• Singapore-based VC firm Golden Gate Ventures has launched a $100 million MENA fund, with $20 million commitments from Qatari investors, including Al Khor Holding, Al Attiya Group and Sheikh Jassim Bin Jabor Al Thani.
• As the firm plans to break into the MENA region, the fund will focus on supporting startups in sectors such as cleantech, fintech, healthtech, B2B AI, deeptech and edtech.
• Founded in 2011, Golden Gate Ventures is a global, early-stage venture capital firm with investments spanning across three continents.
• This is the first international VC fund to be established and managed within Qatar.
• In December 2023, Golden Gate Ventures established an office in Saudi Arabia as part of its expansion strategy into the wider Middle East.

Source: Forbes

Singapore-based venture capital (VC) firm Golden Gate Ventures landed its first $100 million MENA fund Wednesday, with $20 million in commitments from Qatari investors, as the firm plans to break into the MENA region.

Anchor investors in the fund include Al Khor Holding, Al Attiya Group and Sheikh Jassim Bin Jabor Al Thani, a statement from Golden Gate Ventures showed.

This is the first international VC fund to be established and managed within Qatar.

It will focus on powering startups in sectors such as alternative energy, green technology, business-to-business (B2B) artificial intelligence (AI), and energy-related deep tech. Other sectors that the fund will cover include fintech, health tech, and edtech.

“We aim to support entrepreneurs, attract talent, create jobs, and attract foreign direct investments,” said Hussain Abdulla, Senior Advisor at Golden Gate Ventures, on the benefits of the fund to the Qatari economy.

Amid plans to strengthen MENA presence and deepen Qatari ties, Michael Lints, Partner at Golden Gate Ventures, has moved to Qatar, the statement added.

A representative of Al Khor Holding said the fund would yield tangible benefits for Qatar's socio-economic landscape. "By facilitating the emergence of innovative solutions, creating employment opportunities, and supporting the national development agenda, we are contributing to the realisation of Qatar's vision 2030."

The announcement comes as Qatar’s emerging startup ecosystem takes center stage at the Qatar Economic Forum, where the fund was unveiled.

”Qatar is at an important point in its development as a global economy and MENA Fund I will supercharge the startup ecosystem, building on the extensive social and financial capital of our investors,” said Lints.

Earlier in February, the Web Summit event hosted in Qatar drew the largest startup gathering in the Middle East, according to the release.

The Investment Promotion Agency Qatar (Invest Qatar) noted significant engagement with startup companies during the summit in Qatar, particularly due to the launch of its 'Startup Qatar' initiative. The online platform caters to all business needs and has recorded more than 3,000 visits within six days of its official launch in February, state-owned Qatar News Agency (QNA) reported in March.