King Abdullah II Fund for Development (KAFD) in Jordan is planning to launch a new ICT seed capital fund in two months with the aim of solving the problem of innovative new startups in the country that need to secure some early stage funding.
The new fund will be called Oasis 500, and the goal is for it to provide an initial capital of between $50,000 and $100,000 to 500 startups. It will be mainly focused on funding new ideas, especially in media, online, content, applications and the service industry.
At this point, it seems that it’s still undecided though whether the fund will be expanded and made accessible to startups from outside Jordan.