Run2Sportis the first online platform for sports apparel in the Middle East and has attracted a substantial USD $2.5 million investment from Souq.com, a Jabbar Internet Group company.This new and unique website aims to cater tothe demands of all sports lovers across the region by providingthem with a wide variety of top-notch sportsbrandsat competitive prices through e-commerce technology.
Madfoo3atCom,which is an e-payment gateway that connects billers with local banks using multi channels on a real-time online basis, secured a total investment of US$529,000 from private investors Dr. IzzEddinKatkhuda, Suleiman Al-Assaf and RanwaHalasa, in addition to 2PCompany from Riyadh, Saudi Arabia and Oasis500’s investment arm, Oasis500 Ventures 1 (OV1).
Dr.Usama Fayyad, Executive Chairman of Oasis500 and former Executive Vice President and Chief Data Officer of Yahoo! Inc., stated, “We at Oasis500foresee a bright future ahead of both start-ups, as in a short period of time,Madfoo3atCom’s valuation grew by an impressive6 -fold. The significant increase in both start-ups’ valuations indicates investors’ confidence in their ability to become successful and well-established companies that can positively impact the economy.”
“We are very excited to invest in Run2Sport, not only because it is run by a young and energetic team, but also because we have witnessed an increased demand for onlineshoppingforsports items in the past few years. eCommerce in the region is growing at a fast pace. Souq.com will help extend Run2Sport’s reach in the region,allowing it to expand and become a regional player,” stated Ronaldo Mouchawar, CEO of Souq.com.
In turn, private Saudi Arabianinvestor Suleiman Al-Assafsaid, “I am very excited to invest in Madfoo3atCom, which isan e-payment service that tackles the inconvenience of paying bills directly to billers – an issue faced by most consumers across the Kingdom. The concept of Madfoo3atComhas been implemented in other countries worldwide, and I have experienced its efficiency firsthand. It is a time-saving concept that facilitates daily operations, and I foresee a high return on investment for this company in the future.”
Madfoo3atCom Founder Nasser Saleh and Run2Sport Founder Ali Al Asmarboth thanked Oasis500 for the seed funding it provided to help their companies grow and acquire the necessary follow-on funding that will take their operations to the next level. They explained that the secured investments will help their businesses expand and broaden their regional market reach.
Al Asmar, who attributed the success of his company to His Majesty King Abdullah II’s efforts and directives in supporting Jordanian entrepreneurs and start-ups, also commented, “As a progressive company,Run2Sport shares Oasis500’s goals of creating job opportunitiesanddeveloping the national economy, and weare delighted with the result of our partnership withOasis500. Our future plans include expansion in the GCC, particularly the UAE, and a gradualbranching out to the entire MENA regionso that we may becomethe number one e-commerce provider of quality sportswear and gear for athletes.”
Eng. Nasser Saleh, also commented, “Madfoo3atCom is targeting to become the national e-bills and e-payments switch for Jordan which will simplify the payers daily life and utilize the great treasure that God gave to our country; which is the IT human resources; to build a state-of-the-art electronic payment services and expand it from Jordan to the MENA region.”
Oasis500 is the first development and investment company of its kind in the MENA region. It aims to support entrepreneurs by providing them with funding and training in an effort to accelerate the transformation of business ideas into start-up companies in the ICT, digital media and mobile technologies and content sectors. Oasis500 aims at accelerating the launch of 500 start-up companies within the next five years, which will create an incentive for aspiring entrepreneurs and generate job opportunities within the world’s fastest growing sectors.