Newly launched Rasmal Ventures has reportedly become the first independent venture capital (VC) fund manager to operate within the Qatar Financial Centre (QFC).
The firm, which has been founded by five partners, is licensed to manage exempt funds domiciled in the QFC and to provide advisory services.
The firm’s first investment vehicle, Rasmal Innovation Fund I, is expected to issue its first close in the last quarter of 2023.
It is aiming to raise US$100 million, which will be invested in 25 equity investments in Qatar-based startups as well as “selective international technology investment opportunities”.
“Mena has seen a dynamic and evolving venture capital landscape in recent years. According to a report by MAGNiTT, in 2022 alone, the amount of funding in the region reached $3.2 billion with 627 registered deals and a remarkable uptick in exits,” said Shaikha al-Jabir, one of the founding partners.
“For our team, this offers an attractive opportunity to establish our base in a thriving market within a regulated environment.”
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