Rasmal Ventures, a venture capital firm based in Doha, has officially launched its inaugural fund, the Rasmal Innovation Fund I, with a target of $100 million to invest in startups across Qatar, the Middle East, North Africa, and beyond. The fund has already secured over $30 million in its first close from various institutional investors, family offices, and high-net-worth individuals, although it has not disclosed specific investor names.
Claiming to be the first home-grown Qatari VC fund, Rasmal Ventures maintains a sector-agnostic approach, focusing on areas such as supply chain logistics, climate technology, fintech, B2B SaaS, and AI. The firm plans to invest in startups from seed stage up to Series B.
On its website, Rasmal Ventures notes, “Our sweet spot is in pre-Series A and Series A stages, while we also selectively invest in seed and Series B rounds.”
The founding team comprises Alexander Wiedmer and Dr. Shaikha Al-Jabir as Partners, Angus Paterson as a Venture Partner, and Soumaya Ben Beya Dridje as a Junior Partner.
Wiedmer and Paterson previously worked with Iris Capital, the European fund manager behind STC Ventures, which was the first institutional investor in Careem and achieved over 100x returns on its initial investment. Together, they bring over 20 years of venture capital experience.
Dr. Shaikha Al-Jabir is a co-founder of Doha Tech Angels, with investments in sectors like healthcare, fitness, edtech, and logistics. She has held leadership roles at prominent local companies, including Ooredoo and Kahramaa.
Wiedmer expressed enthusiasm about the fund’s potential, stating, “With our first closing complete, we are excited to move forward with our plans for growth and value creation at Rasmal Ventures. Having contributed to the success of the region’s leading unicorns and many other companies, we are poised to do it again. Qatar’s strategic location is ideal for fostering regional innovation.”
Rasmal Ventures’ launch coincides with the expansion of Singapore-based Golden Gate Ventures into Qatar, which recently unveiled its own $100 million fund, achieving $20 million in its first closing.
