QIA’s Fund Of Funds Backs Rasmal Ventures Innovation Fund I

Qatar-based Rasmal Ventures has become the first venture capital (VC) firm to receive backing from the Qatar Investment Authority’s (QIA) US$1 billion Fund of Funds program.   

Established in June 2024, the company  – which is Qatar’s first independent VC firm  – secured the capital for its inaugural homegrown venture capital fund, Rasmal Innovation Fund I LLC. The fund targets high-performance startups and scaleups across fintech, business-to-business (B2B) software as a service (SaaS), healthtech, and artificial intelligence (AI).   

QIA's Fund of Funds program, launched in February 2024, aims to invest in international and regional venture capital funds to support the growth of Qatar’s startup and technology ecosystem with a substantial commitment exceeding $1 billion. 

In a statement, Alexander Wiedmer, co-managing partner of Rasmal Ventures, said, "As the first private VC fund based in Doha, we have forged strong partnerships with leading Qatari institutions to work closely with exceptional founders, stimulate innovation, and meet the region's unique needs. While still in the early stages of capital deployment, we take pride in our first investments in proprietary tech startups. The trust QIA and our other investors placed in us is a testament to our team's capabilities and dedication. We will continue to grow our presence across the region and execute our highly selective investment strategy to establish ourselves as a key player in the MENA VC landscape."