Qatar’s Rasmal Ventures, the nation’s premier independent venture capital company, has introduced its inaugural fund, known as Rasmal Innovation Fund I.
This pioneering fund, the first of its kind in Qatar, aims to secure $100M in commitments and has already acquired over $30M in its initial phase.
Additionally, I=investors comprise esteemed institutional backers, family offices, and affluent individuals from both Qatar and abroad.
Under the oversight of the Qatar Financial Centre Regulatory Authority, the fund will concentrate on supporting high-growth technology startups and scaleups across Qatar, the Middle East, North Africa, and beyond. Investment stages will encompass pre-Series A to Series B.
Though not confined to any particular sector, the fund will prioritise climate and energy tech, fintech, supply chain logistics, B2B SaaS, and Artificial Intelligence.
Rasmal Fund I Aligned with Qatar’s NDS3 for Tech Ecosystem Growth
This launch corresponds with Qatar’s Third National Development Strategy (NDS3), which seeks to cultivate a dynamic tech ecosystem with accessible investment avenues.
The maiden fund from Rasmal will be steered by a proficient team.
Moreover, Rasmal Innovation Fund I is fortunate to have a team of seasoned professionals at its helm, including Alexander Wiedmer and Angus Paterson, veterans with over 20 years of experience in venture capital and successful ventures such as Careem, the Middle East’s inaugural unicorn.
“We have been instrumental in shaping the region’s most prosperous unicorn and numerous other enterprises,” remarked Wiedmer. “With Rasmal Ventures, we are poised to repeat this success. Qatar’s strategic positioning renders it an ideal launchpad for the region.”
The launch of the fund has garnered praise from Qatar Development Bank.
Notably, “Qatar’s emergence as a significant VC centre is encouraging,” noted QDB CEO Abdulrahman Hesham Al-Sowaidi. “This is in line with our national development strategy, empowering the private sector to propel innovation and progress.”
