Rasmal Ventures Research
Investment Thesis
Rasmal Ventures is Qatar's first independent venture capital fund manager, established in 2023 and licensed under the Qatar Financial Centre (QFC). Its flagship vehicle, Rasmal Innovation Fund I, invests in high-growth technology startups and scaleups across Qatar, the wider MENA region, and select international markets (Turkey, Hong Kong, South Korea, Tunisia). The firm's stated strategic focus spans fintech, B2B SaaS, healthtech, supply chain logistics, and artificial intelligence. Rasmal positions itself as a bridge between global technology innovation and MENA capital and market access, frequently pairing its checks with board seats, strategic introductions, and regional expansion support (e.g., helping portfolio companies establish MENA or GCC operations).
Stage Focus
The fund targets pre-Series A, Series A, and Series B stage companies, occasionally extending to growth-stage strategic deals (e.g., the EnergyX investment, described as "one of the largest deep-tech deals in the MENA region").
Check Size
Disclosed check sizes range from roughly $2M (Nexx, minority stake) to co-led rounds of $7.6M (TeamSec) and $12M (Roamless, as lead of a syndicate). Based on public deal data, typical direct check size appears to fall between $1M and $10M, with larger strategic/growth deals handled selectively.
Lead Tendency
Rasmal predominantly leads or co-leads its investments. It led Roamless's $12M Series A (with Shorooq, Revo Capital, Finberg, and JIMCO participating), co-led TeamSec's $7.6M round alongside Deniz Ventures, and led the EnergyX deal alongside Qatar Development Bank. Its $2M investment in Nexx came with a board seat.
Recent Activity
Rasmal Ventures closed its debut $100M-target fund, Rasmal Innovation Fund I, with a $30M first close in June 2024, backed by institutions, corporates, family offices, and high-net-worth individuals. In February 2025, the fund was named the first fund in Qatar Investment Authority's (QIA) $1 billion Fund of Funds program. Since then, the firm has been actively deploying: investing in TeamSec (January 2025), backing Aqua Development's aquaculture technology (its first Tunisian investment), receiving a $4M LP commitment from Tunisia's ANAVA Fund of Funds (September 2025), announcing its first Hong Kong investment in NEXX at the 10th Belt & Road Summit (September 2025), leading Roamless's $12M Series A (December 2025), and co-leading a major growth investment in EnergyX (April 2026).
Portfolio Highlights
- NEXX (Hong Kong/Qatar) — AI-driven logistics/warehouse technology, backed by Li Ka-shing's CK Asset Holdings; building a 5,000 sqm Smart Fulfillment Center with 50 sorting robots at Milaha Logistics City in Doha, entering the $171B GCC logistics market.
- EnergyX (South Korea) — Sustainable/smart building energy technology, deployed across 20,000+ buildings globally with 300+ IP assets; establishing a global command center in Qatar.
- Roamless (Turkey/US) — Global eSIM connectivity provider operating its own telecom infrastructure across 200+ countries.
- TeamSec (Turkey) — AI-powered Securitization-as-a-Service fintech/regtech platform for banks and financial institutions.
- Aqua Development (Tunisia/South Korea) — Biotech-driven, chemical-free, scalable shrimp aquaculture systems.
Team
- Alexander Wiedmer — Co-Founder & Managing Partner. Previously a partner at Iris Capital / a GCC fund that was the first institutional investor in Careem (100x+ return). 20+ years in venture capital, 10+ years investing in the GCC.
- Angus Paterson — Co-Founder & Managing Partner. Also previously a partner at Iris Capital / the same GCC fund and Careem investment vehicle; long track record across 100+ VC deals.
- Dr. Shaikha Al-Jabir — Co-Founder & Partner. Co-founder of Doha Tech Angels (healthcare, fitness, edtech, logistics investments); former leadership roles at Ooredoo and Kahramaa.
- Marc Bourland — Co-Founder & Partner.
- Soumaya Ben Beya Dridje — Co-Founder & Partner. VC, fund investment, and entrepreneurship experience across Silicon Valley, Europe, and North Africa; led the NEXX signing ceremony at the Belt & Road Summit.
- Yasser Lotfy — Investment Associate. Deal sourcing and analysis; prior roles at Sunny Side Venture Partners, KfW Capital, and GreenTec Capital Partners; Dream VC alumnus.
- Samar Dadi — Analyst. Research and due diligence support; trilingual investment professional with PE/VC experience across MENA.
- Timothy Peters — Advisor.
- Mohamed Altawash — Venture Partner, KSA. Focused on Saudi Arabia deal sourcing and regional expansion.
- Shamwail Sohail — Team member (role not disclosed on site).
- Mohammad Al-Saad — Team member (role not disclosed on site).
Decision Process
Partnership-led decision process across five co-founders (Wiedmer, Paterson, Al-Jabir, Bourland, Ben Beya Dridje), supported by an investment/analyst team and regional venture partners.
Founder Preferences
Rasmal favors technical and operationally experienced founders building category-leading technology companies with clear MENA relevance — either MENA-native founders scaling regionally/internationally, or international founders (Turkey, Hong Kong, South Korea, Tunisia) seeking a foothold and growth capital in the GCC/MENA market.
Geographic Focus
Primarily Qatar and the broader MENA region, with a selective international mandate that has produced investments in Turkey, Hong Kong, South Korea, and Tunisia. The firm actively brokers MENA market entry for its international portfolio companies (e.g., EnergyX's Qatar command center, NEXX's Middle East expansion).
Headquarters
Office 1505, Floor 15, Burj Al Fardan, Marina District, Doha, Qatar.