Singapore-based venture capital (VC) company Golden Gate Ventures has launched a $100 million Middle East and North Africa (MENA) fund in Qatar.

The Golden Gate Ventures MENA Fund I has so far raised $20 million in commitments from some of the most prominent families in the Gulf state, according to a statement on Thursday.

The fund’s anchor investors include Al Khor Holding, Al Attiya Group and Sheikh Jassim Bin Jabor Al Thani.

The fund is Golden Gate’s first international venture capital fund to be established and managed in Qatar. It will support start-ups in key sectors, such as alternative energy, green technology, B2B artificial intelligence and energy-related deep tech.

MENA Fund I will also cover fintech, health tech and edtech, which are expected to further Qatar’s economic diversification goals.

“MENA Fund I will supercharge the start-up ecosystem, building on the extensive social and financial capital of our investors,” said Michael Lints, Partner at Golden Gate Ventures.

Golden Gate had set up an office in Saudi Arabia in 2023 to tap into opportunities in the Middle East.

(Writing by Cleofe Maceda; editing by Seban Scaria)