Rasmal Ventures LLC, Qatar’s first independent venture capital (VC) organisation founded in 2023, launched its first homegrown venture capital fund, Rasmal Innovation Fund I LLC.
The first Qatari fund will be managed by a team of VC experts with over 100 VC investments and remarkable exits.
Read also – Egypt-Based Podcast Production Company (TPP) Secures Pre-Seed Funding
The unprecedented project seeks $100 million in investments. First close of over $30 million includes famous institutional investor, family offices, and high-net-worth investors from Qatar and throughout the world.
The Qatar Financial Centre Regulatory Authority (QFCRA) registers Rasmal Innovation Fund LLC as 02532.
The fund will invest in creative and high-performing technology startups and scaleups in Qatar, MENA, and beyond at pre-Series A, Series A, and Series B stages. While scouting all technological areas agnostically, the fund will prioritise climate and energy tech, finance, supply chain logistics, B2B SaaS, and AI.
Read also – Saudi Arabia-Based Tahdir Secures 306K in Pre-Seed Funding
Rasmal Innovation Fund I LLC intends to create a vibrant digital environment with simple access to investment and funding options, aligning with the country’s Third National Development Strategy (NDS3).
The firm’s staff includes Alexander Wiedmer and Angus Paterson, former Partners at Iris Capital and STC Ventures, a GCC fund that was the first VC investor in Careem, the first Middle Eastern unicorn, among other successful investments.
Wiedmer, who has had extensive experience advising entrepreneurs and investment institutions within Qatar’s vibrant startup ecosystem over the past four years, said “We have helped build the most successful unicorn in the region and many other successful companies in Europe and now we will do it again with Rasmal Ventures. As a private and commercially driven entity, we strategically selected Qatar as the domicile for the fund, to be the springboard to the region. Being a venture capitalist is the best job on the planet, empowering ambitious innovators and their great companies.”
Qatar Development Bank, a longtime supporter of the venture capitalist economy, welcomed the fund’s inception.
About Rasmal Ventures
Rasmal Ventures is the first independent Qatar-based venture capital fund manager, thus they naturally support the top Qatari entrepreneurs, MENA businesses, and multinational companies entering this market.
