Oqal

What Oqal does

OQAL (legal name: OQAL Angel Investors Network / مجموعة عقال للمستثمرين الملائكيين) is a Riyadh-based non-profit endowment and angel investors network founded in 2011 by Faris AlRashed, operating as the first angel investors network in Saudi Arabia. The organization connects founders of seed-to-Series-A startups with a membership of 1,000+ angel investors through private pitching events held across Saudi Arabia and Bahrain, with member-deployed capital exceeding SAR 1,000,000 across verticals including FinTech, PropTech, HealthTech, EdTech, Logistics, and Consumer Services. Typical investment tickets range 25K-50K USD per investor per startup, with maximum round sizes capped at SAR 7M per the standard deal terms. Application management and deal-flow tooling are hosted on the Dealum platform provided by Proseeder Technologies.

OQAL's product surface comprises four interconnected offerings: the OQAL Platform (deal sourcing and pitching-event infrastructure), the OQAL Note (a Sharia-compliant convertible financing instrument modeled on 500 Startups' KISS and Y Combinator's SAFE, structured initially as Qard Hassan interest-free debt before converting to equity, developed with Derayah Ventures and KPMG Law), the Entrepreneurship License Service (a partnership with the Ministry of Investment / MISA enabling OQAL-backed foreign startups to obtain Saudi market entry licenses), and the Angel Co-Investment Program (a 1:1 co-investment partnership with the Saudi Venture Capital Company / SVC for seed-stage rounds up to SAR 7.5M).

The business model is membership-based: OQAL generates revenue through recurring membership fees from angel investors and institutional members, with no publicly disclosed pricing. Operational and ecosystem support is provided by a dense network of strategic partners and corporate sponsors including Monshaat, MISA, SVC, BCG, Zain, Saudi National Bank, Aramco, Riyad Bank, Derayah Ventures, KPMG Law, and Flat6Labs. The organization has remained operationally lean at 1-10 employees, with active deal participation continuing through 2025-2026 (Nqoodlet seed $3M in May 2025, Mantas pre-seed $1.77M in January 2026, Siin seed $3M in May 2026).

Name

Oqal

Legal name

OQAL Angel Investors Network (مجموعة عقال للمستثمرين الملائكيين)

Website

https://oqal.org

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

OQAL is a Saudi Arabian non-profit angel investors network founded in 2011 in Riyadh, connecting 1,000+ angel investor members with seed-to-Series-A startup founders through private pitching events, a Sharia-compliant OQAL Note, and partnerships with SVC and MISA.

Ownership category

akta.pro rank

Product category

Angel Investing Network

NAICS

All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282), Services-Membership Organizations (8600)

akta.pro primary industry

Micro-VC & Angel Funds (FSANAAAI)

Keywords

• Angel investing network
• Startup investment platform
• Venture capital services
• Investor matchmaking
• Smart capital deployment

Headquarters

HQ city

Riyadh

HQ country

Saudi Arabia

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Membership fees: OQAL generates revenue through membership fees from angel investors and affiliate/institutional investor members who pay to access investment opportunities and platform services.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Oqal is a non-profit angel investors network founded in 2011 in Saudi Arabia that connects innovative startup founders with seasoned angel investors through private pitching events and an online deal-flow platform. It facilitates co-investment and syndication, operates a Sharia-compliant OQAL Note instrument, and delivers partnership programs including an Angel Co-Investment Program with SVC and an Entrepreneurship License service with MISA.

Product overview

OQAL is a non-profit endowment angel investors network platform that connects innovative startup founders with angel investors. The platform operates as a unified system comprising the OQAL Note (a Sharia-compliant convertible financing instrument), the Entrepreneurship License Service (enabling foreign startups to enter Saudi Arabia), and the Angel Co-Investment Program (in partnership with SVC for co-investment). The platform facilitates the entire investment lifecycle from opportunity sourcing and evaluation through to deal closing and post-investment support.

Differentiator

Problem solved

Functional benefit

Products and services

• OQAL Note A Sharia-compliant convertible note financing mechanism for early-stage startup investments, structured initially as Qard Hassan (interest-free debt) and later converting to equity. It serves as a standardized Islamic-compliant investment instrument for angel investors and founders.
• Entrepreneurship License Service A service offered in partnership with the Saudi Ministry of Investment (MISA) that enables foreign companies backed by OQAL angels to obtain an entrepreneurship license and expand to the Saudi market, facilitating market discovery and communication with government entities.
• Angel Co-Investment Program A partnership program with Saudi Venture Capital Company (SVC) that bridges financing gaps for early-stage startups by co-investing up to 1:1 ratio with OQAL angel investors in seed-stage companies headquartered in Saudi Arabia, with round sizes up to 7.5 million SAR.
• OQAL Pitching Events Private exclusive pitching events held across Saudi Arabia and Bahrain where 5-10 vetted startups present to angel investor members. Events are part of the two-stage evaluation process, with virtual options for remote members.
• OQAL Angel Investors Network Platform An online platform (Dealum-based) where entrepreneurs submit applications and angel investors access curated early-stage investment opportunities. The platform supports the full investment lifecycle from opportunity sourcing and evaluation through deal closing and post-investment support for startups at seed to Series A stages.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core, strategic and minor.

• Ministry of Investment (MISA)coreStrategic or Co-development PartnerPartnership enables foreign companies backed by OQAL angels to obtain entrepreneurship licenses and expand to Saudi market. MISA facilitates commercial registration, work visas, and market discovery through their support centers.
• MonshaatstrategicStrategic or Co-development PartnerStrategic partner supporting the entrepreneurship ecosystem development in Saudi Arabia.
• BCG (Boston Consulting Group)strategicStrategic or Co-development PartnerStrategic partner contributing to ecosystem evolution and growth.
• ZainstrategicStrategic or Co-development PartnerTelecommunications partner supporting ecosystem development.
• Derayah VenturesminorStrategic or Co-development PartnerSupporting partner for OQAL Note Sharia-compliant investment instrument development.
• KPMG LawminorStrategic or Co-development PartnerLegal support partner for OQAL Note development.
• Flat6LabsminorChannel Partner/ Reseller/ DistributorEcosystem collaborator and accelerator supporting startup ecosystem.

Scale indicators3 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Raed Ventures: Riyadh-based early-stage VC fund investing in Saudi and MENA startups at seed and Series A. Comparable to OQAL as both focus on Saudi seed-stage deal flow with overlapping LPs in the Saudi angel ecosystem.
• Nuwa Capital: MENA-focused early-stage venture firm investing in pre-seed and seed rounds. Directly comparable to OQAL as both participate in Saudi seed rounds (e.g., Mantas pre-seed in 2026).
• Flat6Labs: MENA early-stage investor and seed accelerator headquartered in Tunisia with programs across the region. Directly comparable to OQAL as both run structured seed-stage programs and partner with regional government/enterprise sponsors to deploy early capital into MENA founders.
• Vision Ventures: Saudi-focused early-stage VC investing in MENA startups across sectors. Comparable to OQAL as a Riyadh-based early-stage investor targeting the same founder pool with similar ticket sizes.
• Waad Investments: Saudi Arabia-based early-stage investment firm leading and participating in seed rounds such as Nqoodlet ($3M, 2025). Comparable to OQAL as both target seed-stage Saudi fintech and tech-enabled startups.

Broad incumbents

• Sanabil Investments: PIF-affiliated investment vehicle deploying capital into VC funds and direct startup investments in Saudi Arabia. Comparable to OQAL as a major Saudi capital allocator (notably co-investing alongside OQAL in Nqoodlet) shaping the same seed ecosystem.
• Wamda Capital: MENA-focused venture fund providing early and growth-stage capital. Comparable to OQAL as a regional seed/early-stage investor serving the same Saudi and UAE founder community.
• 500 Global (500 Startups): Global early-stage accelerator and venture firm with historical MENA presence. Comparable to OQAL as a seed-stage investor whose KISS instrument OQAL Note is explicitly modeled on.

Regional players

• Algebra Ventures: Egypt-focused early and growth-stage VC fund. Comparable to OQAL as both operate regional early-stage VC models targeting MENA founders, though geographically focused on Egypt versus Saudi Arabia.

Emerging players

• Seedstars: Swiss-based emerging-markets-focused investor and accelerator with active MENA programs. Comparable to OQAL as both run community-driven, event-based seed-stage investing models across emerging markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/OqalOrg
• LinkedInlinkedin.com/company/oqalangels

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments149 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Oqal