Shorooq Launches $200M Qatalyst Fund to Boost MENA Pre-IPO Tech Giants

Mohammed Fathy

Last updated 3-02-2026

3 min

Shorooq launched Qatalyst Fund I, a $200m late-stage fund, at Web Summit Qatar.

The fund targets tech companies “edging closer to an IPO” and past early experimentation.

Anchored by Qatar Investment Authority, it focuses on patience and long-duration capital.

Qatalyst aims to bridge MENA’s late-stage funding gap before public listings.

Shorooq positions itself as a full-stack investor, backing founders through to IPO readiness.

Shorooq has taken a clear step into the late-stage arena with the launch of Qatalyst Fund I, a $200 million vehicle aimed at backing technology companies that are already scaled and edging closer to an IPO. The announcement came on the sidelines of Web Summit Qatar, with the fund anchored by the Qatar Investment Authority alongside other institutional investors.

Unlike early-stage venture money, this fund is built for patience. Qatalyst Fund I is targeting businesses that have moved beyond proof-of-concept and rapid experimentation, and are instead dealing with the messy, grown-up challenges of governance, operational depth, and public market readiness. In plain terms, these are companies that know their numbers, have found their footing, and now need steady capital to cross the final stretch. That’s no small thing, and in this region it’s often a bit of a faff to find that kind of support.

From where I sit, watching founders across the MENA ecosystem wrestle with late-stage funding gaps, this move feels spot on. At Arageek events over the years, I’ve heard the same story again and again: plenty of seed cheques around, but far fewer options once a company starts thinking seriously about listing. Qatalyst is clearly designed to plug that hole, acting as a bridge between private growth and public markets.

Shorooq says the fund will focus on technology-driven sectors where scale and durable leadership actually matter, rather than chasing growth at all costs. That said, the emphasis on long-duration capital stands out. Instead of quick exits, the idea is to work with founders over time, helping them navigate compliance, reporting, and the expectations that come with being IPO-ready. I reckon that mindset is long overdue, even if it won’t suit everyone.

The firm already has a track record in early and growth-stage investing, and this fund marks a broader evolution into a full-stack investment platform. In theory, that means Shorooq can now back a company from its early days right through to the pre-IPO phase, without forcing founders to juggle fragmented investor relationships along the way. On the flip side, executing that vision consistently is the hard part… well, markets have a habit of humbling everyone.

Mahmoud Adi, founding partner at Shorooq, has described Qatalyst Fund I as a natural extension of the firm’s long-term strategy, centred on partnering with founders capable of building category-defining businesses. The backing from QIA adds weight to that ambition, signalling strong institutional appetite for late-stage tech exposure from the region.

As global IPO windows slowly creak open again, Shorooq is betting that disciplined, late-stage support can turn private momentum into sustainable public companies. Whether it all works as planned remains to be seen, but for founders eyeing the public markets, this fund will definately be one to watch.

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