Omani Startup 44.01 Secures $37M for CO2 Removal

Omani Startup 44.01 Secures $37M for CO2 Removal

Omani tech firm 44.01 has made significant strides in combating climate change. The company recently secured $37 million in Series A funding. Equinor Ventures and Shorooq Partners led the round. Additionally, Amazon’s Climate Pledge Fund and Breakthrough Energy Ventures participated. These funds will be instrumental in scaling 44.01’s innovative CO2 mineralization technology.

Enhancing CO2 Mineralization Technology

44.01 will use the investment to refine its technology and develop larger-scale projects. Moreover, the company plans to expand its operations globally. Notably, 44.01’s technology has garnered significant recognition. It won the Earthshot Prize in 2022 and was a Top 20 finalist in the XPRIZE Carbon Removal competition.

Diverse Investor Support

The funding round attracted a diverse group of investors, including Air Liquide Venture Capital, Alumni Ventures, and Siemens Financial Services. This broad-based support underscores the strong confidence in 44.01’s technology.

Statements from Key Investors

44.01 founder Talal Hasan emphasized the potential of mineralization for climate protection. He expressed gratitude to investors for their support. Furthermore, Lars Klevier from Equinor Ventures highlighted the alignment of the investment with Equinor’s focus on climate solutions. Similarly, Mahmoud Adi from Shorooq Partners praised 44.01’s technology as a safe, permanent, and scalable solution.

CO2 Global Climate Solution

44.01’s technology leverages widely available rocks. This makes it a modular and cost-effective solution. Consequently, the company can deploy it globally to support industrial decarbonization efforts.

Oman’s Role in Climate Innovation

Innovation Development Oman supports 44.01’s work. The company’s technology contributes to Oman’s net zero goal and attracts international investment.

In conclusion, with strong investor backing, 44.01 is well-positioned to make a significant impact on climate change mitigation.

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Qatar’s $100 Million Tech Fund Targets MENA Startups

Qatar’s $100 Million Tech Fund Targets MENA Startups

The landscape of venture capital in Qatar is undergoing a significant transformation with the arrival of the Rasmal Innovation Fund. Qatar’s homegrown Rasmal Innovation Fund, a $100 million initiative, aims to propel tech startups and scaleups across the region. It targets high-growth companies in climate tech, fintech, B2B SaaS, and AI.

Investing in Qatar’s Technological Future

However, the Rasmal Innovation Fund goes far beyond simply providing financial backing. In essence, it aims to cultivate a thriving tech ecosystem within Qatar itself. Strategically aligned with the country’s Third National Development Strategy (NDS3), the fund strives to achieve several key objectives:

  • Drive innovation forward by providing resources and support to promising tech ventures.
  • Increase the availability of investment opportunities for startups and scaleups, thereby creating a more dynamic business environment.
  • Contribute to the flourishing of a tech hub in Qatar, solidifying the nation’s position as a regional leader in technological advancement.

Qatar Open to All, Focused on the Future

While the fund explores all tech sectors, it prioritizes investments in climate tech, fintech, and supply chain logistics – key areas for Qatar’s sustainable future and efficient trade.

A Strong Start for a Promising Future

With $30 million already secured, the Rasmal Innovation Fund is poised to reshape Qatar’s tech landscape. Targeting key areas for the country’s future, the fund prioritizes climate tech, fintech, and supply chain logistics.By empowering entrepreneurs, the fund will undoubtedly shape a future fueled by innovation.

What This Means for MENA Startups

The launch of the Rasmal Innovation Fund is a positive development for tech startups across the MENA region. It signifies Qatar’s growing commitment to fostering innovation and entrepreneurship. Startups with strong ideas in the focus areas – climate tech, fintech, and supply chain logistics – should consider approaching the fund for potential investment. The fund’s focus on mentorship and support goes beyond just financial backing, offering valuable guidance for early-stage companies.