Lisbon, November 12 (QNA) - Startup Qatar has announced the first cohort of successful applicants of its Investment Program during a press conference at Web Summit Lisbon.

In a statement on Tuesday, the Investment Promotion Agency Qatar (Invest Qatar) said that successful applicants will receive a total of QR 43.8 million (USD 12 million) in funding and benefits such as access to a shared office space in one of Qatar's leading local incubators, accommodation and free entrepreneur visas to support them in establishing and expanding operations in Qatar.

In its first edition, the Startup Qatar Investment Program attracted nearly 2,000 applications from around the world, including the United States, Canada, the United Kingdom, Turkey and India, among others.

Following a competitive selection process, a total of 11 applicants were selected based on their innovative ideas and potential for impact. These include Ynmo, Stemly, Sekgames, Huupe, Nafasaria, PaintIt.ai, Realyze Intelligence, Polymerize, Wahed, Nybl and Byanat.

These startups represent a diverse range of industries, including e-gaming, edtech, sportstech, cleantech, proptech, healthtech, fintech and B2B SaaS, showcasing the diverse talent and creativity within the global entrepreneurial landscape.

Speaking at the press conference announcement, Hamad Rashid Al Naimi, Strategy Manager at Invest Qatar, commented: "We are pleased to see such high levels of engagement from promising international startups eager to establish their presence in Qatar.

The Startup Qatar Investment Program highlights the country's commitment to advancing the innovation and entrepreneurship ecosystem and supporting Qatar's transition to a knowledge-based economy.

"Launched earlier this year, the Startup Qatar Investment Program falls under Invest Qatar's Startup Qatar Initiative, introduced ahead of the inaugural Web Summit Qatar, the region's largest technology event.

The initiative is a one-stop online comprehensive national resource for information, support and opportunities offered to startups and entrepreneurs.

Successful applicants of the Startup Qatar Investment Program will benefit from seed or growth funding, with up to USD 500,000 to establish themselves in Qatar and up to USD 5 million to expand operations within the Qatari market.

The selected companies are poised to make significant contributions to their fields in Qatar by establishing R&D offices, supporting local startups, and enhancing the country's AI and machine learning ecosystem.

They aim to collaborate with local universities, support graduates and play a key role in advancing Qatar's material innovation strategy, all while striving to position the country as a global tech hub.

"These selected startups represent a diverse array of industries and bring innovative solutions that align with Qatar's vision for a vibrant entrepreneurial landscape.

We look forward to fostering their growth and contributing to the development of a thriving startup ecosystem in the country," added Al Naimi.

Qatar continues to strengthen its position as a leading technology hub, making a significant impact at Web Summit Lisbon 2024.

The Qatar Pavilion showcased the country's rapid advancements in the technology sector, emphasising the government's strong support for startups and innovation, alongside substantial investments in IT infrastructure and a strategic focus on emerging technologies, particularly artificial intelligence.

Attendees were also introduced to Qatar's favorable business environment.

As Qatar prepares to host the second edition of Web Summit Qatar in February 2025, it aims to build on the record success of its inaugural event in 2024, which welcomed over 15,000 attendees from 118 countries and showcased 1,043 startups. (QNA)