Oman Technology: New venture capital firm for tech start-ups

Muscat: With an initial funding of $200 million, the new equity-based venture capital firm ‘Oman Technology Fund’ (OTF) was launched yesterday at Tanfeedh headquarters.
OTF is a technology focused venture capital fund which will invest in emerging technology enterprises.
The Oman Investment Fund, a majority-owned company, will be used as a medium to invest and nurture start ups which, in turn, will benefit the Omani economy by delivering sustainable economic bonuses.
Regarding the fund, Sheikh Ahmad Al Nabhani, CEO of Oman Investment Fund, said, “OTF has been established with the aim of positioning Oman as the 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.”
According to the Government’s ninth five year plan, technology and innovation are identified as an important aspect to assure Oman’s economic competitiveness, along with their environmental, social and cultural well-being.
Apart from investing in only Small and Medium Enterprises, Al Nabhani stated that focusing investments on technological universities and colleges is also a factor in aiding the government in sustaining the economy.
There is a certain criteria that start ups or emerging enterprises must follow to be eligible for the OTF, or to raise more capital, in which they need to be a technology related establishment, be able to achieve a high standing, as well as have a large market demand for the product or service they want to sell. Additionally, they should have a strong and complete administrative team and be related to the Sultanate.
OTF invested in three micro funds, in partnership with three globally recognized venture capital firms that specialize in the growing tech sector and operate as seed capital investors and startup accelerators for high growth technology enterprises.
The firms are Atlantic Bridge Capital based in Ireland, as well as 500 Startups and Techstars Ventures based in Silicon Valley and Colorado, respectively, in the United States.
Detailing the strategic approach for the new fund, Yousuf Al Harthi, CEO of OTF said, “Through its micro funding arm, OTF sees its role as being a bridge between entrepreneurs and investors; acting as a springboard or accelerator that can take ideas to the next level.
“The OTF and the micro funds will set up a Knowledge Oasis where entrepreneurs will be invited to base themselves, and then have access to a complete range of expertise and advice,” he added.