Outlier Ventures launches its Riyadh Base Camp program in KSA

Outlier Ventures launches its Riyadh Base Camp program in KSA

Outlier Ventures, a Web3 accelerator with over 300 portfolio projects in DeFi, AI, new Data economy, Blockchain, metaverse and more, has announced the launch of its Riyadh KSA Base Camp Program.

The Base Camp Program, will start in early September 2024 for a duration of 12 weeks. Investments will reach up to $100,000 to help startups who are accepted relocate to Saudi Arabia.

As per Outlier Ventures website, the Riyadh-based program will take the strongest founders across the region’s most promising technology verticals, giving them the resources they need to build industry-defining startups.

Outlier Ventures adds, that the Riyadh-based programme marks the beginning of a concerted focus on the MENA region. In accelerating the local deep-tech Web3 landscape. The accelerator is working with the best builders in sectors of local comparative advantage. These may include Gaming, Smart cities, AI, and Digital Identity.

Stephan Apel, CEO and Founding partner of Outlier Ventures stated, “The partnership with the NTDP (National Technology Development Program) marks an important milestone for the Outlier Venture’s presence globally and we are very much committed to the MENA region. Some of the best teams in our portfolio are based here and, through the accelerator program, I am excited to see the growth of many more.”

The National Technology Development Program of Saudi Arabia under the Ministry of Communications and Information Technology. The objective of the NTDP is to support the development of the technology ecosystem. Aside from supporting accelerators, the NTDP offers a number of direct support initiatives that founders may be able to access in the future after successfully graduating.

Ibrahim Neyaz, CEO of NTDP, “We are thrilled to partner with Outlier Ventures to achieve the goals of this partnership by working together to support the ecosystem of technology startups in Saudi Arabia. This partnership reinforces our commitment to advancing technology and fostering innovation in Saudi Arabia. By harnassing their extensive global expertise and advanced capabilities in the Web3 industry, Outlier Ventures will bring tangible value and make significant contributions to enhancing the Kingdom’s technological infrastructure.”

Salwa Radwi, Founder of NFT platform Nuqtah and the entrepreneur in residence at the Riyadh Base Camp program noted that Riyadh is the next big thing for startups, given the untapped potential in Riyadh’s startup scene, the opportunities for business ecosystem and the resources and support being offered to ambitious founders.

Saudi Arabia gets Web3 deep tech accelerator

Saudi Arabia gets Web3 deep tech accelerator

Saudi Arabia gets a new Web3 deep tech accelerator through its recent partnership with Outlier Ventures. The Saudi National Technology Development Program (NTDP) and Outlier Ventures announced a new accelerator program in the MENA region, which marks the inception of the first deep tech web3 accelerator program in Riyadh. The accelerator will kick off later in 2024.

The MOU ( Memorandum of Understanding) aims to catalyze the growth of Web3 ecosystem Kingdom, aligning with Saudi Arabia’s Vision 2030 for technological and economic diversification.

The initiative seeks to nurture the most promising web3 startups within KSA, providing them with access to Outlier Ventures’ extensive expertise on critical aspects such as product development, entity structuring, and token design.

Startups selected for this accelerator program will benefit from mentorship by leading figures in the web3 domain and potential investment opportunities, a crucial step towards establishing a robust infrastructure for technological innovation in Saudi Arabia.

Outlier Ventures has developed partnerships with over 300 startups worldwide.

Stephan Apel, Outlier Ventures CEO and Founding Partner, noted, “We are honoured to partner with the National Technology Development Program (NTDP) of the Kingdom of Saudi Arabia. Under Vision 2030, the rapid pace of change and development is visible across all sectors of the economy. The achievements are testimony to the level of dedication and focus driving the Kingdom forward. Our strategic collaboration underscores our joint dedication to nurturing technological progress. We are looking forward to bringing our 10 years’ experience, in-house world-class expertise and track record of helping Web3 startups develop, to help build out the Web3 ecosystem in Saudi Arabia, providing support to early-stage entrepreneurs.”

While Mr. Ibrahim Neyaz, the CEO of the NTDP added, “We are thrilled to partner with Outlier Ventures to achieve the goals of this partnership by working together to support the ecosystem of technology startups in Saudi Arabia. This partnership reinforces our commitment to advancing technology and fostering innovation in Saudi Arabia. By harnessing their extensive global expertise and advanced capabilities in the Web3 industry, Outlier Ventures will bring tangible value and make significant contributions to enhancing the Kingdom’s technological infrastructure. This, in turn, will facilitate technological growth and innovation across various sectors. We eagerly anticipate achieving mutual success and cultivating a robust relationship that benefits all parties involved.”

Prior to this announcement, The Hashgraph Association (THA) launched a $250 million DeepTech Venture Studio in Riyadh. The proposed venture studio is dedicated to nurturing innovation in deep technology sectors such as AI, DLT, robotics, IoT, VR, and quantum computing.