OTF Techween invests $1m in 20 tech startups
INNOVATION PLATFORM: OTF Techween participates in STEP Conference in Dubai
OTF Techween, one of Oman Technology Fund’s investment programmes, will participate along with 20 tech startups from the first and second cohorts in the STEP Conference in Dubai during February 13 – 14, 2019.
Maha al Balushi, Executive Manager of OTF Techween programme that invests in Pre-seed tech startups, stated: “We have selected the 3rd cohort of tech startups and successfully invested around $1 million in the 1st and 2nd cohort. Earlier, 20 per cent of these startups raised their second round of investment and 60 per cent grew their teams while 40 per cent launched their products and started to generate revenue.”
Mohammed al Rasbi, OTF Techween Programme Manager, said: “OTF Techween invests around $50k in startups and trained them intensively and continuously in Muscat and Ireland. Support and guidance were provided in both tech and commercial fields concerning developing products, approaching customers and pitching investors.”
“The programme aims at providing a proper work environment that will validate their business ideas, product categories and target markets and encourage businesses to develop and propagate regionally and globally. The startups joined 3-month training and activities to develop their businesses. As part of OTF Techween’s partnership with “Upgrade” -best graduation projects converting programme, some of the finalists has joined a training in pre-acceleration development in Dublin to validate their business ideas and increase the potential to be part of OTF Techween or any other programme,” he added.
Al Rasbi stated: “This event is the largest tech experiential festival in Middle East where OTF Techween’s tech startups will present their business ideas to some of the best investors from all around the world to attract more investments and benefit from exclusive individual meetings with regional experts.”
OTF Techween aims at supporting the stage of adequating the product with the market and ascertaining the economic feasibility. OTF is a specialised fund in investing in startups and innovative and creative ideas in the IT sector in Oman and the MENA region.
It runs three investment programmes; OTF Techween Wadi Accelerator and Jasoor Ventures.