OTF Techween invests $1mn in start-ups
February 11, 2019 | 2:08 PM
by Times News Service
Mohammed Al Rasbi, OTF Techween Programme Manager. - Supplied picture

Muscat: OTF Techween, one of Oman Tech Fund’s investment programmes, is all set to participate along with 20 tech start-ups from the 1st and 2nd cohorts at the STEP Conference in Dubai, which will be held between February 13 and 14, 2019.

“We have selected the 3rd cohort of tech start-ups and successfully invested around US$1 million in the 1st and 2nd cohorts. Earlier, 20 per cent of these start-ups 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,” Maha Al Balushi, executive manager of the OTF Techween programme that invests in pre-seed tech start-ups, said.

Programme benefits

“OTF Techween invested around $50,000 in start-ups and trained them intensively and continuously in Muscat and Ireland. Support and guidance were provided in both the tech and commercial fields concerning developing products, approaching customers and pitching investors,” Mohammed Al Rasbi, OTF Techween Programme Manager, said.

“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 start-ups joined three months of training and activities to develop their businesses," he added.

"As part of OTF Techween’s partnership with the 'Upgrade' best graduation projects converting programme, some of the finalists have 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 said

Participation in STEP exhibition

Al Rasbi said: “This event is the largest tech experiential festival in the 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 benefits 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 investing in start-ups and innovative and creative ideas in the IT sector in Oman and the Middle East and North Africa (Mena) region. It runs three investment programs: OTF Techween, Wadi Accelerator and Jasoor Ventures.

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