Jordan’s investment fund, the Innovative Start-ups and SMEs Fund (ISSF), has increased its funding commitment for Oasis Ventures II fund “OVII” to support young businesses.

The largest investment fund of its kind in Jordan is investing an additional $2 million in the fund, which is managed by Oasis500, increasing the financial support from $3 million to $5 million, according to a statement.

Oasis500 seeks to back early-stage information and communication technologies (ICT) businesses in Jordan through pre-seed and seed funding. The portfolio companies have collectively secured $27 million in external financing to date.

The partnership between Oasis500 and the ISSF has so far supported 36 start-ups, 36% of which are founded by women. The initiative has also resulted in the creation of 300 direct and 1,000 indirect jobs.

(Writing by Cleofe Maceda; editing by Brinda Darasha)