Oasis500 announced the first two investments resulting from its first Angel Network event in a press conference in Amman, Jordan today.
MarkaVIP, a regional online shopping community that offers its members access to discounts up to 85% off on designer brands, secured 2 million JD ($2.85 USD) in funding from Jordan-based Kawar Group and Belgian fund Hummingbird Ventures.
Jordanian businessman Emad Malhas and Kawar Group invested an undisclosed amount in local e-commerce site Wheels Express, an Amman-based e-commerce site which offers home delivery for services from prepaid phone cards to video games. Wheels Express joined Oasis500 only three months ago, yet CEO Ibrahim Manaa noted that the company has noticed a three-fold increase in revenues since receiving training and its seed investment of $15,000 from the seed investment vehicle.
The Oasis500 Angel Network event brought together 70 top leaders and investors from Jordan, the Middle East and North Africa region, and Silicon Valley, to facilitate Oasis500's goal of funding tech-focused startups in Jordan. While Oasis500 offers its startups up to six months of incubation and training at the King Hussein Business Park (KHBP) in Amman, as well as two rounds of funding totalling 15,000 JD, its final offer is to facilitate pitches to its Angel Network.
“Since the commencement of its operations seven months ago, Oasis500 has managed to create major investment opportunities for a number of fast growth, investment-ready, entrepreneurial projects within the ICT, mobile applications and digital media sectors by focusing on and highlighting their business models, achievements, sharing their stories with investors from the private sector, and encouraging them to invest,” commented Dr. Usama Fayyad, Executive Chairman of Oasis500. “I am excited to be making the first two investment announcements today and we look forward to more investment news shortly,” he added.
Read the full press release here.