Rasmal Ventures Innovation Fund I named as first fund in QIA's Fund of Funds program

• Rasmal Ventures inaugural VC fund is the first fund to join the $1 billion venture capital program from QIA  
• Qatar-based VC firm Rasmal Ventures launched its home-grown fund in June 2024 to drive innovation and investment in Qatar and the MENA region  
• Commitment from QIA's Fund of Funds program will enable the fund to grow its presence across the region and execute the highly selective investment strategy  

DOHA, Qatar, Feb. 5, 2025 /PRNewswire/ -- Rasmal Ventures LLC, Qatar's first independent venture capital (VC) company, which was established in 2023, has today announced funding from QIA as part of its Fund of Funds program.  

The funding is received into Rasmal Venture's inaugural, home-grown venture capital fund, Rasmal Innovation Fund I LLC which targets high-performance startups and scales up across a variety of innovative technology sectors, including fintech, B2B SaaS, HealthTech and AI.  

Rasmal Innovation Fund I LLC is the first fund announcement as part of QIA's $1 billion Fund of Funds program announced as open to applicants in February 2024.  

To date, the Rasmal Innovation Fund I LLC has closed funding from QIA's Fund of Funds, corporates, family offices and individual high-net-worth investors with an aim to reach $100 million in investment commitments. The Fund is only open to professional investors as defined in QFCRA regulation. 

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." 

The Rasmal Innovation Fund I LLC is managed by a highly experienced team of VC experts that have collectively managed more than 100 VC deals, along with impressive exits.  

About Rasmal Ventures Innovation Fund I LLC   

The Rasmal Ventures Innovation Fund I LLC targets investments in innovative and high-performance technology startups and scaleups across Qatar, the wider Middle East and North Africa (MENA) region, and internationally at pre-Series A, Series A and Series B stages. While the fund will scout all technology sectors agnostically, it will have a strategic interest in  fintech, supply chain logistics, HealthTech, B2B SaaS and Artificial Intelligence (AI).  

The launch of Rasmal Innovation Fund I LLC aligns firmly with the country's Third National Development Strategy (NDS3) as it aims to contribute to the creation of a buoyant tech ecosystem which is underpinned by easy access to a range of investment and funding opportunities.  

About QIA's Fund of Funds Program   

The Fund of Funds program aims to develop a strong start-up and venture capital ecosystem in Qatar, attract leading venture capital funds and entrepreneurs to the region and help close the current funding gap for local and regional entrepreneurs.  

The program, first announced in February 2024, will invest more than USD 1 billion in international and regional venture capital funds and will place a priority focus on the tech and healthcare sectors.  

The Fund of Funds program has a dual investment mandate to achieve good financial performance and deliver a positive development impact on the Qatari venture capital ecosystem.