Doha: HE CEO of Qatar Investment Authority (QIA) Mohammed Saif Al Sowaidi announced the launch of the Fund of Funds program, designed to deliver positive financial results and foster connections between startups in Qatar and the global venture capital ecosystem.
According to Qatar News Agency, QIA’s press release highlighted that B Capital and Deerfield have joined Qatar’s inaugural independent venture capital firm, Rasmal Ventures, along with UTOPIA, Builders VC, and Human Capital as the initial investment firms participating in QIA’s Fund of Funds initiative. His Excellency noted the program’s role in reinforcing Qatar’s position as a prime investment destination for international investors and its potential to significantly bolster the local venture capital ecosystem and support emerging startups in the country.
In February 2024, QIA committed to investing USD 1 billion in the Fund of Funds program. Progress has been made in allocating funds toward this commitment, aiming to provide startups and entrepre
neurs in the region with necessary capital, attract venture capital talent to Doha, and strengthen the local ecosystem in collaboration with government and private sector entities.
The initiative seeks to cultivate a robust startup and venture capital ecosystem in Qatar, lure leading venture capital funds and entrepreneurs to the region, and bridge the existing funding gap for local and regional entrepreneurs. Announced in February 2024, the program prioritizes investments in tech and healthcare sectors, with a dual mandate of achieving solid financial returns and delivering positive developmental impacts on Qatar’s venture capital landscape.
Deerfield, a leader in the healthcare venture capital ecosystem, aligns its investment focus with QIA’s sector priorities and plans to introduce a healthcare startup accelerator program through the Cure. This program will bring together global and local entrepreneurs to enhance their business acumen, culminating in a pitch competition in Doha.
B Capital, a global inve
stment firm with over USD 7 billion in assets, focuses on technology, healthcare, and climate sectors. With its strategic partnership with BCG, B Capital supports entrepreneurs in scaling efficiently and expanding into new markets.
Rasmal Ventures Innovation Fund I LLC targets technology startups in Qatar, MENA, and internationally, with strategic interests in fintech, supply chain logistics, HealthTech, B2B SaaS, and AI. The fund aligns with Qatar’s Third National Development Strategy by contributing to a vibrant tech ecosystem.
UTOPIA Capital Management, a pioneer in emerging market investments, supports tech-enabled startups in Africa and Southeast Asia. With USD 200 million raised, UTOPIA backs entrepreneurs in scaling impactful solutions, improving millions of lives.
Builders VC, an early-stage venture capital firm, invests in founders reimagining industries through technology, offering capital and operational support for transformative growth. Human Capital provides recruiting and talent support to t
ech startups, enhancing their growth potential.