Oman-based Phaze Ventures has announced the launch and initial close of its $30 million venture capital fund, targeting early-stage start-ups in MENA, Europe and North America.
Established in 2018, Phaze Ventures is the first private seed investment firm in the Sultanate, founded to fund early-stage disruptive technology companies from around the globe and accelerate the transformation of the region’s economies.
The fund launches with commitments from the country’s largest investors, including Oman Information and Communications Technology Group (part of the sovereign fund of Oman), Ominvest and several prominent family offices. The fund will be dispersed over the coming three years.
“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 programme and industry partnerships,” said Abdullah Al-Shaksy, co-founder and CEO at Phaze Ventures.
Speaking to Arabian Business, Al-Shaksy said the firm was eyeing early stage UK investments, particularly in the fintech space.
“We are looking at fintech models outside of MENA that could become very relevant for the region, such as the cryptocurrency Ethereum,” he said. “We are looking at how we can either invest in them and bring them to the region, or just replicate them.”
Phaze Ventures will look towards the UK capital to invest amounts of between $1m – 4m in areas such as blockchain, B2B fintech and banking technology.
“We have been looking at a UK-based wealth management platform that focuses on alternative investments, for example.”
Al-Shaksy said he would look to partner up local and regional banks and insurance companies with international innovation – especially those companies with stakeholder investment from Ominvest.
“Our geographic focus is quite broad – but we are looking at three themes: sustainability, digital transformation and, finally we are looking at bringing innovations from the UK or the US to the Gulf – or vice versa,” he said. “Or we may even replicate successful businesses in the west that are not yet implemented in the Gulf.”
The firm’s existing investments include eMushrif, Carzaty and Voyager. The team is supported by a diverse group of advisors with leadership experience at global technology firms including Amazon, Siri and Spotify.
“We are extremely interested in disruptive technologies in traditionally undisrupted markets, with the ability to create a significant and sustainable impact on a global scale,” said Al-Shaksy.
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