepreneurial ecosystems so that startups can thrive.

Since its founding in 2010, the San Francisco-based firm, co-founded by CEO Christine Tsai, Over 6,000 entrepreneurs representing over 2,500 firms in 77 countries have received funding from 500 Global. 

Their portfolio includes 41 firms with a market capitalization of over US$ 1 billion and 125 companies with a market capitalization of over $100 million. 

500 Global’s 140-strong team hails from more than 15 countries and has worked for some of the world’s most prestigious technology firms as entrepreneurs, investors, and operators.

Credit Karma, an American credit broker, Canva, an Australian online design platform, and Grab, Singaporean food delivery and ride-hailing app, are among its famous unicorns.

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