The Innovative Startups and SMEs Fund (ISSF), Jordan’s investment fund has invested $5 million in Global Ventures’ Fund III to support Jordanian startups.
Founded in 2018 by Noor Sweid, Global Ventures is a Series-A focused, emerging-market VC firm investing in mission-driven founders across the MENA region.
Mohammed Al Muhtaseb, ISSF CEO, stated, “We are happy to welcome Global Ventures Fund III to our portfolio of funds. They have demonstrated deep belief in the Jordanian ecosystem, having invested in several Jordanian companies from previous funds. We believe that the investment thesis aligns with our vision for the Jordanian ecosystem. Together, we will focus on strategic verticals that solve the challenges in our region and capitalise on Jordanian talent and skills to take advantage of the opportunities.”
The ISSF is a USD 98 million fund established in 2017 in a partnership between the Central Bank of Jordan with USD 48 million investment and USD 50 million from the World Bank.
ISSF is committed to facilitating funding for Jordanian early-stage startups and SMEs through investments in venture capital funds as well as direct investment in startups.
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.
This USD 5 million investment is a testament to the thriving Jordanian ecosystem and its potential for global impact.