500 Global Planning strengthened Africa’s position following 156 investments over a 12-year period.
In order to better serve its portfolio, 500 Global, an early-stage startup fund and seed accelerator, plans to increase its physical presence in Africa. Since 2012, the company has made 156 investments on the continent.
Originally founded as 500 Startups in the US in 2010, 500 Global launched its first accelerator in Silicon Valley in 2011 and has since grown internationally, implementing programs and making early-stage investments across the globe.
It launched regional funds in Latin America, South Asia, South Korea, and MENA, and it was among the first US venture capital firms to do so. Through the latter entity, it launched its first African investments in Egypt in 2012. Since then, 500 Global—the company’s current name following a 2021 rebranding—has amassed 156 ventures throughout the continent.
Chipper Cash, MaxAB, Triply, Aella Credit, Stitch, SweepSouth, Breadfast, NowPay, and Moneyfellows are among the companies that are invested in this portfolio. In the most recent episode of “The month in VC,” Disrupt Africa’s regular podcast on the African venture capital scene, Mareme Dieng, Africa lead at 500 Global, stated that the majority of 500’s Sub-Saharan African investments have been made through its global fund, with the exception of North African investments made through its MENA fund.
The reason for this is that Sub-Saharan Africa was still within our opportunistic markets, Dieng, who joined 500 from Draper University Ventures in 2021, explained.
However, the company’s strategy for Africa is changing and will eventually resemble its strategy for Egypt, where it has established a specialized local team.
Because we invest so early and take such hazardous bets, one of the things that is crucial for us is to develop local teams so that they can truly think differently about how we assist our founders. In order to guarantee that we can offer that kind of assistance, we are currently assembling a local staff for the continent, just like we do for other regions,” Dieng stated.
“We have a quite significant portfolio across the continent today, but it’s a less-known fact because I think we have been a lot less vocal about some of the investments that we have made. But we’re very excited about the potential that the continent holds today, and we feel very strongly about the importance of being able to have local support for these companies.”
