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RASMAL VENTURES LAUNCHES FIRST HOME-GROWN QATARI VC FUND  Team members behind Careem’s first VC investment will manage fund which targets high-performance technology startups     (Doha, 9 June 2024) Rasmal Ventures LLC, Qatar’s first independent venture capital (VC) company which was established in 2023, has today announced the launch of its inaugural, home-grown venture capital fund, Rasmal Innovation Fund I LLC.  A new fund, and the first to be established in Qatar, it will be managed by a highly experienced team of VC experts that have collectively managed more than 100 VC deals, alongside impressive exits.  The landmark initiative is aiming to reach USD $100 million in investment commitments. For its first closing of over USD $30 million, it includes a prestigious institutional investor, family offices and individual high net worth investors from across Qatar and the rest of the world.  Rasmal Innovation Fund LLC is a Qatar-based entity registered under the Qatar Financial Centre Regulatory Authority (QFCRA) under the number 02532. The fund will target investments in innovative and high-performance technology startups and scaleups across Qatar, the wider Middle East and North Africa (MENA) region, and internationally at pre-Series A, Series A and Series B stages. While the fund will scout all technology sectors agnostically, it will have a strategic interest in climate and energy tech, fintech, supply chain logistics, B2B SaaS and Artificial Intelligence (AI).  The launch of Rasmal Innovation Fund I LLC aligns firmly with the country’s Third National Development Strategy (NDS3) as it aims to contribute to the creation of a buoyant tech ecosystem which is underpinned by easy access to a range of investment and funding opportunities. The fund benefits from a team of seasoned VC professionals including Alexander Wiedmer and Angus Paterson, previously Partners at Iris Capital and STC Ventures - a GCC fund that was the first VC investor in Careem, the first unicorn in the Middle East, among other successful investments.  Both have over 20 years of individual VC experience and more than 10 years' experience in the GCC. They are joined by the founding director of Doha Tech Angels and former executive at Ooredoo and Kahramaa Dr Shaikha Al Jabir and Soumaya Ben Beya Dridje, who has VC, fund investment and entrepreneurship experience in Silicon Valley, Europe and North Africa. Wiedmer, who has had extensive experience advising entrepreneurs and investment institutions within Qatar’s vibrant startup ecosystem over the past four years, said: “We have helped build the most successful unicorn in the region and many other successful companies in Europe and now we will do it again with Rasmal Ventures. As a private and commercially driven entity, we strategically selected Qatar as the domicile for the fund, to be the springboard to the region. Being a venture capitalist is the best job on the planet, empowering ambitious innovators and their great companies.” Meanwhile, Qatar Development Bank (QDB), which has long been a champion of the country’s venture capitalist economy, hailed news of the fund’s launch.  Abdulrahman Hesham Al-Sowaidi, Chief Executive Officer, QDB, said: “Qatar's emergence as a major VC hub for cutting-edge tech startups is very promising. QDB is proud to play a key role in fostering a robust VC ecosystem driven by independent private sector leadership. This strongly aligns with our national development strategy, equipping the private sector to drive innovation and growth” Technology companies and professional investors wanting to know more about Rasmal Innovation Fund I LLC can get further information at https://rasmalventures.com/ -ENDS-  For media enquiries please contact aimij@bljworldwide.com and gillianc@bljworldwide.com Notes to editors - about Rasmal Ventures Rasmal Ventures LLC is Qatar’s first independent venture capital company, established in 2023 under the jurisdiction of the Qatar Financial Center. Led by a team of seasoned venture capital experts, with combined experience of over 70 years, Rasmal Ventures aims to become an active player in the Middle East and North Africa region’s burgeoning startup and innovation ecosystem. Its senior team includes Alexander Wiedmer and Angus Paterson, who were previously partners of Iris Capital and STC Ventures, a GCC fund that was the first institutional investor in Careem among other successful investments Both have over 20 years of individual venture capital experience and more than 10 years' experience of VC investing in the GCC. They are joined by the founding partner of Doha Tech Angels and former executive at Ooredoo and Kahramaa Dr Shaikha Al Jabir and Soumaya Ben Beya Dridje, who has VC, fund investment and entrepreneurship experience from time spent working in Silicon Valley, Europe and North Africa.    The fund management team has vast experience operating in both volatile and buoyant market conditions during their tenure as VC professionals and possesses the expertise needed to lead investment rounds and support founders during critical economic times. Together, they have collectively managed more than 100 VC deals, alongside impressive exits. Their strategic planning aims to ensure the portfolio companies’ growth trajectory is aligned with its preparedness for potential exits from the very beginning of each investment, with a senior Chief Exit Officer boasting 20 years of mergers and acquisitions experience.  Rasmal Ventures LLC launched its first innovation fund - Rasmal Innovation Fund I LLC – Qatar’s first home-grown VC fund in 2024. Alexander Wiedmer’s latest essay “MENA’s flight against climate change can only be powered through investment in innovative technologies” is published in BLJ Worldwide’s  report: “MENA tech 2024: Mapping the technology landscape” which can be read here.

Qatar’s First Independent Venture Capital Fund Manager ‘Rasmal Ventures’ Launched  Doha, 21st of June 2023: Rasmal Ventures LLC, the first independent Qatari venture capital (VC) company, has officially launched under the jurisdiction of the Qatar Financial Centre (QFC). Led by a team of seasoned venture capital experts, Rasmal Ventures aims to become an active player in the Middle East and North Africa (MENA) region’s burgeoning startup and innovation ecosystem.  Founded by five seasoned venture capitalists, Rasmal Ventures is licensed to manage exempt funds domiciled in QFC as well as provide advisory services. Two of them, Alexander Wiedmer and Angus Paterson, were previously partners of Iris Capital and of a GCC fund that was the first institutional investor in Careem among other successful investments. Both have 20+ years of venture capital experience and 10+ years' experience of VC investing in the GCC. They are joined by the founding partner of Doha Tech Angels and former executive at Ooredoo and Kahramaa Dr Shaikha Al Jabir; ex-asset manager for Qatar Energy and M&A Advisor at PwC Marc Bourland, and Soumaya Ben Beya Dridje, who has VC, fund investment and entrepreneurship experience in Silicon Valley, Europe and North Africa.  By selecting QFC as its jurisdiction, the fund manager leverages the regulatory framework and favorable environment provided by QFC, benefitting from the Qatar Financial Centre Regulatory Authority’s (QFCRA) introduction of the Exempt Professional Investor Fund, a venture capital-friendly fund product with streamlined regulations. Rasmal Ventures' decision to establish its venture capital management company and its upcoming fund, Rasmal Innovation Fund I, within QFC jurisdiction, reflects its commitment towards providing a secure and transparent investment platform for Qatari and regional investors.  The Rasmal Innovation Fund I will be launched with the support of key Qatari private investors and institutions. The team is working with QFCRA to incorporate the fund, and a first closing is expected to be announced in Q4 2023. The company aims to raise a fund of $100 million, which will make up to 25 equity investments in Qatari start-ups and scale-ups affording outstanding growth potential as well as regional (MENA) and selective international technology investment opportunities at Pre-Series A, Series A, Series B stages.   The newly launched Fund manager aims to target high performing startups in fast-growing technology sectors. According to the founders, the fund will have a generalist tech approach across all sectors, but will also specialize in verticals such as climate tech and energy tech, supply chain logistics, fintech, B2B Saas Software and Artificial Intelligence (AI). They have identified these sectors as strategic to Qatar and offering tremendous growth potential in the region.   Dr Shaikha Al Jabir, Partner at Rasmal Ventures, said: “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.    For our team, this offers an attractive opportunity to establish our base in a thriving market within a regulated environment. We strongly believe that Qatar’s stable economic outlook and well-regulated infrastructure will appeal to Qatar-based, as well as international, investors.”  On his side, Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, said, "We are delighted to welcome Rasmal Ventures LLC to the QFC platform, yet another significant addition to our growing community. At the QFC, we remain committed to providing an exceptional and attractive business environment for startups to grow their businesses in Qatar. As an integral part of Qatar’s strategic initiative to build a robust economy, we aim to foster a thriving business ecosystem that drives innovation and accelerates technological advancement in the country. We are confident that Rasmal Ventures LLC will contribute to further the economic development of the region."  With the MENA region emerging as a leading destination for venture capital investment, characterized by a growing entrepreneurial spirit, high digital penetration, and increasing government support for innovation and startups, Rasmal Ventures' establishment is a milestone in Qatar’s continued efforts to foster a thriving innovation ecosystem. For more information about the launch of Rasmal Ventures, please visit http://rasmalventures.com