Rasmal Ventures Innovation Fund I Named As First Fund In QIA's Fund Of Funds Programme

Doha: Rasmal Ventures, Qatar's first independent venture capital (VC) company, has on Wednesday announced funding from Qatar investment Authority (QIA) as part of its Fund of Funds programme.

The funding is received into Rasmal Venture's inaugural, home-grown venture capital fund, Rasmal Innovation Fund I which targets high-performance startups and scales up across a variety of innovative technology sectors, including fintech, B2B SaaS, HealthTech and AI, QIA said in a press release.

Rasmal Innovation Fund I is the first fund announcement as part of QIA's $1bn Fund of Funds programme announced as open to applicants in February 2024.

To date, the Rasmal Innovation Fund I has closed funding from QIA's Fund of Funds, corporates, family offices and individual high-net-worth investors with an aim to reach $100m in investment commitments.

Co-Managing Partner of Rasmal Ventures Alexander Wiedmer 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.”

“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,” he added.

The Rasmal Innovation Fund I is managed by a highly experienced team of VC experts that have collectively managed more than 100 VC deals, along with impressive exits.

The Rasmal Ventures Innovation Fund I targets investments in innovative and high-performance technology startups and scaleups across Qatar, the wider Middle East and North Africa (MENA) region, and internationally at pre-Series A, Series A and Series B stages. While the fund will scout all technology sectors agnostically, it will have a strategic interest in fintech, supply chain logistics, HealthTech, B2B SaaS and Artificial Intelligence (AI).

The launch of Rasmal Innovation Fund I aligns firmly with the countrys Third National Development Strategy (NDS3) as it aims to contribute to the creation of a buoyant tech ecosystem which is underpinned by easy access to a range of investment and funding opportunities.

The Fund of Funds program aims to develop a strong start-up and venture capital ecosystem in Qatar, attract leading venture capital funds and entrepreneurs to the region and help close the current funding gap for local and regional entrepreneurs.

The program, first announced in February 2024, will invest more than $1bn in international and regional venture capital funds and will place a priority focus on the tech and healthcare sectors. The Fund of Funds program has a dual investment mandate to achieve good financial performance and deliver a positive development impact on the Qatari venture capital ecosystem.

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