Oasis500 secures $3m for new start-ups
Amman, February 7, 2012
Oasis500, the Mena region’s premier technology-based seed investment company, announced securing two new investments more than $3 million through its Angel Network event for two new start-ups.
Run2Sportis the first online platform for sports apparel in the Middle East and has attracted a $2.5 million investment from Souq.com, a Jabbar Internet Group company.
This new and unique website aims to cater to the demands of all sports lovers across the region by providing them with a wide variety of top-notch sports brands at competitive prices through e-commerce technology.
Madfoo3atCom, which is an e-payment gateway that connects billers with local banks using multi channels on a real-time online basis, secured a total investment of $529,000 from private investors Dr Izz Eddin Katkhuda, Suleiman Al-Assaf and Ranwa Halasa, in addition to 2PCompany from Riyadh, and Oasis500’s investment arm, Oasis500 Ventures 1 (OV1).
Dr Usama Fayyad, executive chairman of Oasis500 and former executive vice president and chief data officer of Yahoo! Inc., said: “We at Oasis500foresee a bright future ahead of both start-ups, as in a short period of time,Madfoo3atCom’s valuation grew by an impressive six-fold.”
Ronaldo Mouchawar, CEO of Souq.com, said: “We are very excited to invest in Run2Sport, not only because it is run by a young and energetic team, but also because we have witnessed an increased demand for online shopping for sports items in the past few years.”
“eCommerce in the region is growing at a fast pace. Souq.com will help extend Run2Sport’s reach in the region, allowing it to expand and become a regional player,” he added.
Saudi Arabian investor Suleiman Al-Assaf said, “I am very excited to invest in Madfoo3atCom, which is an e-payment service that tackles the inconvenience of paying bills directly to billers - an issue faced by most consumers across the Kingdom.”
“The concept of Madfoo3atComhas been implemented in other countries worldwide, and I have experienced its efficiency firsthand. It is a time-saving concept that facilitates daily operations, and I foresee a high return on investment for this company in the future.”
Madfoo3atCom Founder Nasser Saleh and Run2Sport Founder Ali Al Asmar both thanked Oasis500 for the seed funding it provided to help their companies grow and acquire the necessary follow-on funding.
“As a progressive company, Run2Sport sharesOasis500’sgoals of creating job opportunities and developing the national economy, and we are delighted with the result of our partnership withOasis500,” Al Asmar said.
“Our future plans include expansion in the GCC, particularly the UAE, and a gradual branching out to the entire MENA region so that we may become the number one e-commerce provider of quality sportswear and gear for athletes.”
Saleh added: “Madfoo3atCom is targeting to become the national e-bills and e-payments switch for Jordan and expand it from Jordan to the Mena region.” – TradeArabia News Service
More IT & Telecommunications Stories
- Talia seals new partnership with Thuraya
- 4-pillar approach for telecom operators to boost growth
- Dubai mobile emissions below global standards
- Nawras signs capacity contract with SES
- Etisalat showcases satellite solutions at Cabsat
- Batelco launches 4G LTE roaming
- Gulf Air clinches best innovation award
- Viva inks Pepsi partnership deal
- Du offers free smarphones on tablet purchase
- Batelco launches double credit promotion
- Cyber threats focus of Bahrain security talks
- Bahrain tech expo to honour innovators
- Scope ME named distributor for InfoWatch
- Nawras quadruples 3G+ mobile services
- Menatelecom expands bill paying network
- Du joins new global cable consortium
- Kuwait moves to create telecoms watchdog
- Batelco backs Royal Fund for Martyrs
- Egypt's Global Telecom posts $749m Q4 loss
- Red Hat launches open source BPM suite
- Batelco announces new board
- Batelco offers improved broadband
- You don't own phone numbers, warns TRA
- Tech giants back top Qatar ICT event
- Du to provide wifi access in public areas
- Zain finalises $800m, five-year loan facility
- Ooredoo Q4 net profit falls 36pc to $140m
- Mobily, Etisalat team up for LTE roaming
- Batelco approves $84m dividends for 2013
- Etisalat Q4 profit rises 70pc to $394m