• Phaze Ventures reports more than $40 million in commitments for two funds that target over $75 million combined, per Wamda and Oman Observer.
• The $75 million is a target, not a close. Commitments are not the same as capital called, and further fundraising talks are under way, per Oman Observer.
• Phaze Ventures Fund II is anchored by ITHCA Group, Ominvest and the Oman LNG Development Foundation. The Phaze Ventures Oman Fund is anchored by Future Fund Oman.
• Oman Observer reports that the individual fund sizes, the institutional commitment amounts and the domestic share were not disclosed.
• Phaze Ventures said more than $10 million has been invested across 10 companies through the new funds, per Oman Observer. That is the firm's own statement and is not independently confirmed.

Oman-based Phaze Ventures says it has secured more than $40 million in investor commitments for two new venture funds that target over $75 million combined, according to Wamda and to Oman Observer, which dated its report 28 October 2026. The headline number is a target, not a close, so a little over half of the minimum goal is committed. The firm's own account of early deployment is a separate claim and sits below it. Both outlets name state-linked institutions among the anchors.

Target versus commitments

The more-than-$40 million figure describes investor commitments, which are not the same as capital called or a final close. Both Wamda and Oman Observer present the over-$75 million figure as the amount the two funds are targeting. Oman Observer adds that further fundraising discussions are under way. Until Phaze Ventures announces a close, the combined size remains an intention, and the gap between commitments and target is the figure to track.

Who anchors each fund

Wamda reports that Phaze Ventures Fund II is anchored by ITHCA Group, a subsidiary of Oman Investment Authority, together with Ominvest and the Oman LNG Development Foundation. Oman Observer describes that fund as focused on early-stage technology investments in international markets. The second vehicle, the Phaze Ventures Oman Fund, is anchored by Future Fund Oman and, per Wamda, focuses on domestic AI-enabled businesses. Oman Observer describes the Oman fund as a separate financing channel for Omani businesses building AI applications.

Deployment so far is the firm's own claim

Oman Observer reports that Phaze Ventures said more than $10 million has already been invested across 10 companies through the new funds. The report carries no independent confirmation of that figure, and it does not break it down by company or by fund. The outlet lists an initial portfolio including Arabic.AI, Sully.ai, Andromeda Surgical, Boardy.ai and Metal, without saying which holdings carry which co-investors. Treat the deployment figure as reported by the firm, not verified.

What remains undisclosed

Oman Observer reports that Phaze Ventures did not disclose the individual size of either fund, the amounts committed by institutional investors, or how much capital will be invested domestically. That last gap matters most for Omani founders. The Oman fund is described as the domestic channel, yet without its size or the domestic share of the overall pool, the likely effect on local seed and early-stage financing cannot be estimated from the published reporting.

The desk's take

This is a credible but unfinished raise. Named anchors, including a subsidiary of Oman Investment Authority, are on the record, yet fund sizes, institutional ticket sizes and the domestic allocation are not. Our verdict: a positive signal for AI funding supply linked to Oman, not yet evidence of changed outcomes for founders. Judge it on three things: a disclosed final close, the Oman fund's size, and portfolio rounds that Phaze Ventures and its co-investors announce themselves.