Oman launches tech focused VC fund
The Oman Investment Fund (OIF) has launched a new technology focused venture capital fund, which will focus on investing in emerging tech enterprises in Oman and the wider region.
The Oman Technology Fund (OTF) was announced in a ceremony held at the Tanfeedh offices in Muscat.
Established with an initial capital of $200 million, the equity-based venture capital firm has invested in three micro-funds in partnership with three globally recognised venture capital firms who specialise in the rapidly growing tech sector and operate as seed capital investors and startup accelerators for high growth tech enterprises.
The partnerships allow these funds to leverage extensive investor and tech mentorship experience, with each global partner investing directly into the micro-fund’s as an exclusive founding partner.
The three partner organisations are:
- Atlantic Bridge Capital, based in Ireland
- 500 Startups, based in Silicon Valley, USA
- Techstars Ventures who are based in Boulder Colorado, USA.
The Oman Technology Fund is majority owned by OIF as a vehicle to invest and nurture start-ups that will benefit the broader Omani economy and deliver sustainable economic dividends. OTF, through the micro-funds and together with fund partners will deploy its highly experienced teams to identify and invest in promising tech startups.
Sheikh Hassan Al Nabhani, CEO Oman Investment Fund said: “The Oman Technology Fund has been established with the aim of positioning Oman as a leading tech hub in the Middle East, and to achieve this by investing in emerging high growth potential tech enterprises in the wider region and Oman. The fund will also actively work to attract regional startups to relocate their operations to Oman, boosting our knowledge based economy, growing the ICT sector in Oman and providing greater opportunities for citizens to work within this high value sector.”
Read the November 2016 issue of Business Review Middle East magazine