Technology

Qatari fund invests US$2 million in CK Asset-backed start-up Nexx

AnyFans 2025-09-11

By Cheryl Arcibal

A venture capital firm backed by Qatar’s sovereign wealth fund is taking a minority stake in an AI-powered logistics technology start-up backed by Hong Kong’s wealthiest man, as it looks for investment opportunities in the Greater China region to more than triple its assets under management by the end of 2025.
Doha-based Rasmal Ventures, backed by the Qatar Investment Authority (QIA), has invested US$2 million (HK$15.6 million) in Hong Kong’s Nexx, an 18-month-old start-up backed by Li Ka-shing’s flagship CK Asset Holdings.
Rasmal will get a seat on the board of Nexx, which uses generative artificial intelligence (AI) to help warehouses reduce costs and improve efficiency, said Soumaya Ben Beya Dridje, a partner at the firm.
“We are a lead investor in this round,” said Ben Beya Dridje during an interview in Hong Kong. “This is only the beginning. It’s the first check. Once they grow a little bit more, they will be in better terms to raise more funds, and we will definitely follow on in the next round with more capital once they check some other milestones.”
Nexx, co-founded and chaired by former JPMorgan banker Houston Huang, will provide its AI solutions to help Qatar Navigation Q.P.S.C., also known as Milaha, undertake semi- and fully automated warehousing operations, particularly in picking, sorting, forecasting and order fulfilment. The use of Nexx’s solution will enhance Milaha’s operational efficiency, predictive inventory planning, order accuracy and staff productivity, paving the way for a smart and scalable logistics model, the company said.
Nexx’s clients include Hong Kong-based KLN Logistics Group and mainland home appliance manufacturer Gree Electric.
Rasmal’s assets were valued at US$30 million last year. The group is targeting a fund with assets of between US$70 million and US$100 million by the end of 2025, Ben Beya Dridje added.
With Rasmal’s investment, Nexx would have wider access to the member states of the Gulf Cooperation Council (GCC), Ben Beya Dridje said. The logistics sector of the GCC, comprising six states including Qatar, was estimated to grow to US$171 billion by 2033, or a compounded annual growth rate of 5.1 per cent from 2025 to 2033, according to market research firm iMarc Group.
Rasmal’s investment also helps Nexx set up a second headquarters in the Middle East.
“Nexx is a young company that has achieved a lot in a very short time,” said Ben Beya Dridje. “Their execution and capabilities are outstanding. The broken supply chain in the Middle East is one of those sectors where we need a lot of tech and a lot of innovation, because there is a lot to do.”
Rasmal plans to keep its investment in Nexx for the next three to five years, while its chief exit officer fine-tunes its governance and sorts out the next steps for further fundraising, said Ben Beya Dridje. Ultimately, the company may either seek an initial public offering or conduct an outright sale.
Rasmal is looking for other potential investments in Hong Kong, the Greater China region and the whole of Asia. Its focus would be tech-related companies that could scale their operations globally as this would allow them a faster route to achieve the so-called unicorn status of having a valuation of at least US$1 billion, Ben Beya Dridje said.
With Rasmal seeking to ramp up its investment in the region, it is also looking to establish its headquarters in Asia, potentially in Hong Kong.
“We are very eager to find the right partner to be more anchored here,” said Ben Beya Dridje, adding that she may add Hong Kong’s FinTech Week to her four trips to the city this year. “We’re studying this.”