Oasis500 companies Foodlve, a social discovery platform for food and Abjjad, a social network for book lovers have both successfully raised funds from crowd investors on the crowdinvesting platform eureeca.com. A range of investors invested in both companies, where $50,000 was the largest investment. Both Foodlve & Abjjad attracted investors from as far and wide as Japan, Jordan, France, Norway, UAE and the UK.
Abjjad and Foodlve have opened overfunding rounds following the success of their campaigns. Foodlve has currently reached 103% and Abjjad has reached 107%.
Commenting on both Abjjad and Foodlve’s successful campaign, Oasis500 CEO, Yousef Hamidaddin said: “It’s a great achievement for our businesses to raise funds in this disruptive and dynamic way. We congratulate them on closing their rounds at a USD 1 million valuation for Foodlve, and USD 750K for Abjjad.com. Their success is a showcase for the incredible entrepreneurship spirit that MENA tech entrepreneurs embody and validates the acceleration process at Oasis500 in which investors are willing to commit to Oasis500 startups. It also validates the level of confidence they have in the startups potential”.
Eureeca provides small business owners with a game-changing alternative for raising finance for their business and more investment opportunities for both professional and new investors. SMEs now have the opportunity to gain funding through crowdinvesting where they can launch a funding campaign for 90days. In addition, Eureeca lowers the barrier to entry for investors by enabling them to become shareholders in businesses on the website.
“We are very pleased to see Foodlve and Abjjad successfully reach their funding goal within the 90days. They both truly exemplify the power of crowdinvesting to help syndicate a group of investors from around the world in a specific time frame to gain funding for expansion and scale” said Sam Quawasmi, MD & Co-Founder of eureeca.com.
Commenting on the success, Nadia Shomali founder of Foodlve said: “We are very happy and proud of our journey; the funding we received will enable us to reach our target of becoming the biggest social media platform for food lovers in the world. We are averaging at 4 million page views a month and are planning to reach at least 20 million views a month, and 50% of the food blogging market in the US by the end of 2014.”
Abjjad.com, another Oasis500 company stated “I am beyond delighted to have reached my funding target. It was the support of 32 investors that I can now truly grow my business to the next level. Now, we will be ready to cater for all Arabic readers worldwide. Our goals are to reach to 200,000 registered users by the end of 2014 with more than 2,000,000 books and 50,000 book reviews on our website.”
About Oasis 500
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 to facilitate 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. Since commencing its operations in September 2010, Oasis500 has successfully secured investments for 55 technology companies, in addition to a number of other investments that were unmatched by any investment fund in the region. www.oasis500.com
Eureeca is the first crowdinvesting platform offering a global solution, where businesses can source funding from the crowd in exchange for equity. Harnessing the power of the internet and social media, Eureeca’s platform connects investors with small & medium enterprises (SMEs) online. The crowd comes together to collectively pool their funds, creating a game-changing alternative to traditional financing models.
Creating a new financing market for a new financial world, Eureeca is lowering the barrier to entry, enabling investors to contribute as little as US$100 to a business they believe in exchange for equity.
Launched in May 2013, Eureeca was founded by experienced entrepreneurs and investment professionals, Chris Thomas and Sam Quawasmi to address the challenges growing businesses face in raising finance; especially given the changing economic landscape. Eureeca addresses the gap for businesses seeking finance to expand and grow by empowering SMEs to access the crowd to raise funds, without the challenges imposed by banks and traditional financing models.
Eureeca is a founding member of the U.S. based National Crowd Funding Association (NLCFA).
For more information please visit: www.eureeca.com