Rasmal Ventures LLC, Qatar’s first independent venture capital (VC) firm, has announced funding from the Qatar Investment Authority (QIA).

This funding supports Rasmal Ventures’ inaugural fund, Rasmal Innovation Fund I LLC, which is the first fund to be announced as part of QIA’s US$1 billion Fund of Funds program.

The fund program was opened to applicants in February 2024, aims to promote economic development and address funding gaps for regional entrepreneurs.

The Rasmal Innovation Fund I is managed by a team with extensive experience in over 100 venture capital deals across various sectors.

To date, it has closed funding from QIA’s Fund of Funds, corporates, family offices, and individual high-net-worth investors, with an aim to reach US$100 million in investment commitments.