🇶🇦 QIA’s $1B fund of funds draws global VCs to Doha

💸 Qatar has been playing catch-up in the startup ecosystem compared to its GCC neighbours, but QIA’s $1 billion Fund of Funds Program — first announced in February 2024—is rapidly catalysing competition with its second and third publicly disclosed investments following home-grown Rasmal Ventures.

This time, two global firms, Builders VC and Utopia Capital Management, are opening new offices in Doha.

⚙️ Breaking it down

Builders VC, a Silicon Valley-based early-stage investor targeting $400 million for its third fund — is setting up its Doha office under the leadership of Tarik Sultan.

With around 130 investments and 12–21 exits, its portfolio includes Carbon Health, Fieldwire, Colossal Biosciences, Pathos, and SafeAI.

The firm focuses on modernising traditional sectors like healthcare, industrials, real estate, and agriculture through technological innovation — a strategy that aligns with QIA’s emphasis on tech and healthcare.

Meanwhile, Utopia Capital Management, known for supporting high-growth startups in emerging markets, has also secured QIA funding to establish a new Doha HQ.

Utopia currently backs six startups in Southeast Asia—as part of The Radical Fund, a $40 million target initiative addressing inclusive climate transition challenges—and over 90 technology-driven ventures in Africa.

Spearheaded by Managing Partner Alina Truhina and General Partner Roo Rogers, Utopia’s expansion will bolster fintech, healthcare, commercial, and environmental technology ventures by connecting local entrepreneurs with international capital and expertise.

💭 Thoughts

QIA’s fund of funds approach is extremely exciting.

Attracting established international VCs with deep domain expertise and offering founders a dedicated launchpad – especially for deeptech and industrial solutions requiring more patient capital – can only be a good thing for the regional ecosystem as a whole.