Oman-based VC firm Phaze Ventures has closed its debut fund capped at $30 million, the first fund of its kind based in Muscat, Oman. The global fund is aimed at supporting early-stage technology startups across MENA, North America, and Europe.
Phaze Ventures is at the forefront of the global technology race in Oman. The first private venture capital firm in the Sultanate, Phaze invests in early-stage disruptive tech startups regionally and internationally. The firm is led by its three co-founders Abdullah Al-Shaksy, Mohammed Al-Wahaibi and Masoud Al-Rawahi—bringing to the table years of leadership experience at leading global technology firms like Amazon, Spotify, and Siri. Coupled with their extensive industry experience, the company is supported by a wide network of advisors and investors including eMushrif, Carzaty, and Voyager.
Co-founder and CEO, Al-Shaksy commented on Phaze’s accomplishments since its launching: “We founded Phaze Ventures at the start of 2018, since then we have invested in and scaled several businesses across MENA, Europe, and North America, as well as created an incredible platform with our accelerator program and industry partnerships…Our ability to support high-potential founders is backed by our world-class advisory board and deeply collaborative platform of the strategic industry and ecosystem partnerships.”.
Capitalizing on the region’s need to diversify its economy in the wake of a world becoming increasingly less reliant on oil, Phaze Ventures supports cutting-edge industry innovations that galvanize diversification across many industries. The fund is underpinned by the country’s need for rapid growth and innovation in the technology realm as part of the Oman Vision 2040 national strategy. A number of the country’s largest investors provide critical support to the fund. These include Oman Information and Communications Technology Group (part of the sovereign fund of Oman), Ominvest, and numerous prominent family offices.
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated feed)
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