AMMAN, Jordan – November 23, 2016 Oasis500 held its first Oasis Space Ventures Fund (OSVF) awareness session at Oasis500’s premises. The awareness session included information on the fund’s objectives, the space technology ideas that the fund will invest in, and the screening process and how to apply for the fund. Forty participants attended the sessions, receiving information about Oasis500 as a business accelerator and a seed-fund investor as well as details regarding the new fund.
OSVF is a joint initiative between Oasis500 and the European Space Agency (ESA), anchored by the King Abdullah Fund for Development (KAFD), and the European Investment Bank (EIB) as institutional anchor investors. It is a fund that aims towards the localization of selected commercialized ideas from more than 120 ideas furnished by ESA, in a manner that can scale within the regional market.
Oasis500 will implement in collaboration with ESA a localization acceleration program to facilitate the scaling and growth of these startups. Suleiman Arabiat; the Head of Operations at Oasis500 explained that OSVF is aiming to create high level technology startups that are utilizing satellite communication at the core of their services and products, Those startups will be the outcome of combining high value commercially-viable technologies with high caliber local entrepreneurs.
During the session, Suleiman announced that the size of the fund is 12,000,000EUR with an investment size that reaches up to 250,000EUR at the seed level. Before being eligible for the investment, each idea goes through a three-staged process; first the application of the idea, second the filtration stage which includes matching the idea between the local entrepreneurs and the European companies, under the supervision and facilitation of both the ESA and Oasis500, the third and the final stage is investing in the idea and setting up the final agreements between the local entrepreneurs, the European company and the OSVF.
Treemetrics, Ovinto and Openet were presented and sample projects that were eligible for the fund. By the end of the session a live discussion with the audience was opened to answer any questions and concerns, Suleiman also announced that OSFV is now open to receive applications for the ideas on www.oasis500.space in anticipation of the fund’s first closure by the third quarter of 2017.