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Oasis 500, the startup accelerator and investment fund manager focused on MENA-based startups, announced that eight early-stage startups from the region have qualified for $100k in investment each. 

This new round of investment is a part of Oasis 500’s Oasis Venture II initiative. The eight startups to have qualified for the funding include Controlcast, Decapolis, FittiCoin, Ghoorcom, Harreef, MeemApps, OrderEra, and TapShare.

Oasis 500 says that all applications to the Oasis Venture II fund are put through an exhaustive selection process. In this latest round, for example, the platform received a total of 1,033 applications, of which 45 applicants were then subject to due diligence measures. 

Of those 45, 16 startups were shortlisted to pitch to an independent investment committee comprising experts with a background in finance, commerce, and technology. At last, only eight startups were handpicked for the six-figure investment.

Speaking on the significance of the Oasis Venture II and other similar initiatives, Luma Fawaz, CEO at Oasis 500, said: “The support from Oasis500 is not limited to early-stage funding, these eight startups will undergo a hands-on six-month business acceleration program. The program 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.”

Launched in July 2019 with the goal of investing twice a year in early-stage startups, Oasis Venture II is backed by the King Abdullah II Fund for Development, Arab Bank, and the Innovative Startups and SMEs Fund.