The Oasis Venture II fund, launched by Oasis500, 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 $100,000 per company.
The startups are Alhaq, Takalam, Jordilight, Fitely, PI.Pharma, Byrdbyte, Quiq Claim and Tanda.
Luma Fawaz, CEO at Oasis500, said: “We are excited that our family is getting bigger in these tough times! We continue our journey, despite the coronavirus pandemic, in supporting entrepreneurs and increasing their investment readiness. We also can’t wait to showcase the graduates from our first cohort and their path to growth during our upcoming Digital Demo Day at the end of this month.”
During this investment cycle, Oasis500 received 907 applications that had undergone a rigorous selection process. In the final stage of the qualification process, 16 candidates virtually pitched their startups to an investment committee made up of five experts from the financial, commercial and technical fields, who selected the eight companies eligible for funding.
The startups that received the investments are from various sectors including HealthTech, PharmaTech, Energy, as well as Hardware and FinTech. Investment committee member Jameel Anz, commented: “It was a great opportunity to be part of the selection process for this cohort in which a great level of skill, innovation and diversity was displayed. A strong pipeline of startups led by ambitious and dedicated entrepreneurs culminated in a healthy competition and made the selection a close call. Wishing them all an enjoyable journey to success.”
Oasis 500 launched the Oasis Ventures II fund in July 2019, with the support and funding from King Abdullah II Fund for Development, Innovative Startups and SMEs Fund and Arab Bank, the fund aims to invest semi-annually in early-stage startups.