Rasmal Ventures LLC, Qatar’s first independent venture capital firm, has launched its debut fund, Rasmal Innovation Fund I LLC.
This new fund aims to boost innovation and investment in Qatar and the broader MENA region.
The Rasmal Innovation Fund I LLC will focus on investing in high-performing startups and scale-ups across various technology sectors, including climatetech, fintech, B2B SaaS, and more. The fund has already raised $30 million from institutional investors and family offices, with a goal of reaching $100 million.
The fund will be managed by a team of experienced VC professionals. They have managed over 100 VC deals and have a track record of successful exits. For its first closing, the fund has attracted prestigious investors from Qatar and beyond.
Rasmal Innovation Fund LLC will invest in innovative technology startups and scale-ups at the pre-Series A, Series A, and Series B stages. While it will consider all tech sectors, the fund has a special interest in climate and energy tech, fintech, supply chain logistics, and AI.
The launch aligns with Qatar’s Third National Development Strategy (NDS3), aiming to build a vibrant tech ecosystem with easy access to investment opportunities.
The fund’s team includes Alexander Wiedmer and Angus Paterson, who previously worked at Iris Capital and STC Ventures. They are joined by Dr. Shaikha Al Jabir, a founding director of Doha Tech Angels, and Soumaya Ben Beya Dridje, who has VC and entrepreneurship experience in Silicon Valley, Europe, and North Africa.
Wiedmer commented, “We’ve helped build successful companies in the region and Europe. Now, we aim to do it again with Rasmal Ventures. We chose Qatar as the base for this fund to be a springboard for the region.”
The Qatar Development Bank (QDB) supports the fund’s launch. Abdulrahman Hesham Al-Sowaidi, QDB’s CEO, said, “Qatar’s growth as a VC hub is promising. We’re proud to support a robust VC ecosystem that drives innovation and growth.”
