Qatar VC favours Asia and Turkey over pricier Silicon Valley

Qatar VC favours Asia and Turkey over pricier Silicon Valley

Rasmal Ventures, Qatar’s first independent venture capital firm, is prioritising deals in East Asia and Turkey over Silicon Valley, citing cheaper valuations and higher potential returns. Partner Soumaya Ben Beya Dridje said the Doha-headquartered fund, backed by the Qatar Investment Authority alongside institutional investors, family offices and high-net-worth individuals, has made seven investments so far and set out to reach $100 million in investment pledges.

"When we started scouting, we quickly noticed the best tech is coming from east Asia, and really exceptional talent is also coming from Turkey," Ben Beya Dridje said. "Today I can get the same excellency of the tech [elsewhere] at a lower valuation, bring value to the companies and get them to exit at a global level. The maths is clear."

Rasmal Ventures was founded in Doha three years ago and targets technology companies from any location or industry with the potential to scale in the Gulf. The firm’s portfolio includes Roamless, a Turkish-led, US-headquartered virtual mobile SIM provider claiming more than one million travellers across more than 200 countries, and Nexx, a Hong Kong-based warehousing software company. Ben Beya Dridje highlighted Roamless's global revenue streams as a hedge against Turkey’s volatile foreign exchange environment: "Revenue arrives in hard currency from customers worldwide mitigating Turkey’s volatile foreign exchange environment."

Ben Beya Dridje pointed to several drivers behind Rasmal’s geographic focus. While acknowledging that the US remains an innovation leader, she said market saturation and intense competition in Silicon Valley make it difficult to secure attractive deals unless a fund is already an insider. By contrast, East Asia and Turkey offer "the same excellency of the tech" at lower entry prices, allowing Rasmal to add operational value and position companies for global exits.

• Firm backing and scale: Rasmal is supported by the Qatar Investment Authority and sought $100 million in pledges last year.
• Deal flow: The fund has completed seven investments, with targets spanning Qatar, South Korea, Turkey and other GCC markets.
• Portfolio strategy: Rasmal emphasises businesses with balanced revenue profiles and international customer bases to reduce exposure to local currency risk.

The ongoing Iran conflict has so far had limited direct impact on Rasmal’s portfolio because the firm avoided stakes in hospitality and other heavily affected sectors, a circumstance Ben Beya Dridje described as "a bit of luck." Nevertheless, geopolitical tensions have complicated fundraising: established foreign investors familiar with the Middle East remain committed, while conversations "with players new to the region have paused," she said.

On exits, Ben Beya Dridje stressed the firm's pragmatic approach. Exits remain scarce across the Middle East and North Africa, with data pointing to decade-old lows for transaction volumes. "If we look at Mena, more than 90 percent of the exits are M&As," she said. Rasmal positions itself as a "hands-on" VC, providing practical expertise to help portfolio companies grow in GCC markets and pursue exit routes, whether M&A or public listings. "Some of our companies are targeting IPOs in the US or Hong Kong and we will support them in that, but because the majority is M&As, we want to make sure we’re super well equipped in that specific area."

Looking ahead, Rasmal’s strategy implies a sustained pipeline of cross-border deals that leverage lower valuations in East Asia and Turkey, combined with Gulf market access and exit support focused on mergers and public listings where feasible. Ben Beya Dridje said she has "never been this bullish about the future of the GCC," signalling confidence that the fund’s playbook can turn regional scaling opportunities into global exits.