Rasam Ventures receives funding from Qatar Investment Authority
DOHA: Rasam Ventures, Qatar's first independent venture capital fund manager, announced that it has received funding from the Qatar Investment Authority (QIA), as part of the holding fund program launched by the Authority to promote innovation in Qatar and support local and regional entrepreneurs.
Qatar Investment Authority said in a statement that Rasam Ventures has received funding for its first fund, Rasam Innovation Fund 1, which targets high-performing startups and innovative technology sectors, including financial technology, enterprise business services software, health technology, and artificial intelligence.
The Rasamel Innovation Fund-1 is the first fund to be announced as part of the $1 billion holding fund programme that the Qatar Investment Authority announced was open to applicants in February of last year.
The fund, which is open to professional investors under the regulations of the Qatar Financial Centre Regulatory Authority, has completed raising funding from the holding fund, corporates, family offices and individual investors, seeking investment commitments of US$100 million.
'As the first private venture capital fund in Qatar, we have built strong partnerships with leading Qatari institutions to work closely with outstanding founders, drive innovation and address the region's specific needs,' said Alexander Widmer, Co-Managing Partner at Rasam Ventures.
Widmer stressed that the confidence placed in the fund by the Qatar Investment Authority and other investors is an expression of the competencies of the work team, pointing to the continuation of strengthening the spread throughout the region and implementing the selective investment strategy, in order to ensure consolidating the fund's position as a major player in the field of venture capital in the Middle East and North Africa region.
The fund is managed by a team of experts with extensive and significant experience in the field of venture capital, who have managed more than 100 venture capital deals, in addition to their experience in successfully managing the exit of many investments.
The 'Rasam Ventures Innovation Fund-1' targets investments in innovative and high-performing startups and technology companies across Qatar, the Middle East and North Africa region and various countries around the world, in the seed, operating, expansion and development financing stages.
The fund will explore all technology sectors, with a strategic focus on fintech, logistics supply chain, health tech, B2B software and artificial intelligence.
The launch of the fund is in line with the third national development strategy in the State of Qatar, as it aims to contribute to the establishment of a thriving technological ecosystem based on easy access to a range of investment and financing opportunities.
The Qatar Investment Authority's Holding Fund programme aims to develop a robust startup and venture capital ecosystem in Qatar, attract venture capital funds and entrepreneurs to the region, and help bridge the current funding gap for both local and regional entrepreneurs.
The program will invest over US$1 billion in global and regional venture capital funds, with a focus on the technology and healthcare sectors. The mission of the Holding Fund Program is two-fold: to achieve good financial returns, as well as to achieve a positive developmental impact on the venture capital ecosystem in Qatar.
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