- The Innovative Startups and SMEs Fund (ISSF) in Jordan is investing $5 million in Global Ventures Fund III to support local entrepreneurs and businesses.
- The collaboration aims to leverage Global Ventures’ expertise in growth-stage investments, benefiting Jordanian start-ups and fostering local innovation.
- SMEs and start-ups in Jordan are crucial to the economy, making up 98% of newly registered companies, contributing over 50% of the private-sector GDP, and generating 60% of new employment opportunities.
- By partnering with Global Ventures, ISSF aims to strengthen the SME sector, ensuring continued innovation and economic development in Jordan.
The Innovative Startups and SMEs Fund (ISSF) of Jordan is investing $5 million in Global Ventures Fund III, demonstrating a strong commitment to supporting entrepreneurs and start-ups in the country.
ISSF is one of Jordan’s largest investment funds, valued at $98 million. It has assigned Global Ventures to invest specifically in Jordanian start-ups. This partnership showcases ISSF’s strategy to promote innovation and business growth in Jordan.
Global Ventures: A Trusted Partner
Global Ventures is a UAE-based venture capital firm. It is known for its focus on growth-stage investments across the Middle East and Africa.
With $300 million in assets under management and investments in over 60 businesses across 10 markets, Global Ventures brings extensive experience and a proven track record. Their inclusion in the ISSF portfolio is a strategic move, as they have previously invested in several Jordanian companies.
Focus on Strategic Verticals
ISSF CEO Mohammed Al Muhtaseb expressed enthusiasm for the partnership, noting Global Ventures’ deep belief in the Jordanian ecosystem.
He emphasized that the fund will target strategic verticals that address regional challenges and leverage Jordanian talent and skills. This approach aligns with ISSF’s mission to drive economic growth and innovation in Jordan.
Supporting SMEs and Job Creation
In Jordan, small and medium-sized enterprises (SMEs) and start-ups play a crucial role in the economy. They account for approximately 98% of recently registered companies, generate over 50% of the private-sector GDP, and create 60% of new employment opportunities.
Noor Sweid, Managing Partner at Global Ventures, highlighted these statistics, underlining the importance of supporting these enterprises for sustained economic development.
Overall, ISSF’s $5 million investment in Global Ventures Fund III underscores a strategic effort to nurture Jordan’s entrepreneurial landscape, driving innovation and economic growth through targeted investments in promising start-ups.
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Last Updated on July 11, 2024 by Safiya K
