Doha, Qatar: Rasmal Ventures, a prominent venture capital firm based in Doha, has announced the launch of its inaugural $100 million fund aimed at investing in startups across Qatar, the Middle East & North Africa (MENA), and globally. Named the Rasmal Innovation Fund I, the fund has successfully secured over $30 million in its first close, attracting a diverse group of institutional investors, family offices, and high net-worth individuals (HNWIs).
The fund marks a significant milestone as the first home-grown Qatari VC fund, reflecting a sector-agnostic investment approach with particular interest in sectors such as supply chain logistics, climate-tech, fintech, B2B SaaS, and AI. Rasmal Ventures plans to invest across various stages, from seed funding to Series B rounds, focusing particularly on pre-Series A and Series A stage startups.
Key figures behind Rasmal Ventures include Alexander Wiedmer and Dr. Shaikha Al-Jabir as Partners, Angus Paterson as Venture Partner, and Soumaya Ben Beya Dridje as Junior Partner. Alexander and Angus bring over 20 years of combined experience in venture capital, having previously been associated with Iris Capital, the European fund manager that made a significant return on investment as the first institutional investor in Careem.
Dr. Shaikha Al-Jabir, co-founder of Doha Tech Angels, has a track record of successful investments in healthcare, fitness, edtech, and logistics startups. She has held leadership roles at Ooredoo and Kahramaa, the Qatar General Electricity and Water Corporation.
Alexander Wiedmer, Partner at Rasmal Ventures, expressed confidence in the fund’s potential, stating, “With the first closing behind us, we are now looking ahead to creating substantial value and fostering growth for our Qatar-based, internationally-minded VC company and its inaugural fund. We have contributed to building the region’s most successful unicorn and numerous other companies. We aim to replicate this success with Rasmal Ventures, leveraging Qatar’s strategic position as a springboard for regional growth.”
The launch of Rasmal Ventures follows the recent expansion of Singapore-based Golden Gate Ventures into Qatar, which also introduced a $100 million fund, achieving $20 million in its first closing.
Rasmal Ventures aims to utilize its strategic location and experienced team to support and develop promising startups globally, while enhancing the local and regional entrepreneurial ecosystem. This initiative is expected to drive innovation and economic growth across Qatar, the Middle East, and North Africa, offering new opportunities for startups in key sectors including technology, logistics, and fintech.