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Amman: The Innovative Startups and SMEs Fund (ISSF) - the largest investment fund of its kind in Jordan - has announced a direct investment of USD 120,000 in Mrayti; a Middle East startup specializing in clean cosmetics and personal care products free of health-compromising chemicals or compounds.
The investment aligns with the Innovative Future Initiative, which the ISSF launched to support startups and SMEs affected by the COVID-19 pandemic in Jordan. Organized in coordination with the World Bank, the initiative has allocated USD 7.5 million to empower these companies to overcome the challenges imposed by the global health crisis.
“During the COVID-19 pandemic, many Jordanian companies experienced significant challenges, that made it difficult for them to continue or impeded the growth of their bussiness, and here comes the ISSF's role in enabling startups and SMEs to not only endure, but also prosper. ISSF investment in “Mrayti” comes from our belief in Jordanian entrepreneurs and their ability to turn challenges into new opportunities for development and expansion, thereby contributing to supporting local entrepreneurial activity and positively impacting the national economy as a whole,” commented ISSF CEO, Laith Al Qasem.
In turn, Founder of Mrayti, Romouz Sadeq, elaborated, “The team and I are excited to make Mrayti a regional favorite for savvy consumers by the end of this year. ISSF’s investment comes at such a pivotal moment as we’ve just launched our own products and sends a strong signal that Jordanian startup ecosystem continues to lead with innovation and confidence”
The ISSF is registered as a Jordanian private shareholding company. The objective of the ISSF is to support and elevate Jordan’s entrepreneurial and innovation landscape by facilitating the establishment of new investment funds that serve the ecosystem; making direct investments in innovative, export-oriented and scalable local startups; as well as implementing initiatives that improve the capabilities of Jordanian entrepreneurs and startup teams through 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 Mrayti
Mrayti is a middle east startup specializing in clean cosmetics and personal care products free of health-compromising chemicals or compounds. Founded By Romouz Sadeq in Amman, Mrayti has become an authority in the beauty and personal care industry offering 500+ carefully selected products on the platform. In 2021, Mrayti launched its first line of locally manufactured cosmetics under the brand name. “The team and I are excited to make Mrayti a regional favorite for savvy consumers by the end of this year. ISSF’s investment comes at such a pivotal moment as we’ve just launched our own products and sends a strong signal that Jordanian startup ecosystem continues to lead with innovation and confidence”.
For more information, please visit the website at https://www.mraytistore.com/
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