A Venture Capitalist Abroad: 500 Startups Creates Middle East Tech Fund - Bloomberg Business:
"Dave McClure wants to dispel some stereotypes about his venture capital firm's latest stomping ground: "The popular image of what's going on in the Middle East is either Isis or sheikhs with a bunch of oil, but the reality is there are millions of people who aren't rich or poor," said McClure, the Silicon Valley-based founding partner of 500 Startups.
The venture firm, which invests small amounts of money in hundreds of young technology companies around the world, said on Thursday that it's establishing a $30 million fund in the Middle East and North Africa. 500 Startups plans to make initial investments of about $75,000 each in nascent companies in a region that McClure said is poorly understood by other tech investors.
McClure said the area's large concentration of people under the age of 26, their high smartphone adoption rates, and the low penetration of Western tech companies makes the market attractive. "I've been there five times a year for the past three years," he said. "These are vibrant and growing economies, and as much as there are challenges there, there are opportunities.""
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