Startup Qatar Awards $12M to Global Innovators at Web Summit

At the recent Web Summit Lisbon 2024, Startup Qatar unveiled the inaugural cohort of its Investment Program, allocating a total of QR43.8 million ($12 million) to 11 innovative startups. These companies will also receive benefits such as shared office spaces in leading Qatari incubators, accommodation, and entrepreneur visas to facilitate their establishment and expansion within Qatar.

The program's first edition attracted nearly 2,000 applications from countries including the United States, Canada, the United Kingdom, Turkey, and India. Following a rigorous selection process, the chosen startups are:

- Ynmo: Saudi Arabia
- Stemly: Singapore
- Sekgames: Turkey
- Huupe: United States
- Nafasaria: Egypt
- PaintIt.ai: United States
- Realyze Intelligence: United States
- Polymerize: Singapore
- Wahed: United States
- Nybl: Saudi Arabia
- Byanat: United Arab Emirates

Notably, none of the selected startups are based in Qatar. These companies operate across diverse sectors, including e-gaming, edtech, sportstech, cleantech, proptech, healthtech, fintech, and B2B SaaS, reflecting the global entrepreneurial landscape's scope.

Launched earlier this year under Invest Qatar's Startup Qatar Initiative, the Investment Program aims to reinforce the nation's innovation and entrepreneurship ecosystem, supporting its transition to a knowledge-based economy. The initiative serves as a comprehensive national resource, offering information, support, and opportunities to startups and entrepreneurs.

Selected startups will receive seed funding up to $500,000 to establish their presence in Qatar and up to $5 million to expand operations within the Qatari market. These companies plan to establish R&D offices, collaborate with local universities, support graduates, and enhance Qatar's AI and machine learning ecosystem. Their efforts align with Qatar's material innovation strategy and its ambition to become a global tech hub.

Qatar's participation in Web Summit Lisbon 2024 underscores its commitment to promoting a vibrant entrepreneurial landscape. The Qatar Pavilion highlighted the country's rapid technological advancements, government support for startups, substantial investments in IT infrastructure, and strategic focus on emerging technologies, particularly artificial intelligence. Attendees were also introduced to Qatar's favorable business environment, reinforcing its position as a leading technology hub.