Oasis500 launches second investment fund to support young entrepreneurs, SMEs

AMMAN — Oasis500 has announced the launch of a second fund with support from the King Abdullah Fund for Development (KAFD), the Innovative Start-ups and SMEs Fund (ISSF) and the Arab Bank.

The second Oasis fund aims to drive social and economic change by investing up to $100,000 in effective entrepreneurs to establish ICT and innovative industrial companies, according to a KAFD statement. 

The investment includes a six-month business acceleration programme, and a programme offering technical supervision and guidance services from “high-level” councillors, among other services.

The programme will conclude with entrepreneurs showing their projects to investors and partners in order to receive post finance and help their companies grow, the statement said.

Oasis500, an affiliate of the KAFD, will continue supporting entrepreneurs after the acceleration period, so as to contribute to the growth of the start-ups and increase the investment values. 

Oasis500 CEO Luma Fawaz announced the launch of the second fund, in cooperation with the Crown Prince Foundation, which aims at increasing young people’s preparedness to open their own businesses. The programme will be launched in Karak.

ISSF Chairman Muhammad Jafari expressed his appreciation for the partnership with Oasis500, adding that it is the ISSF’s first investment in a venture capital fund.

Since its inception in 2010 following directives by His Majesty King Abdullah, Oasis500 has invested $8.65 million in 154 technology and creative start-ups which have been able to raise over $60 million from third-party investors, according to Oasis500’s website.