Established in 2023, Rasmal Ventures LLC is the first independent venture capital (VC) firm in Qatar. Today, the company announced that QIA has provided funding through its Fund of Funds program.
The money goes to Rasmal Venture’s first in-house venture capital fund, Rasmal Innovation Fund I LLC, which focuses on high-performing startups and grows along a range of cutting-edge technology industries, such as fintech, B2B SaaS, health tech, and artificial intelligence.
In February 2024, QIA announced that its $1 billion Fund of Funds program was now accepting applications, with the first fund announcement being Rasmal Innovation Fund I LLC.
With a target of $100 million in investment commitments, the Rasmal Innovation Fund I LLC has closed funding thus far from QIA’s Fund of Funds, corporations, family offices, and individual high-net-worth investors. Only professional investors as defined by QFCRA regulations are eligible to invest in the fund.
Alexander Wiedmer, Co-Managing Partner of Rasmal Ventures, said, “As the first private VC fund based in Doha, we have forged strong partnerships with leading Qatari institutions to work closely with exceptional founders, stimulate innovation, and meet the region’s unique needs. While still in the early stages of capital deployment, we take pride in our first investments in proprietary tech startups. The trust QIA and our other investors placed in us is a testament to our team’s capabilities and dedication. We will continue to grow our presence across the region and execute our highly selective investment strategy to establish ourselves as a key player in the MENA VC landscape.”
Over 100 VC deals and remarkable exits have been managed by the highly skilled group of VC specialists that oversee the Rasmal Innovation Fund I LLC.
