Web Summit Qatar Success Stories

You never know who you’re going to meet at Web Summit. 

When Revolut first exhibited at Web Summit in 2015, they had only a small, one-meter booth, just like so many other early-stage startups hoping to make an impression. They entered the startup competition, pitched their vision, and made key connections. Today, Revolut has grown into Europe’s most valuable private tech company.

Stories like Revolut’s are central to Web Summit, where each year, bold founders arrive with big ideas and bigger ambitions. As Web Summit Qatar kicks off next week, the startup floor will once again be the heartbeat of the event – offering investors, industry leaders, and attendees a front-row seat to the next generation of game-changing success stories before they make headlines worldwide.

Web Summit Qatar is one Web Summit’s biggest second-year events. Thousands of entrepreneurs are set to fly into Doha next week, as more than 25,000 founders, investors, journalists, and partners will come together to forge connections and make deals that will drive their businesses forward.

Since last year, we’ve already seen an impact from global startups and investors securing investments and expanding into new markets. As we mark 12 months since our first year in Doha, we’re reflecting on the connections and deals made. 

Crunchbase funding

Startup funding we have gathered in partnership with Crunchbase shows that in total 148 companies who attended Web Summit Qatar 2024 have raised nearly $30 billion. Of these, 97 startups (early stage and later stage) have raised $1.8 billion with Scale AI leading the pack with a $1 billion raise in May 2024. 

Top startup investments since Web Summit 2024

Groq

Groq secured a $640 million Series D funding round at a $2.8B valuation to scale its fast AI inference platform. The round was led by BlackRock Private Equity Partners, with participation from Neuberger Berman, Type One Ventures, Cisco Investments, Samsung Catalyst Fund, and others. The funding will help Groq expand capacity, grow its team, and advance its next-gen LPU™ technology.

TechMet Ltd

Qatar Investment Authority (QIA) invested $180 million in TechMet, making it one of the company’s largest investors. This investment helps TechMet reach its $300M fundraising target, alongside backing from the U.S. International Development Finance Corporation (DFC) and S2G Ventures. The funds will support the expansion of TechMet’s critical minerals projects, including lithium, nickel, cobalt, and rare earths, essential for the clean energy transition.

Moove

Moove, a Lagos-based vehicle financing platform for mobility entrepreneurs, secured a $100 million Series B round, bringing its total equity funding to $259.2 million. Founded in 2020 by Jide Odunsi and Ladi Delano, Moove provides tech-integrated financing solutions tailored to ride-hailing and delivery drivers. The round included participation from AfricInvest, Future Africa, Mubadala, Palm Drive Capital, Thelatest.ventures, and Triatlum Advisors, alongside strategic investor Uber.

Jeeves 

Jeeves, the B2B payments and corporate card platform, has secured a $75 million credit facility from Community Investment Management (CIM) to expand its Latin American footprint, including the launch of Jeeves Pay Credit in Brazil. Since its 2021 inception, Jeeves has grown across 20+ countries, serving enterprises like Burger King, H&M, and Rappi. The funding will enhance its financial product suite in key markets – Brazil, Colombia, and Mexico—streamlining global financial operations for businesses. 

Lean Technologies 

Lean Technologies has raised $67.5 million in Series B funding led by General Catalyst, bringing its total funding to over $100M. The Riyadh-based fintech platform enables businesses to embed secure financial services, processing over $2 billion in payments and verifying nearly 1 million bank accounts for clients like e&, Careem, and Tabby.

Colendi 

Turkish fintech startup Colendi secured $65 million in Series B funding at a $700 million valuation, backed by investors like Citicorp North America. The firm focuses on providing simplified banking solutions, such as micro-credits, focusing on underserved individuals and businesses. After gaining approval to launch a digital bank in 2023, Colendi plans to go public by 2026 and aims to hit a $1 billion valuation with additional fundraising this year.

Kalshi

Kalshi, a Sequoia-backed exchange for betting on cultural events, secured tens of millions in short-term loans from investors amid surging demand ahead of the U.S. election. The company, which recently topped Apple’s App Store finance rankings, is also in talks to raise up to $50 million in equity funding.

Gropyus

GROPYUS, a tech-driven construction company specializing in sustainable timber-hybrid buildings, has raised €100 million, bringing its total equity funding to over €300 million. The funds will support the expansion of its robotic smart factory, technology development, and ongoing construction projects across Europe.

Early-stage startups 

Last year we saw the largest and most globally diverse set of 1,000 early-stage startups exhibit on the event floor, connecting with partners and investors. When looking at just these early-stage startups who participated in the Web Summit Startups Programme, 82 companies raised $120 million in the 12 months since the event. 

There are success stories from all stages of the startup journey – from early-stage projects just starting out (ALPHA) to fast-scaling companies experiencing significant growth in revenue, customers, and market reach (GROWTH).

Top 10 startups who have raised:

Colendi

GROWTH – Turkish fintech startup Colendi secured $65 million in Series B funding at a $700 million valuation, backed by investors like Citicorp North America. The firm, which gained approval to launch a digital bank in 2023, plans to go public by 2026 and aims to hit a $1 billion valuation with additional fundraising this year.

YoLa Fresh

BETA – Moroccan agtech startup YoLa Fresh raised $7 million in pre-Series A funding to streamline the fresh produce supply chain by directly connecting smallholder farmers with retailers. Founded in 2023, the Casablanca-based company already serves over 1,000 retailers and processes $1 million in monthly GMV, addressing inefficiencies in Morocco’s fragmented agricultural market.

Podeo 

BETA – Dubai-based podcast platform Podeo secured $5.4 million in Series A funding to expand beyond the Arab world into Latin America, Eastern Europe, and Southeast Asia. With 50 million subscribers, the startup aims to bring its content-driven model to new emerging markets after establishing itself as a leading player in MENA.

Teamsec Securitization as a Service

ALPHA – AI-powered securitization platform TeamSec raised $7.6 million from Deniz Ventures and Rasmal Ventures to expand across MENA. The Istanbul-based startup is digitizing structured finance with its Securitization-as-a-Service model, aiming to enhance efficiency and transparency in the financial sector.

Kebotix

GROWTH – AI-driven materials discovery startup Kebotix raised $5 million in its Series B funding round on July 22, 2024. The company uses machine learning to accelerate the development of new materials for industries like electronics, energy, and sustainability.

kofa.co

BETA – Ghanaian cleantech startup Kofa Technologies secured $5 million via an SPV to expand its battery-swapping network for electric two-wheelers. Backed by the Shell Foundation and PASH Global, the company plans to deploy 6,000 batteries and 100 swap stations across Ghana, supporting the shift to clean energy.

OpenOrigins

BETA – London-based OpenOrigins raised $4.5 million in seed funding from Galaxy Interactive to expand its blockchain-based deepfake detection software globally. Founded in 2021, the startup enables newsrooms to verify digital content authenticity in real-time and retrospectively, using Hyperledger Besu’s Ethereum-compatible blockchain.

Chowdeck

BETA – Nigeria’s YC-backed food delivery startup Chowdeck secured $2.5 million in seed funding to scale operations in a tough market. Founded in 2021, the Lagos-based company aims to provide 30-minute meal deliveries, inspired by CEO Femi Aluko’s experience in Dubai. With 3,000+ riders and 500,000 users, Chowdeck hopes to capture part of Nigeria’s projected $2-3 billion food delivery market.

Winich Inc

BETA – Nigeria’s agritech startup Winich Farms raised $3 million in pre-Series A funding to tackle supply chain inefficiencies for smallholder farmers. Founded by Riches Attai, Chichebem Jibunoh, and Winners Attai, the platform connects 139,000+ farmers across 16 states directly with food processors, cutting costs and improving market access. Investors include Acumen Resilient Agriculture Fund, Climate Resilient Africa Fund, and Sahel Capital.

Intron Health

BETA – Nigeria’s Intron Health raised $1.6 million in pre-seed funding to expand its AI-driven clinical speech recognition platform, designed for over 200 accents in developing countries. Founded by Tobi Olatunji and Olakunle Asekun in 2020, the platform helps doctors in Nigeria, Ghana, Kenya, South Africa, and Uganda speed up documentation and EHR adoption. The round was led by Microtraction, with backing from Plug and Play Ventures, Octopus Ventures, and angel investors from Google, NYU, and Optum.

Beyond funding

We took the time to chat with some of the startups and entrepreneurs who attended last year’s event to find out more about the partnerships, acquisitions and deals forged from meetings they had throughout the week of the event.

Qatar Investment Authority Fund of Funds programme
During Web Summit 2024, HE Sheikh Mohammed bin Abdulrahman Al Thani, Qatar’s Prime Minister and Minister of Foreign Affairs, announced Qatar’s first-ever $1 billion Venture Capital Fund of Funds programme, led by the Qatar Investment Authority (QIA). This initiative aims to boost innovation and the tech ecosystem by attracting international and regional VC funds, focusing on fintech, edtech, and healthcare sectors.

QIA have since signed agreements with three venture capital firms so far. Rasmal Ventures, Qatar’s first independent VC firm, has secured funding from QIA for its inaugural Rasmal Innovation Fund I, marking the first fund under QIA’s $1 billion Fund of Funds programme. Focused on fintech, B2B SaaS, HealthTech, and AI, the fund aims to invest up to $100 million in high-growth startups, solidifying Rasmal’s role in shaping the region’s venture capital landscape.

Utopia Capital Management has secured funding from QIA to expand its support for technology-driven startups in the Middle East and Southeast Asia. With a new headquarters in Doha, Utopia aims to connect regional founders with global opportunities, leveraging QIA’s backing to scale high-impact ventures in fintech, healthcare, and environmental technology.

Builders VC has expanded into the Middle East with the launch of its Doha office, marking its first presence in the MENA region. Partnering with QIA, Builders VC will leverage its expertise in healthcare, agriculture, real estate, and industrial tech to support high-potential startups and local entrepreneurs. Led by Tarik Sultan, the Doha office will serve as a hub for innovation, aligning with Qatar’s vision to become a global technology leader.

Sakan expands Gulf reach with Hapondo
Hapondo, Qatar’s first homegrown real estate marketing platform, was acquired by Sakan, a property tech company from Kuwait, after they connected at Web Summit Qatar. Hapondo helps people rent, buy, and sell homes through an easy-to-use online marketplace. The deal gives Hapondo more resources to innovate and scale while helping Sakan expand in the Gulf.

Web Summit stage to $1 billion+ valuation
Ireland’s clean energy startup TechMet secured $180 million from Qatar Investment Authority (QIA) after discussions during Web Summit Qatar, where its CEO spoke on stage. TechMet, now valued at over $1 billion, specialises in the processing and recycling of technology metals for clean energy. The partnership strengthens QIA’s portfolio by expanding its investments in sustainable and innovative industries critical to the global energy transition.

OTO raises $8 million in Series A funding
OTO, the shipping gateway and logistics platform in the MENA region that joined Web Summit 2024, secured $8 million in a Series A round led by Sanabil Investments. This funding supports OTO’s ambition to become the “shipping gateway of the internet” and aligns with the region’s booming e-commerce market.

AIsthesis CEO joins Google Women in AI Program
AIsthesis, a startup creating tech for children with sensory processing issues, secured free incorporation in the Qatar Financial Centre, gaining regulatory support and financial incentives. This enabled CEO Dragana Mujanović to participate in the first Google for Startups Growth Academy: Women in AI program in the MENA region. “Web Summit [Qatar] 2024 was a turning point and opened doors for further success,” says Dragana.

Eyedias joins Grow Valley
Eyedias, a crowdsourcing platform connecting creators with enterprises, secured a pre-seed investment from UAE-based GrowValley after meeting their CEO at Web Summit Qatar 2024. This also gave them access to BildrX Camp, a GrowValley mentorship program. The team used the Web Summit event and its app to connect with investors, partners, and VCs.

Shipsider expands to Qatar
Led by Captain Ayse Asli Basak, Shipsider uses AI to streamline maritime operations. At Web Summit in Qatar, they connected with future clients and the Qatar Financial Centre (QFC) team, securing free incorporation for five years. This move has boosted their growth in the Gulf region, enabling their technology to help companies more easily manage carbon emissions and comply with EU carbon tax regulations.

SquareCodex finds mentorship and new market in Qatar
SquareCodex, a nearshore software development company connecting skilled developers from Latin America with North America, has established a branch in the Qatar Financial Centre, after meeting the team in Web Summit. The team engaged with key industry contacts, including EY mentors, whose insights and guidance have played a role in the company’s MENA region expansion.