Revolutionizing Innovation: Saudi Arabia's First Deep Tech Web3 Accelerator Program Launches

Outlier Ventures, a player in the deep tech Web3 sector, has marked the completion of its first FutureSpark Base Camp in Riyadh. This initiative, the first of its kind in Saudi Arabia, was executed through a strategic partnership with the National Technology Development Program (NTDP) and received support from NEOM. Its main aim was to nurture the Web3 ecosystem globally and foster innovation within the region.

The FutureSpark Base Camp, launched in Riyadh in October 2024, focused on various critical areas such as token design, engineering, marketing, finance, and legal advice. Moreover, it facilitated valuable networking opportunities and provided mentorship from seasoned experts. In January, the participating startups participated in an intensive four-day workshop in NEOM, further enhancing their development and readiness for the market.

The accelerator program culminated in an in-person Demo Day in Riyadh, where founders from diverse startups like Astra Nova, Byzanlink, Feed Protocol, Kodex, LIFT, Ouroboro Labs, Sorbet, Waslah, and YalGamers presented their innovative visions. This event attracted over 200 distinguished guests, including venture capitalists, investors, and significant government representatives. Additionally, a virtual Demo Day was held in February to showcase these startups to a broader global audience.

The application process for the FutureSpark Base Camp was highly competitive, with an acceptance rate of under 2%. This selective process resulted in a cohort comprising teams from not only Saudi Arabia but also the US, the UK, the UAE, Portugal, and the Marshall Islands. These teams represented high-potential projects across various sectors such as Gaming, Artificial Intelligence (AI), Payment Solutions, Real World Assets (RWA), and Digital Identity.

Outlier Ventures stands as a global authority for Web3 innovators, boasting an investment portfolio of over 350 projects worldwide. The firm has been instrumental in helping startups secure USD 1 billion in funding, contributing to a combined network value of USD 11 billion. The strategic choice of Riyadh as the location for the inaugural FutureSpark Base Camp underscores Outlier Ventures' commitment to the MENA region.

In 2024, Saudi Arabia emerged as a leading destination for venture capital in MENA, with local startups raising $750 million—40% of the $1.9 billion total funding secured by projects across the Middle East and North Africa. The country's robust tech ecosystem, proactive government initiatives, and investor confidence have made it an ideal setting for this pioneering deep-tech Web3 accelerator.

Stephan Apel, CEO and Founding Partner of Outlier Ventures, said, "The FutureSpark program supported an incredible cohort of founders in the Kingdom backed by our leading Web3 experts. It has been fantastic to see founders' progression over the 12-week program and we look forward to seeing their continued growth. The heart of the FutureSpark Base Camp is the passion of Web3 that drives the ecosystem.

"It is an honour for Outlier Ventures to launch its first Middle East accelerator in the Kingdom and to partner with such prestigious institutions as NTDP and NEOM who are continuing to support the founders in their journey. It is great to see this continued collaboration and we look forward to the ongoing success from the cohort."