Omani startup Innotech secures $500,000 funding on TV show
Omani startup Innotech has secured US$500,000 funding on the entrepreneurship-themed reality TV show Beban - Season 3.
Hope Ventures, the investment arm of Hope Fund and producer of Beban, has pledged to invest US$500,000 in Innotech, alongside private sector investors Areej Mohsin Darwish and Dr Lamya Mahmood.
Innotech, which automates construction using additive manufacturing to reduce cost, speed up the process and reduce carbon emissions in the construction industry, secured the deal in the third episode of the season of Beban.
Commenting on the investment, Othman al Mandhari, founder and CEO of Innotech, said, “I watched the second
I am delighted to co-invest in Innotech with Hope Ventures and Dr Lamya. Its product line shows a lot of potential for success and I look forward to supporting its growth AREEJ MOHSIN DARWISH
season of Beban and was motivated to take part in the third to experience firsthand fundrais
ing and negotiating with investors on the show. One of the biggest entrepreneurial challenges in the region is access to a network of investors and being able to negotiate valuation terms. Beban plays a key role in matchmaking entrepreneurs with strategic investors and ensuring entrepreneurs undergo pitching and negotiation training prior to the show.”
Commenting on its investment in Innotech, Fajer Saleh al Pachachi, General Manager of Hope Ventures, said, “We are thrilled to invest in Innotech, an innovative company reshaping the construction landscape with its advanced technology. By reducing costs, expediting construction timelines and significantly lowering carbon emissions, Othman and his team are revolutionising the industry. Beyond the business itself, Hope is investing in the founder, Othman, who encompasses the passion, ambition, dedication and experience to drive this business in the right direction alongside his strategic co-investors.”
Areej, Chairperson of Mohsin Haider Darwish - Automotive, Construction Equipment and Renewable Energy, said, “I am pleased to be a part of Beban Season 3. The show is an opportunity to meet investors across diversified sectors and explore possibilities to expand our product portfolio. I am delighted to co-invest in Innotech alongside my peers, Hope Ventures and Dr Lamya. Innotech’s product line shows a lot of potential for success and I look forward to supporting its journey towards growth.”
Lamya, angel investor and CEO of Dr Lamya Group, commented, “I am thrilled about my participation in Beban, which gave me access to a diverse pool of opportunities. As an investor, I am driven by innovative businesses that solve real-life challenges, which Innotech certainly does. I look forward to supporting its journey of growth and expansion.”
The episode witnessed four eager entrepreneurs from across the GCC pitch to a panel of investors for the opportunity to seize investment and business opportunities.