DOHA: Qatar Investment Authority plans to invest in five new venture capital funds as part of an expanded $3 billion venture capital program, the sovereign wealth fund said on Monday.
The new funds, called Greycroft, Ion Pacific, Liberty City Ventures, Shorooq and Speedinvest, are set to open offices in Doha in an effort to develop Qatar as a venture capital hub, it said in a statement.
The “Fund of Funds” initiative was unveiled in 2024 to attract venture capital firms to Qatar, build a robust environment for entrepreneurs and help diversify its economy away from fossil fuel revenues, as the country follows the path of other wealthy Gulf peers.
Qatar’s prime minister on Sunday announced an expansion of the fund to reach up to $3 billion.
“This year, we move from momentum to scale,” Sheikh Mohammed bin Abdulrahman Al-Thani said as he opened the Qatar edition of the Web Summit technology conference.
