ISSF injects $2 million into VentureSouq second fund to support  early-stage startups in Jordan

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Jordan’s Innovative Startups and SMEs Fund (ISSF) has invested $2 million in VentureSouq Fund II, managed by the UAE-based VC fund manager VentureSouq to support the Jordanian startup ecosystem, especially the fintech sector.

The ISSF is a $98 million fund established in 2017 and registered in Jordan as a private shareholding company, which is committed to facilitating funding for Jordanian early-stage startups. Meanwhile, VentureSouq, founded in 2013 by Sonia Gokhale, Sonia Weymuller, Suneel Gokhale and Tammer Qaddumi, manages thematic funds, with a current investment focus on FinTech and ClimateTech.

ISSF CEO, Mohammed Al Muhtaseb, commented: “We are very proud of our partnership and investment in VentureSouq. VentureSouq has demonstrated a deep belief in the Jordanian ecosystem by investing in local companies. The FinTech sector has been the most active vertical in the MENA region for the past four years, capturing 52% of total MENA VC funding. Jordanian FinTech startups have significant opportunities to thrive in this sector. Partnering with a FinTech-focused fund like VentureSouq within our portfolio presents a strategic opportunity to boost the Jordanian FinTech ecosystem and is aligned with the country’s efforts to develop this sector on a national level, as well as the initiatives from the Central Bank of Jordan in the Fintech space.”

This investment, finalized in June, highlights the ISSF’s ongoing dedication to supporting promising Jordanian startups. The ISSF has mandated that VentureSouq reinvest in Jordanian companies at a multiple of their initial investment, further emphasizing their commitment to the Jordanian ecosystem.

In turn, VentureSouq’s Co-founder and General Partner, Sonia Gokhale, stated: “We believe the Jordan ecosystem is a hub for high-quality talent, a secure and stable breeding ground for early-stage companies and a remarkably accepting market in terms of technology adoption. We are grateful to have partners such as the ISSF who have the same vision and drive as VentureSouq, to propel the regional ecosystem forward.”

Echoing this sentiment, Maan Eshgi, General Partner at VentureSouq, emphasized: “This partnership with the ISSF will significantly enhance our efforts in Jordan and play a crucial role in driving our financial success. More importantly, it brings us closer to our overarching goal of serving as a regional unifier, primarily for our portfolio companies, by providing them with swift access to GCC and global markets.”

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