Today tech-focused incubator Oasis500 has announced that two of its startups, Run2Sports and Madfoo3atCom, attracted investment following its 3rd angel network event in Amman, Jordan in December.
Run2Sport, an online sports apparel store for the Middle East, received US $2.5 million from online marketplace giant Souq.com, which is owned by Jabbar Internet Group. The site aims to use the funding to expand in the Gulf market, particularly the UAE, with the goal of becoming the primary regional destination for shoppers and athletes looking to buy quality sportswear, CEO Ali Al Asmar said in a statement.
For Souq.com, which pivoted a year ago from an auction-based e-commerce model (similar to eBay’s) to a fixed price retail model, the investment marks an opportunity to expand its sports goods offerings in Jordan, Egypt, the UAE, Saudi Arabia, and now Kuwait, where it operates.
Online bill payment platform Madfoo3atCom garnered a total of US $529,000 from private investors Dr. Izz Eddin Katkhuda, Suleiman Al-Assaf and Ranwa Halasa, in addition to 2PCompany from Riyadh, Saudi Arabia and Oasis500’s investment arm, Oasis500 Ventures 1 (OV1).
While Madfoo3atCom currently serves the Jordanian market, Saudi Arabian investor Suleiman Al-Assaf pointed out that his interest in the platform was partly due to the fact that online bill payment is also a large need in Saudi Arabia, where he forsees a growth potential for the startup.
Founder Nasser Saleh noted that he does plan to expand the platform regionally; Saudi Arabia seems a natural next step in light of the fact that Saleh first tested the online bill payment platform there, as he revealed to Wamda this fall.
While equity stakes for either investment have not been disclosed, Oasis500 CEO Usama Fayyad illustrated that Madfoo3atCom’s valuation has risen six-fold since it came on board to be incubated this past fall, a fact that speaks to the rising momentum at Oasis500.
Related articles on Wamda:
- Jordanian Startup Madfoo3atCom Takes the Headache Out of Bill Payments [Wamda TV]
- Wamda Announces Commitment to Follow On Funding for Oasis500 Startups
- What Oasis500 Looks for in a Startup [Wamda TV]
- Oasis500 Announces Investment Deals for Jamalon and Zaytouneh
- Top 10 Accelerators in the Middle East and North Africa