The first closure of Golden Gate Ventures’ US$100 million Middle East and North Africa (MENA) Fund 1, the venture capital firm’s first fund in the area, has been announced. Golden Gate Ventures is based in Singapore.

According to the Gulf Times, the fund, which is headquartered in Qatar, has commitments totaling US$20 million. Sheikh Jassim bin Jabor al-Thani, Al Khor Holding, and Al Attiya Group are its key investors.

According to Vinnie Lauria, founding partner of Golden Gate Ventures, “the combination of a supportive government with progressive economic policies, a strong emphasis on diversification and innovation, a well-educated and diverse population, and a thriving entrepreneurial spirit positions Qatar for remarkable growth,”

The fund aims to enhance Qatar’s well-established natural gas and energy sectors by investing in B2B artificial intelligence, greentech, and alternative energy. MENA Fund 1 also considers investments in fintech, healthtech, and edtech.

Golden Gate Ventures has been considering expansion lately. In order to support development plans, partner Angela Toy was promoted to COO in March. The company had already expanded into Vietnam, Saudi Arabia, and New York.

Concurrently, there seems to be a growing trend of tech investment linkages between the Middle East and Southeast Asia. For example, Middle Eastern investors have contributed to the funding of Shein, Lenskart, and Kakao Entertainment.