The Qatar Foundation Research and Development (QF R&D) and US-based venture capital firm, 500 Startups, have announced the launch of ‘500 Falcons,’ a $30 million seed fund for aspiring tech entrepreneurs and startups in the GCC.
In a report by Gulf Times, 500 Startups partner Hasan Haider said, “The market size is worth $30 million, which allows us to invest in about 150 to 200 early-stage startups in the MENA region in the next three to four years. We already had a first closing at $15 million and we’re having a second closing quite soon with a further $7 million.”
Haider said 500 Startups forged a partnership with QF R&D and Qatar Science and Technology Park (QSTP) to expand a range of 500 Startups programmes to support fledgling entrepreneurs and their companies.
The Doha Dojo programme a part of a wider agreement between QF R&D, and 500 Startups was also launched. The programme brings the 500 Startups ‘Series A Accelerator Program’ to the region. The programme will run once a year in Doha, accepting a limited number of regional tech-startups that have achieved a ‘product market fit’ milestone in their startup development lifecycle.
The partnership, according to both firms, aims to nurture the region’s growing technology startup landscape by providing budding entrepreneurs with a stepping stone to bring their business ideas to fruition.
In Qatar, Haider highlighted that among the promising sectors for startups include e-Commerce, content, and ‘frontier tech’.
