Oasis Venture II Invests in Eight Early-Stage Startups

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 $100,000 per company. The startups are Controlcast, Decapolis, FittiCoin, Ghoorcom, Harreef, MeemApps, OrderEra, and TapShare.

All applications to the fund had undergone a rigorous selection process, during which 1,033 applications were examined and due diligence measures were conducted on 45 potential investments. In the final stage of the qualification process, 16 candidates pitched their startups to an independent investment committee made up of five experts in a variety of financial, commercial and technical fields, who selected the eight companies eligible for funding under the first investment cohort of the "Oasis Ventures II" fund.

The startups that received the investments are: Controlcast, an innovative mobile app and online platform that lets businesses advertise on digital out-of-home screens instantly. Decapolis, a food supply chain quality assurance and safety certification platform utilizing blockchain technology. FittiCoin, a health focused mobile application incentivizing users through points and rewards to get active and adopt a healthier lifestyle. GhoorCom, an online marketplace that aims to empower farmers and wholesalers by marketing their products and linking them to retail stores, as well as providing payment and logistics solutions. Harreef develops AI-enabled chatbots and conversational solutions for hotels to provide seamless experiences to staying and prospective guests as well as a platform to streamline various hotel operations. MeemApps, a comprehensive business platform that provides business-related services, resources and business terminology in Arabic. OrderEra, a B2B online platform which connects distributors of fast moving consumer goods and points of sales in one place. Finally, TapShare, is an interactive social network that gives users access to advanced tools to edit and share content in a professional and engaging way.

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.”

Laith Al-Qasem, CEO of the Innovative Startups and SMEs Fund (ISSF), said: "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." He added, "These eight unique startups all share one striking similarity, they bring innovation to their respective fields, creating new technologies and solutions to solve pressing problems. Innovation is the cornerstone of sustainable institutional competitiveness."

Oasis 500 launched the Oasis Venture II fund in July 2019 with the support and funding from the King Abdullah II Fund for Development, the Innovative Startups and SMEs Fund, and Arab Bank. The fund aims to invest semi-annually in early-stage startups.