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A Venture Capitalist Abroad: 500 Startups Creates Middle East Tech Fund

The $30 million fund will make small investments in startups based in the region.

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.