OTF Techween Invests US 1M in 20 Tech startups

Muscat, OTF Techween, one of Oman Tech Fund’s investment program participates with of 20 tech startups from 1st and 2nd cohorts in STEP Conference in Dubai, which will be from 13th to 14th of February.

Maha Al Balushi, Executive Manager of OTF Techween program that invests in Pre-Seed tech startups, stated that: we have selected the 3rd cohort of tech startups and successfully invested around $1M in the 1st and 2nd cohort. Earlier, 20% of these startups raised their 2nd round of investment and 60% grew their teams while 40% launched their products and started to generate revenue.

Mohammed Al Rasbi, OTF Techween Program 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 program 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 program, 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 program. He added.

Al-Rasbi said: 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 specialized fund in investing in startups and innovative and creative ideas in the IT sector in Oman and the MENA region. It runs three investment programs; OTF Techween Wadi Accelerator and Jasoor Ventures.

Source: Oman News Agency

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