Phaze Ventures Launches Two Funds Targeting Over $75 Million From Oman

Phaze Ventures launched two venture funds targeting over $75 million, with more than $40 million in investor commitments, the Oman-headquartered firm said on October 28, 2026. EIN Presswire carried the announcement.

Phaze Ventures' Two Funds and Their Anchors

Phaze Ventures Fund II is anchored by ITHCA Group, a subsidiary of Oman Investment Authority, Ominvest and Oman LNG Development Foundation. The fund continues the firm's global AI and deeptech investment mandate. The Phaze Ventures Oman Fund is anchored by Future Fund Oman and sets up a dedicated capital pool for homegrown AI-enabled businesses.

Together the two funds have secured over $40 million in commitments, and the firm said discussions are ongoing to grow them to $75 million. The announcement comes as Oman builds the International Financial Centre of Oman, a hub for international companies and investors.

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 can't afford to be a spectator, and our participation can't be limited to playing catch-up through investments in hyperscalers, data centers and public market offerings."

The 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. Masoud Al Rawahi, Co-founder and Partner, said the firm backs founders who combine domain expertise with strong engineering.

Phaze Ventures backed Andromeda Surgical before its US$15 million Series A led by Standard Capital. The firm invested in Metal's seed round alongside Y Combinator and a16z. Phaze Ventures manages capital for over 50 investors, with team members in Muscat, Dubai and Riyadh.

Phaze Ventures' Earlier Funding Record

According to akta.pro company records, Phaze Ventures launched a $30 million fund in November 2021, the first VC fund in Oman, and has backed more than 20 companies since its founding in 2018. Its investment ticket size ranges from $100k to $2m.

The same records show Phaze Ventures participated in Sully.ai's $22 million Series A in January 2025 alongside Y Combinator, Amity Ventures, SemperVirens and LifeX Ventures, its largest portfolio round to date. In January 2026 it co-invested in eMushrif's $7.5 million round led by Jasoor Ventures with ITHCA Group, IDO Investments and Annex Investments.

Metal and Arabic.AI Backing Before the Launch

In June 2026, Phaze Ventures invested in Metal, an AI-driven operating system for founders raising venture rounds, alongside a16z speedrun and Y Combinator, Phazeventures said. Metal had over 100 YC founders as paying customers at the time.

In September 2026, the Oman Observer reported that Phaze Ventures' portfolio companies Metal and Arabic.AI had attracted new funding and strategic backing from larger investors.