Golden Gate Ventures, a venture capital fund founded by Silicon Valley natives, has revealed its inaugural $100 million Mena fund, securing $20 million in commitments from prominent families in Qatar. The anchor investor is the multi-faceted Al Khor Holding, boasting a 60-year heritage, followed by the Al Attiya Group recognized for its substantial backing of local businesses, and Sheikh Jassim bin Jabor Al Thani.
The first close of the $100 million Mena Fund I, supported by Qatar’s private business community leaders, signifies a significant advancement in Golden Gate Ventures’ mission to foster innovation and entrepreneurship in the Mena region. This fund amalgamates the collective regional influence of its investors with Golden Gate Ventures' extensive experience in developing startup ecosystems across Silicon Valley and Asia. Notably, Golden Gate Ventures Mena Fund I stands as the first international venture capital fund to be established and managed within Qatar. In line with this, Michael Lints, Partner at Golden Gate Ventures, has relocated to Qatar, emphasizing the firm’s dedicated involvement in the Mena region.
Expressing gratitude for the partnership, Vinnie Lauria, Founding Partner at Golden Gate Ventures, lauds the invaluable impact of Al Khor Holding, Al Attiya Group, and Sheikh Jassim bin Jabor Al Thani, underscoring Qatar's steadfast commitment to the regional startup ecosystem. He draws parallels between Mena's emergence as a burgeoning innovation hub and the progressive strides witnessed in Qatar, likening it to the early days of Singapore in 2011 when Golden Gate Ventures made its mark.
Al Khor Holding also vocalized its strong support for advancing new industries and sectors within Qatar's business landscape, proudly announcing their role as an anchor investor in the historic Golden Gate Ventures Mena Fund I. They express confidence that this collaboration will yield tangible benefits for Qatar's socio-economic progress and contribute to the realization of Qatar's vision 2030 for a diversified, knowledge-based economy.
This announcement coincides with the spotlight on Qatar's economic prowess and burgeoning startup ecosystem, as evidenced by the unveiling of Mena Fund I amidst the Qatar Economic Forum and the largest startup gathering in the Middle East at the Web Summit earlier this year.
