Omani startups welcome financial investments from FFO
Published: 02:10 PM,Oct 08,2024 | EDITED : 06:10 PM,Oct 08,2024
Omani tech firm SERB was among the first batch of beneficiaries of financial investments announced by Future Fund Oman.
MUSCAT, OCT 8
A number of Oman-based startups, offering everything from e-services, drone-based operations and B2B digital marketplace operations, have lauded pledges of funding assistance from Future Fund Oman (FFO), a new investment fund launched recently under the auspices of Oman Investment Authority (OIA).
As many as 16 startups and small businesses, focusing in areas related to food, health, technology, financial technology, and e-commerce, were named as beneficiaries of funding assistance announced by FFO last week. They were among a total of 19 project initiatives that received a total of RO 836 million in investment pledges committed by FFO along with its regional and international investment partners last week.
Notable among the beneficiaries is SERB, an Oman-based provider of innovative drone management solutions. The tech startup is credited with supporting the Civil Aviation Authority (CAA) of the Sultanate of Oman in operating the country’s Unmanned Traffic Management (UTM) System. SERB’s advanced UTM platform provides operators, managers, and regulators with the tools and capabilities to enable safe and efficient drone operations.
“Last week marked a major milestone for SERB, as we proudly announced the latest investment through the Future Fund of Oman (FFO), via Omantel. This investment, part of FFO's first batch, strengthens our mission to transform the drone technology landscape and deliver innovative solutions,” said Anwaar al Hinai, Co-founder and CEO – SERB, in a post.
Another beneficiary is Monak e-services, billed as an all-in-one digital platform that offers a range of solutions to job migrants in the Middle East. The startup has partnered with multiple service providers that provide manpower, flight tickets, visa medical, financial services, SIM cards and other services through its app. It is also designed with the latest financial technology, online payment solutions, and digital wallets, making it easy and secure for customers to manage their transactions.
Welcoming Future Fund Oman’s investment, Monak stated in a post: “Securing funding from the Future Fund Oman - Omantel is a turning point for us, as it will accelerate our growth and contribute to empowering unbanked communities in the Sultanate of Oman, allowing us to play a role in the Oman Vision 2040. Future Fund Oman - Omantel provided us with more than just financial support; they have become partners in our mission, and we are excited about the next steps ahead. With their support, we are confident that we can take Monak to the next level, creating impactful solutions for businesses and communities within the Sultanate of Oman and beyond borders.”
Muscat-based startup Bon, a B2B digital marketplace, said the financial infusion from FFO / Omantel would reinforce its “vision to become the leading provider connecting hotels, restaurants, and cafes with trusted suppliers through seamless buying and selling operations”.
The app serves as a SaaS-enabled B2B marketplace for wholesale in the HoReCa Market, helping remove the market fragmentation by focusing on reliability and credit options using an online platform.
“Bon has been and always will be part of the future of Oman and beyond, and we will shape how the HoReCa Sector operates with great support from Omantel and Future Fund Oman, to make operating a HoReCa business more efficient and scalable for SME’s around the sultanate and soon GCC,” the company added in a post.
A number of Oman-based startups, offering everything from e-services, drone-based operations and B2B digital marketplace operations, have lauded pledges of funding assistance from Future Fund Oman (FFO), a new investment fund launched recently under the auspices of Oman Investment Authority (OIA).
As many as 16 startups and small businesses, focusing in areas related to food, health, technology, financial technology, and e-commerce, were named as beneficiaries of funding assistance announced by FFO last week. They were among a total of 19 project initiatives that received a total of RO 836 million in investment pledges committed by FFO along with its regional and international investment partners last week.
Notable among the beneficiaries is SERB, an Oman-based provider of innovative drone management solutions. The tech startup is credited with supporting the Civil Aviation Authority (CAA) of the Sultanate of Oman in operating the country’s Unmanned Traffic Management (UTM) System. SERB’s advanced UTM platform provides operators, managers, and regulators with the tools and capabilities to enable safe and efficient drone operations.
“Last week marked a major milestone for SERB, as we proudly announced the latest investment through the Future Fund of Oman (FFO), via Omantel. This investment, part of FFO's first batch, strengthens our mission to transform the drone technology landscape and deliver innovative solutions,” said Anwaar al Hinai, Co-founder and CEO – SERB, in a post.
Another beneficiary is Monak e-services, billed as an all-in-one digital platform that offers a range of solutions to job migrants in the Middle East. The startup has partnered with multiple service providers that provide manpower, flight tickets, visa medical, financial services, SIM cards and other services through its app. It is also designed with the latest financial technology, online payment solutions, and digital wallets, making it easy and secure for customers to manage their transactions.
Welcoming Future Fund Oman’s investment, Monak stated in a post: “Securing funding from the Future Fund Oman - Omantel is a turning point for us, as it will accelerate our growth and contribute to empowering unbanked communities in the Sultanate of Oman, allowing us to play a role in the Oman Vision 2040. Future Fund Oman - Omantel provided us with more than just financial support; they have become partners in our mission, and we are excited about the next steps ahead. With their support, we are confident that we can take Monak to the next level, creating impactful solutions for businesses and communities within the Sultanate of Oman and beyond borders.”
Muscat-based startup Bon, a B2B digital marketplace, said the financial infusion from FFO / Omantel would reinforce its “vision to become the leading provider connecting hotels, restaurants, and cafes with trusted suppliers through seamless buying and selling operations”.
The app serves as a SaaS-enabled B2B marketplace for wholesale in the HoReCa Market, helping remove the market fragmentation by focusing on reliability and credit options using an online platform.
“Bon has been and always will be part of the future of Oman and beyond, and we will shape how the HoReCa Sector operates with great support from Omantel and Future Fund Oman, to make operating a HoReCa business more efficient and scalable for SME’s around the sultanate and soon GCC,” the company added in a post.