Omani Startup Innotech Secures $500,000 Investment on Beban Season 3

Omani Startup Innotech Secures $500,000 Investment on Beban Season 3

By Press Release, 25 January 2024

Hope Ventures, the investment arm of Hope Fund and producer of the Beban TV show, co-invests $500,000 in Omani business Innotech, alongside private sector investors Mrs. Areej Mohsen Darwish and Dr. Lamya Mahmood, on the third episode of Beban Season 3, which aired on the region’s first and biggest video-on-demand platform ‘Shahid’ for free, Oman Culture TV, Bahrain TV, SBC Channel, AlRai TV, and Abu Dhabi TV.

During the third episode, Innotech, an Omani startup that automates the construction process using additive manufacturing to reduce the cost, speed up the process, and reduce carbon emissions in the construction industry,.

Othman Al Mandhari, Founder and CEO of Innotech, commented on the investment by saying: “I watched Beban Season 2 and was motivated to partake in the third season to experience firsthand fundraising and negotiating with investors on the show. One of the biggest entrepreneurial challenges in the region is access to a network of investors and gaining the ability to negotiate valuation terms. Beban plays a key role in matching entrepreneurs with strategic investors and ensuring the entrepreneurs undergo pitch and negotiation training prior to the show. “

Commenting on their co-investment in Innotech, Fajer Saleh Al Pachachi, General Manager at Hope Ventures, shared: “We are thrilled to invest in Innotech, an innovative reshaping the construction landscape with their advanced technology. By reducing costs, expediting construction timelines, and significantly lowering carbon emissions, Othman and his team are revolutionising the industry. Beyond the business itself, Hope is investing in the founder, Othman, who encompasses the passion, ambition, dedication, and experience to drive this business in the right direction alongside his strategic co-investors.”

Mrs. Areej Mohsin Darwish, Chairperson, Mohsin Haider Darwish LLC, Automotive, Construction Equipment, and Renewable Energy (ACERE) Cluster, shared: “I am pleased to be a part of Beban Season 3, as the show was an opportunity to meet investors across diversified sectors and explore possibilities to expand our product portfolio. I am delighted to co-invest in Innotech alongside my peers, Hope Ventures and Dr. Lamya. Innotech’s product line shows a lot of potential for success, and I look forward to supporting their journey towards growth.”

Doctor Lamya Mahmood, angel investor and CEO of Dr. Lamya Group, commented: “I am thrilled about my participation in Beban, which gave me access to a diverse pool of opportunities. As an investor, I am driven by innovative businesses that solve real-life challenges, which Innotech certainly does. I look forward to supporting their journey of growth and expansion.” 

The episode witnessed four eager entrepreneurs from across the GCC pitch to a panel of investors for the opportunity to seize investment and business opportunities. Investors on the panel comprised avid investors from the private sector, including Hope Ventures, Omani investor Areej Mohsen Darwish, Dr. Lamya Mahmood, and Suhail Algosaibi.

It is noteworthy to mention that the Beban TV show is the region’s first private-public investment platform through its partnerships with the Khalifa Fund for Enterprise Development (UAE), the SME Development Authority (Oman), GFH Capital (KSA), Zain Kuwait and the Sabah Al Ahmad Centre for Giftedness and Creativity (Kuwait), and the Labour Fund Tamkeen (Bahrain).

Beban season 3 was filmed in the Middle East’s newest exhibition and convention centre, Exhibition World Bahrain (EWB), and showcases 41 businesses from across the MENA region as they pitch in front of a panel of regional, reputable investors for equity investment and strategic business development opportunities that can accelerate the growth of these businesses into new markets.

A new episode of Beban will air every Wednesday of this month. You can watch the next episode airing on January 24, 2024, on Bahrain TV at 6 PM (+3GMT), Oman TV Cultural at 9:10 PM (+3GMT), AlRai TV at 9:30 PM (+3GMT), SBC Channel at 10 PM (+3GMT), Saturday at 5:30 PM (+3GMT) on Abu Dhabi TV, or anytime on Shahid.

Beban Season 3 recognises its Country Partners, Khalifa Fund for Enterprise Development (UAE), the SME Development Authority (Oman), GFH Capital (KSA), Zain Kuwait and Sabah Al Ahmad Centre for Giftedness and Creativity (Kuwait), and the Labour Fund Tamkeen (Bahrain) and sponsors, Gulf Air, Asia Jewellers, Ahlan App, AlZayani Motors, Exhibition World Bahrain, Kuwait Finance House Bahrain, TRACCS Bahrain, Bapco Energies, and Gulf Media International, for their affirmed commitment to empowering regional entrepreneurs and accelerating their growth through investment, knowledge, and access to business opportunities.

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