Thursday July 25th, 2024
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Qatari Rasmal VC Launches $100 Million Fund for MENA Tech Startups

The fund will scout tech sectors “agnostically’, while placing strategic interest in climate and energy tech, and AI.

Startup Scene

Qatari Rasmal VC Launches $100 Million Fund for MENA Tech Startups

Qatar-based venture capital firm Rasmal Ventures has launched a $100 million home-grown fund for high-performance tech startups and scaleups in a variety of sectors including climate tech, B2B SaaS, and AI, aiming to drive innovation and investment in Qatar and the wider region. At its initial close, the Rasmal Innovation Fund  - the first of its kind to be established in Qatar - had already raised $30 million from institutional investors, aiming to reach $100 million in investment commitments.

The fund will scout all tech sectors “agnostically”, but will place strategic interest in climate and energy tech, fintech, supply chain logistics, B2B SaaS, and artificial intelligence (AI). The private, commercially driven entity is set to operate in line with Qatar’s Third National Development Strategy (NDS3), contributing to the country’s buoyant tech ecosystem underpinned by high levels of investment facilitation, and subsequent funding opportunities for startups and scaleups.

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