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TeamSec, a next-generation fintech and regtech company that provides AI-powered solutions in the fields of capital optimization and working capital liquidity, has been selected for the T.C. Sanayi ve Teknoloji Bakanlığı | Republic Of Türkiye Ministry of Industry and Technology -powered Turcorn100 program. This achievement once again highlights your position as the first global fintech to transform the securitization market. As TeamSec, we are proud to have been selected for the Turcorn 100 program. In our growth journey, we will continue to be the architect of the financial world of the future. ** TeamSec, a next-generation fintech and regtech company offering AI-powered solutions in capital optimization and working capital liquidity, has been selected for the Turcorn100 program supported by the Ministry of Industry and Technology. This achievement further underscores our position as the world's first fintech aiming to transform the securitization market. At TeamSec, we are proud to be chosen for the Turcorn 100 program. We will continue, on our growth journey, to shape the future of finance.

Asset securitisation, a $14 trillion business in the United States, seems to be finally gaining ground in the Gulf.     Last week the UAE lender Deem Finance sealed a $400 million asset securitisation deal with JP Morgan. Emirates NBD of Dubai and Rasmal Ventures in Qatar have also co-invested $7.6 million in the Turkish startup TeamSec, whose technology makes it potentially less costly and quicker for companies to securitise their assets. Securitising assets frees up capital for so-called originators, usually banks and other financial services companies, enabling them to expand more rapidly and support the region’s economic diversification efforts, while also offering regional institutional and wealthy investors another asset to trade. However securitisation is still “in its infancy” in the Gulf, said Chris Taylor, CEO of Deem Finance, with just “a handful” of deals completed so far. Any company with regular receivables, such as loans, leases or payments owed, can securitise their assets. To do so the company establishes a special purpose vehicle (SPV), which legally takes ownership of the assets. The company then sells securities, often in the form of notes or bonds, which represent a claim on the cash flows generated by the SPV assets. Immediate payment As a result, the company receives an immediate payment, typically at a discount to the receivables’ face value. Investors, in turn, earn returns as the underlying receivables are paid, with the SPV distributing these payments to them. UAE and Saudi market regulators see asset securitisation as an important step forward, according to Taylor. Their governments’ ambitions to expand their economies outstrips the ability of local banks to absorb such growth into their capital and balance sheets, he said. In mid-2023, the UAE Securities and Commodities Authority issued asset securitisation regulations. These clarified that securitisation was the “true sale” of the securitised assets, not a financing transaction, according to a note by the law firm Baker McKenzie in Dubai. Another important specification is that securitised assets are separate from the originator and so would be unaffected were the originator to go bankrupt or insolvent. These rules give prospective buyers much greater confidence to invest, said Mazen Boustany, a partner at Baker McKenzie. UAE capital markets are well placed for a stellar year PIF to anchor Goldman Sach’s new GCC-focused funds  Saudi Arabia embraces mortgage-backed securities However, Saudi Arabia still lacks regulations on securitisation, the law firm White & Case, which has an office in the Dubai International Finance Centre, has written in a note, although the Riyadh-based buy-now-pay-later company Tamara raised $400 million in debt last year that used some of the company’s receivables as collateral. The growing presence of international hedge funds in the Abu Dhabi and Dubai financial free zones augurs well for asset securitisation, said Taylor. “Those guys have got firepower and they’re going to want to deploy into assets, so it’s unimaginable to me that this won’t now take off,” he said. The assets that Deem Finance sold to JP Morgan consisted of approximately two thirds consumer debt – credit cards and loans – and one third loans to small and medium-sized businesses. JP Morgan may re-sell the securitised assets.  ​​“What we’re keen to do is to bring some of this debt into the local market,” Taylor said.   The securitisation does not change the terms and conditions for the original borrowers, with Deem managing its customers as before. Importantly, Deem retains ownership of a portion of each receivable.  “We’re not getting rid of the risk,” Taylor said.

Pakistan-based healthtech MedIQ has raised $6 million in a Series A round led by Rasmal Ventures and Joa Capital, with participation from existing investors. Founded in 2020 by Saira Siddique, MedIQ offers a digitally integrated hybrid healthcare ecosystem for B2B and B2B2C clients, combining telehealth, e-pharmacy, AI-powered facility digitisation, and back-office automation for insurers. The company expanded into Saudi Arabia in 2023. The funding will be used to scale operations across Saudi Arabia’s SAR 7.2 billion healthtech market, enhance its tech stack, and support expansion into Qatar and neighbouring Gulf countries. Press release: First Pakistani Female-Founded Health Tech Startup Secures $6M in Series A Funding to Expand its Middle East Operations MedIQ, a pioneering healthcare technology startup, has raised $6 million in a Series A funding round led by Rasmal Ventures (Qatar) and Joa Capital (Saudi Arabia), with strong follow-on investment from existing backers. Founded in Pakistan in 2020, MedIQ expanded to the Kingdom of Saudi Arabia in 2023, building momentum in healthcare across the region. The funding round is one of the largest in the history of the Kingdom’s health tech sector and will be used to fuel MedIQ’s further expansion across a market sector worth SAR 7.2 billion in Saudi Arabia alone. MedIQ’s growth includes broadening its technological reach and the expansion of a unique, proprietary B2B and B2B2C ‘Digitally Integrated hybrid healthcare Ecosystem’, which will support the rapid modernisation of the sector in line with Vision 2030’s goals to transform healthcare efficiency and accessibility. This includes AI-driven digitisation of healthcare facilities and back-office operations of insurance companies to provide a digitally supported, seamless, patient-centred experience for improved patient satisfaction. This shall be followed by the expansion to Qatar and neighbouring GCC countries.  With a vision to become the operating system for healthcare in the MENAP region, MedIQ had previously raised $3.8 million in seed and bridge rounds to build its foundation in Pakistan, expand to serve more than 10M customers, and become EBIDTA positive. With learnings from implementation in Pakistan, world class tested tech stack, subject matter expertise, and on-ground presence in Saudi Arabia, MedIQ gained strong traction clearly indicating the product market fit not only for KSA but similar GCC countries. Raising 6 million USD in new funds, MedIQ is committed to capitalizing on the fast-growing Saudi Arabia’s economy and other New Economies in the GCC.  Founded by physician-turned-health economist and entrepreneur Dr. Saira Siddique, MedIQ aims to become the "operating system" for healthcare in the MENA region, delivering greater cost efficiency, accountability, and convenience through technology. MedIQ was born out of a personal health crisis experienced by Dr. Saira Siddique, who was left paralyzed and hospitalized for over a year. During this time, she experienced firsthand the fragmented and inaccessible nature of Pakistan’s healthcare system. This journey led her to launch MedIQ, with the goal of creating a coherent, interconnected, and digitally enabled healthcare ecosystem. “People don’t just suffer from illnesses — they suffer from the system,” said Dr Siddique. “MedIQ isn’t just another health app. We’re building the backbone of digital healthcare — a scalable infrastructure that improves outcomes and reduces costs. It started with a simple idea: what if healthcare worked like any modern service — connected, convenient, and patient-first?” Yousef AlYousefi, CEO of Joa Capital  “We truly subscribe to the mission of improving healthcare using technology. The progress MedIQ has achieved since our investment, especially in Saudi Arabia, is incredible. We are thrilled to double down on our position. The next chapter for MedIQ holds an even bigger opportunity, and we’re excited to see MedIQ continue its growth in Saudi Arabia, where it has become the undisputed market leader. These growth plans underline the company’s commitment to creating value for patients and healthcare providers in Saudi Arabia and the Middle East by empowering them with technology, data, ease of access and affordable solutions in healthcare.” Soumaya Ben Beya Dridje, Partner at Rasmal Ventures  "MedIQ’s bold vision to transform healthcare delivery across the Middle East and beyond deeply resonates with us. Led by Dr. Saira, their mission-driven, execution-focused team exemplifies the kind of ambition and innovation we are eager to support. Our investment, alongside Joa Capital, reflects our commitment to advancing health tech solutions that redefine traditional healthcare models. By backing startups like MedIQ, we aim to accelerate digital transformation and strengthen the GCC and regional healthcare ecosystem." 

Sidra Medicine and Rasmal Ventures Partner to Drive Digital Health Innovation in Qatar Advancing Healthcare Through E-health Innovation and Startup Integration 25 February 2025, Doha, Qatar - Sidra Medicine, a member of Qatar Foundation, has signed a Memorandum of Understanding (MOU) with Rasmal Ventures, Qatar’s first venture capital firm. The strategic partnership, announced at the Web Summit Qatar 2025, marks a significant step in the hospital’s role in supporting and advancing digital health innovation in Qatar and beyond. Rasmal Ventures, with its extensive portfolio of global technology companies, will introduce Sidra Medicine to high-potential e-health startups and provide strategic support to incorporate innovative solutions into Sidra Medicine’s operations. In return, Sidra Medicine will contribute its clinical and research expertise to evaluate and refine the startups’ healthcare technologies, ensuring they are effective, scalable, and patient-focused. Moreover, the two organizations will develop entrepreneurship programs that encourage the development and growth of a Health-Tech sector for Qatar. Prof. Khalid Fakhro, Chief Research Officer at Sidra Medicine said: “This partnership highlights our commitment to establishing Sidra Medicine as a leading healthcare innovation hub in Qatar, in alignment with the Qatar National Vision 2030. By collaborating with Rasmal Ventures, we are building upon our current strengths in clinical care, genomics and cell and gene therapy, and taking a proactive approach to adopting innovative technologies and transforming Sidra Medicine into a living lab for entrepreneurial ventures from across Qatar and the world.” The MOU establishes a collaborative framework between the two entities to facilitate the exchange of expertise and best practices in e-health innovations. Through this partnership, Sidra Medicine and Rasmal Ventures aim to drive advancements in innovation, focusing on digital healthcare solutions such as patient-centric artificial intelligence (AI) technologies, telemedicine platforms, and wearable devices. Alexander Wiedmer, Co-Managing Partner at Rasmal Ventures said: “At Rasmal Ventures, we believe that innovation is key to transforming healthcare. Our partnership with Sidra Medicine represents a unique opportunity to bring the latest digital health technologies to the forefront, empowering Qatar’s healthcare system to deliver smarter, more efficient, and patient-centered care.” As part of the agreement, the two entities will host joint workshops, pilot studies, and discussions to validate the efficacy of emerging technologies and foster an open environment for innovation. This partnership positions Sidra Medicine as a driving force in healthcare innovation, creating valuable opportunities for biotech and healthtech leaders. It also underscores Sidra Medicine’s role as a premier destination for medical education and research, attracting innovators and nurturing the development of next-generation healthcare solutions. -Ends-   About Sidra Medicine Innovating Care. Transforming Lives From the heart of Qatar, Sidra Medicine, is a private, not-for-profit academic healthcare and research institution for women, children, and young people. Established by the Qatar Foundation for Education, Science, and Community Development, Sidra Medicine is committed to delivering exceptional patient and family-focused care, conducting innovative biomedical and clinical research, and providing a personalized journey of care and cure and precision medicine specifically for rare and genetic diseases. To access our specialized healthcare or international patient services, including pediatric care, women's health, and rare disease treatment or to book a consultation at one of our private clinics, please call +974 40033333 or visit our website at http://www.sidra.org. For more information, follow us on Facebook, Instagram, X and LinkedIn   About Rasmal Ventures Rasmal Ventures is Qatar’s first independent venture capital fund, with a regional presence across the MENA region. The firm invests in high-potential technology startups and supports top entrepreneurs, including international companies expanding into the MENA market. Focused primarily on Series A and Series B stage startups, Rasmal Ventures also selectively invests in Pre-Series A and later-stage ventures. While sector-agnostic, the firm has particular expertise in healthtech, fintech, B2B SaaS, supply chain logistics, and Artificial Intelligence (AI). Rasmal Ventures thrives on embracing the fast pace of technological evolution and is committed to learning and exploring new sectors alongside visionary entrepreneurs. For more information, visit our website at https://www.rasmalventures.com/en

Qatar Development Bank (QDB) has signed a co-operation agreement with Rasmal Ventures on the sidelines of Web Summit Qatar 2025 to bolster Qatar’s entrepreneurial ecosystem by supporting innovation, attracting global talent, and fostering local and regional growth opportunities for startups. Through the collaboration, both parties seek to strengthen Qatar’s position as a global entrepreneurship hub, which will contribute to attracting top talent and empowering startups to access new regional and global markets. The partnership focuses on supporting entrepreneurs and fostering innovation in Qatar by leveraging QDB’s Talent Community Programme with Rasmal Ventures joining as an official partner of the programme, which was designed to nurture a dynamic and diverse entrepreneurial ecosystem. The partnership will enhance Qatar’s ability to attract global talent and innovators, offering a supportive environment for the growth of high-growth companies. The two organisations will also collaborate to exchange information on promising investment opportunities and foster cooperation in joint investment initiatives to enable startups to access the necessary resources and networks for their global expansion, particularly in the Middle East and North Africa region. The two parties will also work to strengthen cooperation within the framework of the Startup Qatar investment initiative by exploring joint investment opportunities and boosting the contribution of Rasmal Ventures to the programme, as well as expanding the scope of beneficiaries. QDB VP Enterprise Development Khalid Abdulla al-Mana said the partnership reflects the bank’s ongoing commitment to developing an advanced investment landscape in line with the highest global standards to empower startups and contribute to their sustainable growth. “Through our collaboration with Rasmal Ventures, we aim to enhance investment flows and help entrepreneurs build extensive networks, enabling them to connect with regional and global investors.” Dr Shaikha al-Jabir and Alexander Wiedmer, co-managing partners at Rasmal Ventures, emphasised that the work QDB and Startup Qatar are doing is immensely important for the economy and the innovation ecosystem. They added: “It is an enabler for VC funds as we are. We are delighted to partner with QDB to support the startups in the programme as they seek to grow.” QDB’s latest partnership reflects its vision to foster an environment that supports the growth of entrepreneurial ventures, contributing to the development of the business ecosystem and boosting the competitiveness of startups both regionally and internationally. It also equips startups with the necessary tools to succeed, reinforcing Qatar’s position as a regional hub for innovation and investment in the region. This aligns with Qatar National Vision 2030, which aims to achieve economic diversification by empowering entrepreneurs and startups to thrive and grow.

Doha, February 5, 2025 – We at Rasmal Ventures, Qatar’s first independent VC firm, are proud to announce that we have secured strategic funding from the Qatar Investment Authority (QIA) as part of its $1 billion Fund of Funds program. This investment strengthens our ambition to drive technological innovation and economic diversification across the MENA region. A Transformational Milestone in MENA’s Venture Capital Scene Our flagship Rasmal Innovation Fund I LLC, launched in June 2024, is at the forefront of investing in high-growth startups across fintech, B2B SaaS, HealthTech, supply chain logistics, and artificial intelligence (AI). As the first fund to join QIA’s $1 billion program, we have already secured commitments from institutional investors, corporates, family offices, and high-net-worth individuals, with the goal of reaching $100 million in total investment commitments. “This funding marks a pivotal moment for Qatar’s venture capital ecosystem,” said Alexander Wiedmer, Co-Managing Partner at Rasmal Ventures. “As the first private VC fund based in Doha, we are leveraging our deep-rooted partnerships with leading Qatari institutions to nurture disruptive startups that can redefine industries. We are still in the early stages of capital deployment, but our first investments in proprietary technology startups are already demonstrating high potential.” Backing the Next Generation of Tech Titans At Rasmal Ventures, we are proud to have a seasoned team of VC experts with a track record of over 100 venture capital deals and successful exits. Our fund is designed to support pre-Series A, Series A, and Series B companies, ensuring that the most promising startups get the funding and strategic guidance needed to scale globally. Beyond financial investment, we are deeply committed to hands-on engagement with our portfolio companies, providing operational expertise, market access, and business development support to help them scale rapidly. Strategic Alignment with Qatar’s Vision for Innovation The launch of Rasmal Innovation Fund I LLC aligns seamlessly with Qatar’s Third National Development Strategy (NDS3), which emphasizes economic diversification and the creation of a robust technology ecosystem. Our Fund aims to foster an innovation-driven environment where entrepreneurs can access capital, mentorship, and international networks. QIA’s Fund of Funds: A Catalyst for Regional Growth The QIA Fund of Funds program, launched in February 2024, is a game-changer for the startup and venture capital ecosystem in Qatar and beyond. With a dual mandate to generate strong financial returns while accelerating regional entrepreneurship, the program prioritizes technology and healthcare investments. By securing QIA’s backing, we are further cementing our position as a leading player in MENA’s venture capital scene, poised to scale innovative startups that can redefine industries on a global scale. Looking Ahead: A New Era for MENA’s Startup Ecosystem With a clear investment thesis focused on high-potential technology sectors, we are set to play a critical role in shaping the future of entrepreneurship in Qatar and the MENA region. As we continue to raise additional commitments, we remain steadfast in our mission to identify, support, and scale the next generation of transformative startups. With a selective investment approach and deep industry expertise, we are not just deploying capital—we are building the foundation for a thriving innovation ecosystem in MENA.

İSTANBUL, Türkiye, January 30, 2025 (EZ Newswire) -- Deniz Ventures, the venture capital fund of DenizBank, established under the Emirates NBD Innovation Fund; the Corporate Venture Capital arm of Emirates NBD Group—and Rasmal Ventures, a leading Doha-based venture capital firm, have jointly invested in TeamSec, the world’s first AI-powered securitization platform, transforming the structured finance industry through its innovative Securitization-as-a-Service platform. With a total investment raise of $7.6 million, TeamSec aims to accelerate its growth operations, focusing on rapid expansion in the Middle East and North Africa (MENA) region. TeamSec also aims to diversify its product and service portfolio and enhance current service offerings. Focused on accelerating the financial sector's digital transformation, TeamSec is driving the creation of a more efficient and transparent financial ecosystem by digitizing securitization processes. TeamSec seeks to create critical value for investors and financial institutions through AI and data analytics-based solutions. Commenting on the investment, Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said: "We recognize the immense potential securitization holds in supporting regional growth. Our recent strategic investment in TeamSec, a fintech innovator specializing in Securitization-as-a-Service, underscores our commitment to shaping this market and enabling its growth. We are the first investor in TeamSec, supporting the founder and team in their growth journey at an early stage." NEOHUB CEO Gürhan Çam highlighted that TeamSec’s technological infrastructure will lay the groundwork for stronger collaborations among financial institutions in the future and contribute significantly to the economic ecosystem. He stated: "Digital transformation in the fintech sector is no longer a luxury but a necessity. As DenizBank and NEOHUB, we aim to address the technological gaps in the field of securitization by collaborating with startups through our investment in TeamSec. We recognize that TeamSec’s innovations in securitization have the potential to set new industry standards." Emphasizing the collaborative approach, Rasmal Ventures’ Co-Managing Partner, Alexander Wiedmer, noted: "TeamSec’s bold vision to revolutionize the securitization industry across the Middle East and beyond resonates strongly with us. Their mission-driven, execution-focused team exemplifies the ambition and innovation we are excited to support. Our investment, alongside Deniz Ventures, reflects our commitment to advancing fintech solutions that redefine traditional financial processes. By backing teams like TeamSec, with deep expertise in their field, we aim to accelerate digital transformation and fortify the regional financial ecosystem." Emphasizing the role Emirates NBD’s Corporate Venture Capital arm played in driving this investment, Neeraj Makin, Group Head of Strategy, Analytics, and Venture Capital at Emirates NBD, said: “Emirates NBD’s Innovation Fund drives strategic investments in cutting-edge fintech startups like TeamSec, enabling us to deliver tailored solutions that align with our vision of being the most innovative bank for our customers. As the industry evolves, the fund ensures we stay ahead of disruptive trends while enhancing the digital experience for our clients.”  Esad Erkam Köroğlu, founder and CEO of TeamSec, highlighted that this strategic investment from Deniz Ventures combined with the VC mindset and experience of the Rasmal Ventures’ team, is a key enabler in achieving the company’s vision: "The investment we received from ENBD and Rasmal Ventures demonstrates the trust placed in TeamSec’s vision and technological prowess by these renowned institutions. At the same time, this investment round supports our mission to revolutionize the securitization market, positioning TeamSec as a leader in the fintech sector and the securitization market, particularly in the MENA region. With this investment, we endeavor to strengthen our position as a global game-changer in securitization." Emirates NBD and Deniz Ventures remain committed to investing in fintech and technology-driven startups, driving innovation and digital transformation in the financial sector. Building on prior investments such as Erguvan in 2023 and NewBridge Fintech Solutions, their support for high-growth startups like TeamSec highlights their dedication to shaping a sustainable, tech-enabled future in finance.  About Emirates NBD Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As of 30th September 2024, total assets were AED 956 billion (equivalent to approx. $260 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 859 branches and 4,512 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a brand value of $3.89 billion. Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region. Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE’s Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water. Visit https://www.emiratesnbd.com for more information. About Rasmal Ventures Rasmal Ventures is Qatar’s first independent venture capital firm, with a strong presence and network across the MENA innovation ecosystem. Headquartered in Doha with an office in Saudi Arabia, Rasmal Ventures focuses on technology startups at the pre-Series A, Series A, and Series B stages across the MENA region and beyond. The firm has a highly selective investment strategy, homing in on proprietary opportunities that drive innovation and growth in the market. Led by an experienced founding team with a strong track record of successful exits in Europe and the Middle East, Rasmal Ventures combines regional expertise with a global perspective. To learn more, visit https://www.rasmalventures.com. About Deniz Ventures Deniz Ventures, the venture capital arm of DenizBank, operates under the umbrella of the Emirates NBD Innovation Fund and is managed by NEOHUB, DenizBank’s innovation, entrepreneurship and digital arm. Since its establishment, Deniz Ventures has successfully demonstrated its investment acumen, starting with its inaugural investment in Midas, which culminated in a remarkable exit of $6 million. In 2023, Deniz Ventures further expanded its portfolio by investing $733,000 in Erguvan, a promising sustain tech startup, reflecting its commitment to sustainability and forward-looking industries. As a key player in the innovation ecosystem, Deniz Ventures continues to support transformative startups that shape the future. For more information, visit https://www.denizventures.com.   About TeamSec TeamSec is the world’s first AI-powered securitization platform, offering end-to-end securitization services to both financial and non-financial institutions, providing capital optimization and working capital solutions. Its services include credit securitization for financial institutions, invoice receivable securitization for corporates, and trade finance for international trade companies. To learn more, visit https://teamsecfin.com.

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