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Rasmal Ventures LLC, Qatar’s first independent venture capital firm, has launched the Rasmal Innovation Fund I LLC, aiming to raise $100 million to boost tech innovation in Qatar and the broader MENA region. This marks a significant milestone in Qatar’s burgeoning venture capital landscape.

Led by former partners at Iris Capital and STC Ventures, Alexander Wiedmer and Angus Paterson, the fund focuses on pre-Series A to Series B stages, with interests in climate and energy tech, fintech, supply chain logistics, B2B SaaS, and AI. Dr. Shaikha Al Jabir and Soumaya Ben Beya Dridje, both seasoned professionals, join them to steer the fund.

Wiedmer highlighted the fund’s ambition: “We have built the most successful unicorn in the region and many other successful companies in Europe. Now, we will do it again with Rasmal Ventures.”

The fund, registered under the Qatar Financial Centre Regulatory Authority, has already secured over $30 million from prestigious investors and aims to align with Qatar’s Third National Development Strategy, promoting a vibrant tech ecosystem.

Abdulrahman Hesham Al-Sowaidi, CEO of Qatar Development Bank, welcomed the initiative, stating, “Qatar’s emergence as a major VC hub for cutting-edge tech startups is very promising. QDB is proud to support the robust VC ecosystem driven by independent private sector leadership.” With this fund, Rasmal Ventures is poised to significantly impact Qatar’s tech landscape, fostering growth and innovation across the region.