New Muscat-based accelerator run by NDRC will bring ten years of Irish experience in growing early stage digital companies to selected startups in the Middle East and North Africa (MENA) region
23 NOVEMBER: NDRC, the Irish early stage technology investor and accelerator, has been retained by the Oman Technology Fund (OTF), the Oman Government’s technology investment fund, to run a pre-seed accelerator programme in Muscat, Oman. Up to ten young ventures from Oman and the surrounding region will be selected by OTF to participate. NDRC will provide accelerator expertise and personnel throughout the three-month programme, with OTF investing the required capital in the companies.
The accelerator will commence in January 2018 and will include a two-week visit by the Omani ventures to Dublin in early 2018 to exchange learnings with Irish startups. Over the course of the programme, the NDRC team will work intensively with each startup, helping them to understand the value that their company can offer customers, their strategy for growth and getting them ready to meet the demands both of investors and the international marketplace.
OTF was launched by Oman Investment Fund (OIF) in October 2016, and has recently partnered with 500 Startups, a San Francisco-based VC fund and global accelerator network, to train and accelerate growth of later-stage technology startups. OTF supports entrepreneurship in the Middle East North Africa (MENA) region.
Speaking about the partnership, NDRC CEO, Ben Hurley said: “We are delighted to be able to bring our accelerator experience to the international stage and we look forward to working with our funding partners Oman Technology Fund.
It is a positive development for NDRC, builds on the international investment being secured by our portfolio ventures, and reflects well on how Ireland’s startup enterprise ecosystem is viewed internationally. Along with the excellent work undertaken by Enterprise Ireland and others in the region, we believe NDRC’s presence in Oman may help provide beneficial links for our startups into this market in to the future.”
Yousef Al Harthi, OTF chairman, said: “Signing this agreement with NDRC highlights our shared principles regarding the startup ecosystem, helping us to provide training and expertise to early-stage, technology companies.
“Between OTF and NDRC, we will help with their progression, development, innovation and access into both local and regional markets. These startups will also become better equipped to compete with larger companies, and support the Oman economy.”
NDRC sources and builds young digital companies to invest in. NDRC has a mandate from the Irish State to make these investments, ensuring digital entrepreneurship is at the centre of Ireland’s economic agenda.
NDRC currently has operations in Dublin and Galway.
About Oman Technology Fund
Oman Technology Fund (OTF) was launched by the Oman Investment Fund (OIF) in October 2016. The Oman Investment Fund is a sovereign wealth fund of the Government of Oman. The firm invests within and outside Oman and across the globe. It was founded in 2006 and is based in Muscat, Oman.
The Oman Technology Fund is committed to supporting entrepreneurship in the Middle East North Africa (MENA) region and has been playing an increasingly vital role in supporting the growth of promising startups and emerging technologies in the region as a whole.