Oman's Phaze Ventures Launches Two AI Funds Targeting $75M
Muscat-based Phaze Ventures has launched two venture funds targeting more than $75 million, with over $40 million already committed for AI and deeptech startups.
Oman-based Phaze Ventures has launched two venture capital funds that together target more than $75 million. The firm says it has already secured over $40 million in investor commitments and is in talks to grow the platform to the full target. Both vehicles will back artificial intelligence and deeptech startups.
Two funds, two mandates
Phaze Ventures Fund II continues the firm's global AI and deeptech strategy. It is anchored by ITHCA Group, a subsidiary of Oman Investment Authority, together with Ominvest and Oman LNG Development Foundation.
The second vehicle, Phaze Ventures Oman Fund, is anchored by Future Fund Oman. It creates a dedicated pool of capital for homegrown, AI-enabled businesses. The announcement comes as Oman builds the International Financial Centre of Oman, a new hub for international companies and investors.
Portfolio and backers
The funds have made 10 investments so far, including Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai and Metal. Co-investors include a16z, 8VC, Standard Capital, Y Combinator and Baidu Ventures. Phaze backed Andromeda Surgical before its $15 million Series A led by Standard Capital, and invested in Metal's seed round alongside Y Combinator and a16z.
Founded in 2018 by Abdullah Al Shaksy, Mohammed Al Wahaibi and Masoud Al Rawahi, the firm focuses on early-stage companies in the GCC and North America. It has team members in Muscat, Dubai and Riyadh and manages capital for more than 50 investors, including sovereign entities, corporates and family offices across Oman, Saudi Arabia, Bahrain, India and beyond.
"AI is the most disruptive technology shift of our generation," said Al Shaksy, the firm's CEO. He argued that Oman and the Gulf cannot limit their role to investing in hyperscalers, data centres and public market offerings, and need to back founders early. Al Wahaibi said investors in the region want a stake in the next generation of AI companies while they are still taking shape, and called the platform the firm's answer.
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