The Qatar Investment Authority (QIA) CEO Mohammed Saif al-Sowaidi said that QIA launched the Fund of Funds programme to achieve positive financial results while building bridges between startups in Qatar and the broader region, and the global VC ecosystem. In a press release issued by QIA, al-Sowaidi revealed that B Capital and Deerfield joined Qatar's first independent venture capital firm, Rasmal Ventures, along with UTOPIA, Builders VC, and Human Capital as the first investment firms to participate in QIA's Fund of Funds programme. "As a testament to Qatar's strong position as an investment destination for global investors, we are pleased to welcome six ambitious investment firms who will make a significant positive impact on Qatar's local VC ecosystem and support promising start-ups in the country," al-Sowaidi added. In February 2024, QIA committed to invest $1bn as part of the Fund of Funds programme. QIA has made significant progress in allocating funds towards the original $1bn commitment. The programme will enable startups and entrepreneurs in the region to have access to capital they need to flourish, bring VC talent to Doha, and strengthen the local ecosystem in partnership with other government and private sector entities. The Fund of Funds programme aims to develop a strong startup and venture capital ecosystem in Qatar, attract leading venture capital funds and entrepreneurs to the region and help close the current funding gap for local and regional entrepreneurs. The programme, first announced in February 2024, will invest more than $1bn in international and regional venture capital funds and will place a priority focus on the tech and healthcare sectors. The Fund of Funds programme has a dual investment mandate to achieve good financial performance and deliver a positive development impact on the Qatari venture capital ecosystem. Deerfield is a leader in the healthcare venture capital (VC) ecosystem, providing capital, expertise, and guidance to its portfolio companies. The firm's investment focus aligns with the QIA's sector priorities, and it is set to bring a wealth of relevant experience to Qatar and the broader region. Additionally, Deerfield will direct a healthcare startup accelerator programme, through the Cure, in which a cohort of global and local entrepreneurs will work together to sharpen their understanding of business and financial modelling. The accelerator programme will take place both virtually and on the ground in Doha and will culminate in a pitch competition where entrepreneurs will showcase their ideas to interested stakeholders. B Capital is a multi-stage global investment firm that partners with extraordinary entrepreneurs to shape the future through technology. With more than $7bn in assets under management across multiple funds, the firm focuses on seed to late-stage venture growth investments, primarily in the technology, healthcare and climate sectors. Founded in 2015, B Capital leverages an integrated team across nine locations in the US and Asia, as well as a strategic partnership with BCG, to provide the value-added support entrepreneurs need to scale fast and efficiently, expand into new markets and build exceptional companies. The Rasmal Ventures Innovation Fund I targets investments in innovative and high-performance technology startups and scaleups across Qatar, the wider Middle East and North Africa (Mena) region, and internationally at pre-Series A, Series A and Series B stages. While the fund will scout all technology sectors agnostically, it will have a strategic interest in fintech, supply chain logistics, HealthTech, B2B SaaS and artificial intelligence (AI). The launch of Rasmal Innovation Fund I aligns firmly with the country's Third National Development Strategy (NDS3) as it aims to contribute to the creation of a buoyant tech ecosystem which is underpinned by easy access to a range of investment and funding opportunities. UTOPIA Capital Management is a pioneer in emerging and frontier market investments. UTOPIA invests in tech-enabled startups in Africa and Southeast Asia while its venture studios provide hands-on strategic and operational support to ensure its ventures thrive. UTOPIA has raised substantial capital from leading global investors, building a strong foundation for supporting visionary entrepreneurs and scaling impactful solutions. With USD200mn raised and over 150 visionary entrepreneurs backed, UTOPIA has expanded the reach of innovative products and services to improve the lives of millions. Builders VC is an early-stage venture capital firm that invests in visionary founders reimagining traditional industries through technology. The firm pairs capital with hands-on operational support to help its portfolio companies achieve transformative growth. Human Capital is a multi-stage venture capital firm providing recruiting and talent support to technology startups.