2/13/2025
- UTOPIA secures multi-million-dollar investment from Qatar’s sovereign wealth fund, QIA, to its portfolio of tech-enabled startups across multiple emerging and frontier markets
- UTOPIA opens Middle East headquarters in Doha, Qatar
- QIA’s investment marks one of its first deployments of capital from its Fund of Funds venture capital program
LONDON, UK – February 13, 2025 – UTOPIA Capital Management, a pioneer in emerging and frontier market investments, today announced it has secured funding from QIA, Qatar’s sovereign wealth fund, to support tech-enabled startups in high-growth emerging and frontier markets. The investment opens new doors for ambitious entrepreneurs seeking capital, technical and operational support and market access to accelerate their growth and impact. Startups across multiple emerging markets - including the Middle East and Southeast Asia - are set to benefit from the funding, and from UTOPIA’s decision to establish a new Middle East presence.
QIA’s investment marks one of its first deployments of capital from its Fund of Funds program which aims to develop a strong start-up and venture capital ecosystem in Qatar and attract leading venture capital funds and entrepreneurs to the region.
Empowering Startups Globally
UTOPIA is already supporting six visionary startups across Southeast Asia in sectors such as sustainable agriculture, nature-based solutions, biotechnology and the energy transition. Meanwhile, in Africa, UTOPIA has supported more than 90 tech-enabled startups, creating more than 17,000 indirect jobs.
Unlocking New Opportunities in the Middle East
Building on this momentum, UTOPIA is expanding into the Middle East, reinforcing its commitment to fostering disruptive innovation in high-growth markets. Entrepreneurs in fintech, healthtech, commerce and climate tech will gain access to UTOPIA’s expertise and capital, enabling them to scale their ventures successfully.
From its new office in Doha, Qatar, UTOPIA will work closely with regional founders to connect them with global opportunities, helping them navigate the challenges of scaling and securing international investment.
"We are thrilled to be partnering with QIA to expand into the Middle East, a region with immense potential for transformative innovation to address critical climate and social needs,” said Alina Truhina, Managing Partner of Southeast Asia & the Middle East at UTOPIA. “Our success in Southeast Asia and Africa has shown that when founders are equipped with the right resources, entire industries can be transformed. We look forward to empowering entrepreneurs in the Middle East, strengthening the ecosystem, and unlocking new opportunities for growth and innovation.”
“Entrepreneurship is a powerful catalyst for transformative change. QIA’s investment allows us to expand our reach to support visionary founders who are tackling some of the world’s most pressing challenges,” added Roo Rogers, General Partner of Africa, Southeast Asia & the Middle East at UTOPIA. “As we expand into the Middle East, we are excited to build new bridges, unlock untapped potential and ignite innovation on a global scale." By joining QIA’s Fund of Funds program, even more entrepreneurs will be able to transform bold ideas into thriving businesses. With over USD 1 billion allocated to international and regional venture capital funds, QIA’s Fund of Funds program focuses on bridging the funding gap for local and regional entrepreneurs, prioritising innovation in technology and healthcare.
About UTOPIA
UTOPIA Capital Management is a pioneer in emerging and frontier market investments, investing in tech-enabled startups in Africa and Southeast Asia. UTOPIA has raised substantial capital from leading global investors, building a strong foundation for supporting visionary entrepreneurs and scaling impactful solutions.
With $200 million raised and over 150 visionary entrepreneurs backed, UTOPIA has expanded the reach of innovative products and services to improve the lives of millions.
About QIA’s Fund of Funds Program
The Fund of Funds program aims to develop a strong start-up and venture capital ecosystem in Qatar, attract leading venture capital funds and entrepreneurs to the region and help close the current funding gap for local and regional entrepreneurs.
The program, first announced in February 2024, will invest more than USD 1 billion in international and regional venture capital funds and will place a priority focus on the tech and healthcare sectors.
The Fund of Funds program has a dual investment mandate to achieve good financial performance and deliver a positive development impact on the Qatari venture capital ecosystem.