Golden Gate Ventures, a Singapore-headquartered venture capital firm, has announced the first close of its US$100 million Middle East and North Africa (MENA) Fund 1, its first fund in the region.
The fund, which is based in Qatar, has US$20 million in commitments, reported the Gulf Times. Its anchor investors are Al Khor Holding, Al Attiya Group, and Sheikh Jassim bin Jabor al-Thani.
“The 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 Qatar for remarkable growth,” said Vinnie Lauria, founding partner at Golden Gate Ventures.
Greentech, alternative energy, and B2B artificial intelligence are among the sectors the fund is targeting in order to complement Qatar’s established natural gas and energy industries. MENA Fund 1 also eyes edtech, fintech, and healthtech investments.
Expansion has been on the menu for Golden Gate Ventures of late. It elevated partner Angela Toy to the COO post in March to support expansion initiatives, among others – the firm had also expanded into Vietnam, Saudi Arabia, and New York.
At the same time, the Middle East and Southeast Asia appear to be cultivating closer ties in tech investments. For instance, the likes of Shein, Lenskart, and Kakao Entertainment have all raised funds from Middle Eastern investors.
