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Amman : The Innovative Startups and SMEs Fund (ISSF) - the largest investment fund of its kind in Jordan – announces an indirect investment of USD 1.5 million in Global Ventures; a Dubai-based growth-driven venture capital firm focused on growth-stage enterprise technology investments across the Middle East and Africa.
The investment, which was completed in December, underscores the commitment of the ISSF to empowering promising Jordanian startups to advance the local entrepreneurial landscape and the national economy at large.
ISSF General Manager, Laith Al Qasem, commented:
“By investing in progressive funds like Global Ventures, we are actively supporting aspiring startups and SMEs to scale their businesses, enhance their operations and achieve their growth potentials, ultimately giving rise to a dynamic entrepreneurial scene and prompting robust economic development across Jordan and beyond.” .
Global Ventures General Partner, Basil Moftah, stated:
“We are thrilled to welcome the ISSF as a partner into Global Ventures’ Fund II. Jordan is a regional pioneer of entrepreneurship, with SME support programs and investments dating to the 1980s, and is a center for some of the region’s strongest businesses and founders. Global Ventures aligns with the ISSF mission of transforming the local and regional entrepreneurial ecosystems into global hubs for technology and innovation.”
The ISSF is registered as a Jordanian private shareholding company. Its objectives are to support and elevate Jordan’s entrepreneurial and innovation landscape by facilitating the establishment of new investment funds serving the ecosystem; making direct investments in innovative, export-oriented and scalable local startups; plus implementing initiatives to improve capabilities of Jordanian entrepreneurs and startup teams via training, capacity building and targeted incubation and acceleration programs.
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About the Innovative Startups and SMEs Fund
The ISSF is a national project established in 2017 as a private shareholding company to actively promote a fundamental shift within the local entrepreneurial and innovation landscape. The ISSF - which is the largest investment fund of its kind in Jordan - is implemented in cooperation with the World Bank over a duration of six years, concluding in November 2023. During this period, the World Bank foresees the ISSF to make both direct and indirect investments (the latter in investment funds) in 150-200 local innovation companies and build the capacities of at least 825 entrepreneurs and SMEs through specialized training to qualify them for prospective investments. The total working capital of the ISSF is USD 98 million, with a USD 48 million investment from the Central Bank of Jordan and a USD 50 million investment from the World Bank. The ISSF is committed to facilitating funding for Jordanian early-stage startups and SMEs, particularly those demonstrating ambitious vision and high growth potential. The ISSF endeavors to foster a thriving and supportive entrepreneurial environment that enables promising local entrepreneurs to transform innovative projects into sustainable startups; generate jobs for Jordanian men and women; and prompt economic sectors that serve export markets by capitalizing on the creative and technical capabilities of entrepreneurs and management teams across Jordan.
For more information, please visit the website at www.issfjo.com
About Global Ventures
Global Ventures is a UAE-based international venture capital firm, investing in founders and ideas scaling across emerging markets. Global Ventures backs global-minded founders that are leading growth-stage companies and using technology to transform emerging markets.
Portfolio companies include Arrow Labs, Buseet, Cartona, Elmenus, Floranow, Helium Health, Holiday Me, Lean, Mamo, Much:on, Ogram, Paymob, Proximie, Pyypl, Spider Silk, Tabby, Tarabut Gateway, Team Apt, Tribal and Zension.
Noor Sweid and Basil Moftah are the General Partners of Global Ventures. More information can be found at https://www.global.vc/
© Press Release 2022
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