Key Takeaways
- • Phaze Ventures, an Oman-headquartered venture firm founded in 2018, announced two new venture funds targeting over $75 million, with over $40 million in investor commitments secured so far and ongoing talks to reach $75 million.
- • Phaze Ventures Fund II is anchored by ITHCA Group (a subsidiary of the Oman Investment Authority), Ominvest and Oman LNG Development Foundation, continuing the firm's global AI and deeptech mandate.
- • Phaze Ventures Oman Fund, anchored by Future Fund Oman, creates a dedicated capital pool for homegrown AI-enabled businesses.
- • The platform's first 10 investments include Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai and Metal, with co-investors including a16z, 8VC, Standard Capital, Y Combinator and Baidu Ventures.
- • Phaze Ventures manages capital for over 50 investors across Oman, Saudi Arabia, Bahrain, India and beyond, with team members in Muscat, Dubai and Riyadh.
Summary
Phaze Ventures has announced the launch of two new venture funds targeting more than $75 million, according to an EIN Presswire release dated October 28, 2026. The firm, Oman's oldest private venture capital company, was founded in 2018 and is headquartered in Oman with a presence in Saudi Arabia and the UAE. The two-fund platform has secured over $40 million in investor commitments, with discussions ongoing to grow the funds to $75 million.
Phaze Ventures Fund II is anchored by ITHCA Group, a subsidiary of the Oman Investment Authority, together with Ominvest and Oman LNG Development Foundation. It continues the firm's global AI and deeptech investment mandate. The separate Phaze Ventures Oman Fund, anchored by Future Fund Oman, is designed to build a dedicated capital pool for homegrown AI-enabled businesses. The announcement coincides with Oman's development of the International Financial Centre of Oman, a new hub for international companies and investors.
Co-founder and CEO Abdullah Al Shaksy said that Oman and the Gulf cannot limit their participation in AI to investments in hyperscalers, data centers and public market offerings, and that the region needs to back founders disrupting industries early. The firm's first 10 investments include Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai and Metal. Co-investors include a16z, 8VC, Standard Capital, Y Combinator and Baidu Ventures. Phaze Ventures backed Andromeda Surgical before its US$15 million Series A led by Standard Capital, and invested in Metal's seed round alongside Y Combinator and a16z.
Phaze Ventures manages capital for over 50 investors, including sovereign entities, listed companies, corporates, family offices and business families across Oman, Saudi Arabia, Bahrain, India and beyond. Co-founders Masoud Al Rawahi and Mohammed Al Wahaibi also framed the platform as a response to investor demand for early exposure to next-generation AI companies in the region.
Phaze Ventures Fund II is anchored by ITHCA Group, a subsidiary of the Oman Investment Authority, together with Ominvest and Oman LNG Development Foundation. It continues the firm's global AI and deeptech investment mandate. The separate Phaze Ventures Oman Fund, anchored by Future Fund Oman, is designed to build a dedicated capital pool for homegrown AI-enabled businesses. The announcement coincides with Oman's development of the International Financial Centre of Oman, a new hub for international companies and investors.
Co-founder and CEO Abdullah Al Shaksy said that Oman and the Gulf cannot limit their participation in AI to investments in hyperscalers, data centers and public market offerings, and that the region needs to back founders disrupting industries early. The firm's first 10 investments include Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai and Metal. Co-investors include a16z, 8VC, Standard Capital, Y Combinator and Baidu Ventures. Phaze Ventures backed Andromeda Surgical before its US$15 million Series A led by Standard Capital, and invested in Metal's seed round alongside Y Combinator and a16z.
Phaze Ventures manages capital for over 50 investors, including sovereign entities, listed companies, corporates, family offices and business families across Oman, Saudi Arabia, Bahrain, India and beyond. Co-founders Masoud Al Rawahi and Mohammed Al Wahaibi also framed the platform as a response to investor demand for early exposure to next-generation AI companies in the region.
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