The Oasis Ventures II fund “OVII,” managed by Oasis500, will receive a $5 million commitment from the Innovative Startups and SMEs Fund (ISSF), Jordan’s largest investment fund of its kind, in addition to a $3 million commitment.
Oasis500 strategically focuses on providing pre-seed and seed funding to early-stage ICT companies in Jordan. The portfolio companies have managed to raise an astounding $27 million in outside funding so far.
Mohammed Al Muhtaseb, CEO of ISSF, stated: “Oasis500’s role in the MENA region’s early-stage investment scene is pivotal. Established in 2010 as the first accelerator, they helped ignite the Jordanian and MENA startup ecosystems.
Our increased commitment to OVII reflects our confidence in Oasis500’s success. By providing them with more firepower, we are doubling down on that success, so they can double down on the winners in their portfolio.”
Luma Fawaz, CEO of Oasis500, added, “Oasis500 and the ISSF share a vision that makes them excellent partners. Through this partnership, we have invested in and supported 36 startups, 36% of which are led by female founders. Our economic impact is significant, having created 300 direct and 1,000 indirect jobs.
Notably, for every $1 we invested, we mobilised $5 for our portfolio startups. With the additional investment from ISSF, we will double down on some of our top performers.”
