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Oman-based Phaze Ventures announced the securing of over $40 million in investor commitments for two new venture funds that aim to raise more than $75 million in total. The firm stated that more than $10 million has already been invested across 10 companies as discussions with additional investors proceed. According to the Oman Observer, the announcement highlights continued momentum in Oman’s venture capital ecosystem.
The first fund, Phaze Ventures Fund II, counts ITHCA Group, a subsidiary of Oman Investment Authority, Ominvest and the Oman LNG Development Foundation among its anchor investors. This vehicle will direct capital toward early-stage AI and advanced technology companies in international markets. A second fund, the Phaze Ventures Oman Fund, is anchored by Future Fund Oman, another Oman Investment Authority initiative that promotes private-sector development and economic diversification in the Sultanate.
The Oman Observer reported that the funds have already backed several companies including Arabic.ai, which develops Arabic-language enterprise AI solutions, Sully.ai, a healthcare technology firm, Andromeda Surgical, a developer of AI-guided surgical robotics, Boardy.ai, an AI-powered professional networking platform, and Metal, which offers technology tools for startup fundraising. These investments feature co-investors such as Andreessen Horowitz, Y Combinator and others. The company has not revealed the individual size of each fund or the exact portion dedicated to Omani startups.
Masoud Al Rawahi, co-founder and partner at Phaze Ventures, said in the announcement, “We back founders who combine domain expertise with strong engineering and learn from every real-world deployment.” The firm’s approach emphasizes supporting credible founders in the GCC and North America building toward global markets. Phaze Ventures positions itself as a thesis-driven investor in early-stage B2B AI and deeptech companies.
Since its founding in 2018, Phaze Ventures has established itself as Oman’s pioneering private venture capital firm according to its corporate history. The firm launched its first $30 million fund in 2021 with backing from Omani sovereign and institutional investors. That vehicle focused on early-stage startups in the MENA region, Europe and North America.
Oman’s National Programme for Artificial Intelligence and Advanced Digital Technologies forms a central pillar of Oman Vision 2040, seeking to lift the digital economy’s contribution to GDP from 2 percent in 2021 to 5 percent by 2030. The second phase of the National Digital Economy Programme, launched in October 2026, targets OMR 300 million in technology investments and the creation of 3,000 jobs annually in the sector according to the Ministry of Transport, Communications and Information Technology. These initiatives complement private investment vehicles such as the funds raised by Phaze Ventures.
