Key Takeaways
- • Phaze Ventures, an Oman-based venture capital firm, has secured more than $40 million in investor commitments for two new funds targeting over $75 million, according to the Oman Daily Observer.
- • Phaze Ventures Fund II is anchored by ITHCA Group, a subsidiary of the Oman Investment Authority (OIA), Ominvest and the Oman LNG Development Foundation, and will focus on early-stage technology investments internationally.
- • The Phaze Ventures Oman Fund is anchored by Future Fund Oman, an OIA investment initiative, and will provide a separate financing channel for AI application developers in Oman.
- • More than $10 million has already been invested across 10 companies, with further fundraising discussions under way; individual fund sizes and the domestic allocation have not been disclosed.
- • Co-founder and CEO Abdullah Al Shaksy said access to anchor customers and door-openers matters as much as capital for Omani startups seeking to scale abroad.
Summary
Oman-based venture capital firm Phaze Ventures has secured more than $40 million in investor commitments for two new funds that collectively target over $75 million, according to the Oman Daily Observer. Phaze Ventures said on Wednesday that more than $10 million has already been deployed across 10 companies through the new vehicles, with additional fundraising discussions ongoing. The company has not disclosed the size of either fund, the amounts committed by individual institutional investors, or how much of the secured capital will be invested in Oman.
The first vehicle, Phaze Ventures Fund II, is anchored by ITHCA Group, a subsidiary of the Oman Investment Authority (OIA), Ominvest and the Oman LNG Development Foundation, and will focus on early-stage technology investments in international markets. The second, Phaze Ventures Oman Fund, is anchored by Future Fund Oman, an OIA investment initiative supporting private-sector development, and provides a separate channel for businesses building AI applications in Oman. The $75 million target spans both international investments and Omani businesses, so it does not represent funding exclusively available to the domestic startup sector.
The initial portfolio includes Arabic.AI, which develops Arabic-language enterprise AI technology; Sully.ai, which provides AI applications for healthcare; Andromeda Surgical, a developer of AI-guided surgical robotics; and technology platforms Boardy.ai and Metal. Several of these companies have also attracted backing from Andreessen Horowitz, 8VC and Y Combinator. Phaze Ventures previously invested in Carzaty, an online automotive platform acquired by Mexico's Kavak in 2022, and in eMushrif, which announced a $7.5 million financing round in January 2026 involving Phaze and other investors.
In written responses to the Observer, Phaze Ventures co-founder and CEO Abdullah Al Shaksy said funding is a constraint for Omani startups mainly at later stages, once a company has proven its product and needs capital to expand. He added that local anchor customers, investors and door-openers are needed to help homegrown businesses scale abroad. Al Shaksy identified energy, logistics, finance and healthcare as sectors where Omani entrepreneurs could develop commercially viable AI applications.
Founded in 2018 and headquartered in Muscat, Phaze Ventures has a presence in Dubai and Riyadh. The Observer notes that the new funds widen investment opportunities, but their contribution to Oman's startup sector will depend on how much capital is deployed locally and whether recipient businesses can win customers, attract further financing and expand beyond the domestic market.
The first vehicle, Phaze Ventures Fund II, is anchored by ITHCA Group, a subsidiary of the Oman Investment Authority (OIA), Ominvest and the Oman LNG Development Foundation, and will focus on early-stage technology investments in international markets. The second, Phaze Ventures Oman Fund, is anchored by Future Fund Oman, an OIA investment initiative supporting private-sector development, and provides a separate channel for businesses building AI applications in Oman. The $75 million target spans both international investments and Omani businesses, so it does not represent funding exclusively available to the domestic startup sector.
The initial portfolio includes Arabic.AI, which develops Arabic-language enterprise AI technology; Sully.ai, which provides AI applications for healthcare; Andromeda Surgical, a developer of AI-guided surgical robotics; and technology platforms Boardy.ai and Metal. Several of these companies have also attracted backing from Andreessen Horowitz, 8VC and Y Combinator. Phaze Ventures previously invested in Carzaty, an online automotive platform acquired by Mexico's Kavak in 2022, and in eMushrif, which announced a $7.5 million financing round in January 2026 involving Phaze and other investors.
In written responses to the Observer, Phaze Ventures co-founder and CEO Abdullah Al Shaksy said funding is a constraint for Omani startups mainly at later stages, once a company has proven its product and needs capital to expand. He added that local anchor customers, investors and door-openers are needed to help homegrown businesses scale abroad. Al Shaksy identified energy, logistics, finance and healthcare as sectors where Omani entrepreneurs could develop commercially viable AI applications.
Founded in 2018 and headquartered in Muscat, Phaze Ventures has a presence in Dubai and Riyadh. The Observer notes that the new funds widen investment opportunities, but their contribution to Oman's startup sector will depend on how much capital is deployed locally and whether recipient businesses can win customers, attract further financing and expand beyond the domestic market.
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