Muscat - Sharikat Mubasher: Phaze Ventures, a private venture capital company headquartered in Oman, announced the launch of two new venture funds: Phaze Ventures Fund II and Phaze Ventures Oman Fund, targeting over $75 million.

As a global venture platform, both funds secured over $40 million in investor commitments and are in ongoing discussions to reach the $75 million target, Phaze Ventures announced in a statement today.

Phaze Ventures Fund II, anchored by ITHCA Group, Ominvest, and Oman LNG Development Foundation, continues the company's global AI and deep tech investment mandate, while Phaze Ventures Oman Fund, anchored by Future Fund Oman, establishes a dedicated capital pool for homegrown AI-enabled businesses.

The new funds’ 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.

Abdullah Al Shaksy, co-founder and CEO of Phaze Ventures, said: “AI is the most disruptive technology shift of our generation. Oman and the Gulf cannot afford to be a spectator, and our participation cannot be limited to playing catch-up through investments in hyperscalers, data centers, and public market offerings. We need to invest in the founders disrupting industries at home and across the globe, and we need to be a part of that disruption early.”

Phaze Ventures has grown from its base in Oman into a broader GCC investment platform, with team members in Muscat, Dubai, and Riyadh. It 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.