UTOPIA Capital Management, an investor in emerging and frontier markets, has secured a multi-million-dollar investment from Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar.
QIA’s investment is one of the first from its Fund of Funds programme, launched in February 2024, which aims to strengthen Qatar’s startup and venture capital ecosystem. The programme seeks to invest over $1 billion in both international and regional venture capital funds to attract leading venture capital funds and entrepreneurs to Qatar.
The fresh investment will be used to help startups in Southeast Asia and the Middle East access capital, technical support, and market expansion opportunities, according to an announcement.
UTOPIA is also establishing a regional presence in the Middle East as part of its expansion strategy.
From its new Doha office, UTOPIA said it will focus on fintech, healthtech, commerce, and climate technology startups, helping founders scale their businesses and secure international investment.
Utopia, which has backed over 150 entrepreneurs and raised $200 million, has already supported six startups in Southeast Asia in sectors such as sustainable agriculture, biotechnology, and energy transition.
In Africa, it has backed more than 90 startups, contributing to the creation of over 17,000 indirect jobs.
“Our success in Southeast Asia and Africa has shown that when founders are equipped with the right resources, entire industries can be transformed,” said Alina Truhina, managing partner of Southeast Asia and the Middle East at UTOPIA.
Early this month, Qatar’s first independent venture capital firm, Rasmal Ventures, announced that its inaugural fund, Rasmal Innovation Fund I, has secured funding from QIA’s Fund of Funds programme, making it the first fund to join the $1-billion initiative.
In March last year, Qatar launched a programme that seeks to fund tech startups in both seed and growth stages as part of efforts to attract these companies to establish or expand operations in the country.
The Startup Qatar Investment Program, which is powered by Qatar Development Bank, provides $500,000 to startups in the seed stage and up to $5 million in the growth stage.
