Rasmal Innovation Fund I named first recipient of QIA's $1bn fund-of-funds program
The Qatar Investment Authority named Rasmal Ventures' Innovation Fund I as the inaugural fund in its $1 billion fund-of-funds program, backing Qatar's first independent venture capital firm.
The Qatar Investment Authority (QIA) has named Rasmal Ventures' Innovation Fund I as the first fund to receive backing under its $1 billion fund-of-funds program. The commitment positions Doha-based Rasmal, established in 2023 and described as Qatar's first independent venture capital firm, at the front of QIA's effort to develop the local venture ecosystem.
Rasmal Innovation Fund I carries a target size of $100 million. The firm previously raised a first close of more than $30 million in June 2024 from institutional investors, family offices and high-net-worth individuals. The fund focuses on high-growth startups across fintech, B2B SaaS, healthtech and artificial intelligence.
The QIA program is designed to channel capital into venture funds active in Qatar and the wider region, and Rasmal's selection as the inaugural recipient underscores the sovereign wealth fund's intent to anchor homegrown managers.