MENA – Golden Gate Ventures, a Singapore-based venture capital firm, has announced that it hit US$20 million as the first close of its maiden US$100 million fund for the Middle East & North Africa.
The first set of commitments was from Qatari businesses and families, Al Khor Holding, a conglomerate interested in real estate development, hospitality, power, and engineering, anchors the fund. Other investors include Al Attiya Group and Sheikh Jassim Bin Jabor Al Thani.
It is the first international venture capital fund established and managed within Qatar. The fund will invest in startups operating in alternative energy, green technology, B2B AI, energy-related deep tech, fintech, health, and tech sectors across the Middle East and North Africa.
“Supporting innovation in these high-demand areas will complement Qatar’s international leadership in LNG and alternative energy, cementing its growing global influence in the energy space as the world picks up the pace on the climate agenda,” stated Golden Gate Ventures.
The Singapore-headquartered firm has invested in over 90 funds, with nine of its portfolio companies becoming unicorns and two going public. Some of its notable investments include Stripe, Gojek, Coda Payments, Carousell, and AngelList.
“We are extremely honored to partner with Al Khor Holding, Al Attiya Group, and Sheikh Jassim Bin Jabor Al Thani on our inaugural fund in MENA,” Vinnie Lauria, Founding Partner at Golden Gate Ventures, commenting on the occasion said.
“Their collective impact in the region is invaluable and underscores Qatar’s commitment to the regional startup ecosystem. MENA is emerging as a growing innovation hub, with Qatar becoming a beacon of progress.”
He added that Qatar’s combination of a supportive government with progressive economic policies, a strong emphasis on diversification and innovation, a well-educated and diverse population, and a thriving entrepreneurial spirit positions it for remarkable growth.
Greentech, alternative energy, and B2B artificial intelligence are among the sectors the fund is targeting to complement Qatar’s established natural gas and energy industries. MENA Fund 1 also targets edtech, fintech, and healthtech investments.
This announcement comes when Qatar’s economic prowess and emerging startup ecosystem are in the spotlight.
MENA Fund, I was unveiled with the Qatar Economic Forum kicking off in the background. Thousands of global business leaders converged in Qatar to discuss the Gulf nation’s trajectory worldwide.
Earlier in the year, the Web Summit in Qatar drew the largest startup gathering in the Middle East, highlighting the growing startup scene in the region.
The Middle East and Southeast Asia are cultivating closer ties in tech investments. For instance, Shein, Lenskart, and Kakao Entertainment have all raised funds from Middle Eastern investors.
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