Qatar has launched a new programme that seeks to fund tech startups in both seed and growth stages as part of efforts to attract these companies to establish or expand operations in the country.
The Startup Qatar Investment Program, which is powered by Qatar Development Bank (QDB), aims to provide $500,000 to startups in the seed stage and up to $5 million in the growth stage.
Startup Qatar did not disclose the amount allocated for the programme, but TechCrunch reported that QDB is managing $100 million for the said endeavour.
The programme will focus on two types of startups — those that are launching in Qatar and those that are already established but want to expand in the country.
“The programme specifically welcomes tech startups focused on high-growth, innovative business ideas or knowledge-based concepts with the potential to generate significant value and contribute to Qatar’s economic expansion,” Startup Qatar said on its website.
Priority sectors include climate tech, agritech, B2B SaaS, energy tech, healthtech, fintech, marketplaces, edutech, sportstech, supply-chain tech, cybersecurity, AI & ML, IoT & Big Data, and proptech.
The programme, which was announced at Web Summit Qatar 2024, has already attracted over 150 applications. Aside from the funding, qualified startups are also given incentives and support services aligned with the available Startup Qatar-offered privileges and subsidies.
Startup Qatar, launched by the Investment Promotion Agency Qatar (Invest Qatar), is a platform catering to all business requirements and serving as the single comprehensive national resource for information, support, and opportunities offered to startups.