Rasmal Ventures Introduces 1st Qatari Home-grown VC
The fund will invest in startups at the pre-series A, series A, and series B funding rounds
Qatari Rasmal Ventures LLC has launched its first home-grown fund called Rasmal Innovation Fund I LLC. This fund aims to drive innovation and investment in the region.
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The goal of Rasmal Innovation Fund I LLC is to raise $100 million in investment commitments.
For its initial closing, the fund has already secured over $30 million from institutional investors, family offices, and high-net-worth individuals from both Qatar and beyond.
The fund is registered under the Qatar Financial Centre Regulatory Authority (QFCRA). It also aligns with Qatar's Third National Development Strategy (NDS3).
The fund will invest in startups at the pre-series A, series A, and series B funding rounds, with a focus on climate and energy tech, fintech, supply chain logistics, business-to-business software-as-a-service (B2B SaaS), and artificial intelligence (AI) sectors.
The team behind the fund is made up of seasoned VC professionals like Alexander Wiedmer and Angus Paterson, who both have over 20 years of individual VC experience and more than a decade in the GCC. This is in addition to Shaikha Al Jabir, the founding director of Doha Tech Angels and a former executive at Ooredoo and Kahramaa.
In February, the Qatar Investment Authority (QIA) introduced Qatar's first Venture Capital Fund of Funds.
With a substantial commitment exceeding $1 billion, the Fund of Funds initiative aims to propel both local and international venture capital endeavors.
Notably, the Fund of Funds program will channel investments primarily through established VC funds while also facilitating targeted co-investments to amplify its impact. Fund managers will be required to demonstrate a proven track record of success along with a steadfast commitment to contributing to Qatar's entrepreneurial ecosystem.