Qatar-based Rasmal Ventures is looking to technology startups in East Asia and Turkey, where valuations are often lower and Gulf expansion could create stronger returns, according to partner Soumaya Ben Beya Dridje.
Founded in Doha three years ago, the independent venture capital firm invests in companies from any location or industry that can scale in the Gulf. The firm has made seven investments so far, including Turkish-led, US-headquartered virtual SIM provider Roamless and Hong Kong-based warehousing software company Nexx.
Rasmal Ventures is backed by the Qatar Investment Authority, institutional investors, family offices and high-net-worth individuals. It set out last year to secure $100M in investment pledges, according to its website.
Ben Beya Dridje said East Asian interest in the Gulf has grown significantly over the past two years, while Turkey’s geographic and cultural links make it a longstanding source of partnerships. The firm is also targeting startups in Qatar, South Korea and other GCC markets.
She said Rasmal’s hands-on approach is focused on helping portfolio companies expand in the Gulf and prepare for exits through mergers and acquisitions or initial public offerings. More than 90% of MENA exits are mergers and acquisitions, she said, adding that the region needs stronger funding support for startups moving from seed rounds to Series A and B.
Despite a tougher fundraising environment, Ben Beya Dridje said she has never been more optimistic about the GCC’s prospects.
Source: AGBI
