Each startup received up to $100,000 in funding.
The Oasis Venture II fund, launched by Oasis 500, the region’s first startup accelerator and investment fund manager, has announced the names of the eight early-stage startups that have qualified for investments of up to $100,00 per startup.
Oasis 500 launched the Jordan-based Oasis Venture II fund in July 2019, under the patronage and support from King Abdullah II Fund for Development, the Innovative Startups and SMEs Fund, and Arab Bank. The startup aims to continue its cycle of investment semi-annually, putting an emphasis on empowering early-stage startups.
“The support from Oasis500 is not limited to early-stage funding, these eight startups will undergo a hands-on six-month business acceleration programme. The programme aims to help these startups develop their products, improve their business model, as well as give them access to coaching and leverage networking opportunities with subject matter experts,” says Luma Fawaz, CEO of Oasis 500.
All applications to the fund had undergone an extensive selection process, during which 1,033 applications were examined and filtered, due diligence measures were conducted on 45 potential investment opportunities. In the final stage of the qualification process, 16 participants pitched their startups to an independent investment entity made up of five experts in an array of financial, commercial, and technical fields, who made the final list of startups that are eligible for funding under the first investment cohort of the Oasis Ventures II fund.
The startups that received investments include:
Controlcast: an innovative mobile and web-based application that lets businesses advertise on digital out-of-home screens on-demand.
Decapolis: a food supply chain quality assurance and safety certification platform that utilises blockchain technology.
FittiCoin: a health-focused mobile application incentivising users through a points-and-rewards system to adopt a healthier lifestyle.
GhoorCom: an online marketplace that aims to empower farmers and wholesalers by marketing their products and connecting them to retail stores, as well as providing payment and logistics solutions.
Harreef: a startup that develops Artificial Intelligence (AI)-powered chatbots and conversational solutions for hotels to provide a seamless experience to staying, as well as streamlining various other hospitality-based operations.
MeemApps: a comprehensive business platform that provides business-related services, resources and business terminology in Arabic language.
OrderEra: an online B-to-B platform which connects distributors of fast-moving consumer goods and points of sale (PoS) in one place.
TapShare: is an interactive social network that gives users the potential to unlock advanced editing tools to share content in a professional and engaging way.
“ISSF invested in the Oasis Ventures II fund as part of our institutional strategy to strengthen Jordan’s entrepreneurship ecosystem and create an environment where these startups can grow into thriving, competitive businesses. These eight unique startups all share one striking similarity, they bring innovation to their respective fields, creating new technologies and solutions that solve pressing problems. Innovation is the cornerstone of sustainable institutional competitiveness,” says Laith AlQasem, CEO of the Innovative Startups and SMEs Fund (ISSF).
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