The first independent venture capital (VC) company in Qatar, which was established in 2023, has today announced funding from QIA as part of its Fund of Funds program.
The funding goes into the home-grown venture capital fund, which targets high-performing startups and scales up across a variety of innovative technology sectors.
The first fund announcement is part of QIA's $1 billion Fund of Funds program, which will be open to applicants in February.
The QIA's Fund of Funds, corporates, family offices and individual high-net-worth investors have closed funding for the Rasmal Innovation Fund I, with an aim to reach $100 million in investment commitments.
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.
A highly experienced team of VC experts that have collectively managed more than 100 VC deals, as well as impressive exits, is managed by the Rasmal Innovation Fund I.
About the fund.
The fund will invest in innovative and high-performing technology startups and scaleups across the Middle East and North Africa.
The country's Third National Development Strategy (NDS3) is aligned with the launch of the Rasmal Innovation Fund I, as it aims to contribute to the creation of a vibrant tech ecosystem which is underpinned by easy access to a range of investment and funding opportunities.
QIA has a fund of funds program.
The goal of the Fund of Funds program is to help close the funding gap for local and regional entrepreneurs by attracting leading venture capital funds and entrepreneurs to the region.
The program will invest more than 1 billion dollars in international and regional venture capital funds and place a priority 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.
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Source prnewswire