Rasmal Ventures LLC, Qatar’s first independent venture capital (VC) firm established in 2023, has unveiled its inaugural venture capital fund, Rasmal Innovation Fund I LLC, marking a significant milestone in the nation’s burgeoning VC landscape.
This landmark fund, the first of its kind in Qatar, will be overseen by a team of experienced VC professionals who have collectively managed over 100 VC deals and numerous successful exits.
The fund will focus on pre-Series A, Series A, and Series B stages, with strategic interests in climate and energy tech, fintech, supply chain logistics, B2B SaaS, and Artificial Intelligence (AI).
The fund aims to raise $100 million in investment commitments, with an initial close of over $30 million already secured. This initial round features contributions from prestigious institutional investors, family offices, and high-net-worth individuals from Qatar and internationally.
Registered under the Qatar Financial Centre Regulatory Authority (QFCRA) with the number 02532, Rasmal Innovation Fund I LLC will target investments in innovative and high-performance technology startups and scaleups in Qatar, the broader Middle East and North Africa (MENA) region, and globally.
The launch aligns with Qatar’s Third National Development Strategy (NDS3), aiming to foster a vibrant tech ecosystem supported by accessible investment opportunities.
The fund’s management team includes seasoned VC professionals Alexander Wiedmer and Angus Paterson, former Partners at Iris Capital and STC Ventures. The latter was the first VC investor in Careem, the Middle East’s first unicorn. Wiedmer and Paterson bring over 20 years of VC experience and a decade in the GCC region.
They are joined by Dr Shaikha Al Jabir, founding director of Doha Tech Angels and a former executive at Ooredoo and Kahramaa, and Soumaya Ben Beya Dridje, who brings VC, fund investment, and entrepreneurial experience from Silicon Valley, Europe, and North Africa.
Wiedmer, who has spent the past four years advising entrepreneurs and investment institutions within Qatar’s startup ecosystem, remarked, “We have helped build the most successful unicorn in the region and many other successful companies in Europe. 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, making it the launchpad for regional growth. Being a venture capitalist is the best job on the planet, empowering ambitious innovators and their groundbreaking companies.”
Qatar Development Bank (QDB), a longstanding supporter of the country’s VC ecosystem, welcomed the fund’s launch. Abdulrahman Hesham Al-Sowaidi, QDB’s Chief Executive Officer, stated, “Qatar’s emergence as a major VC hub for cutting-edge tech startups is very promising. QDB is proud to be key in fostering a robust VC ecosystem driven by independent private sector leadership. This aligns with our national development strategy, equipping the private sector to drive innovation and growth.”
