Jordan’s ISSF invests $5mn in Global Ventures’ Fund III

Amman - Sharikat Mubasher: The Innovative Startups and SMEs Fund (ISSF), Jordan’s largest investment fund of its kind, announced a USD 5 million investment in Global Ventures’ Fund III.

 A leading venture capital firm focused on growth-stage investments across the Middle East and Africa, Global Ventures has been mandated by ISSF to invest in Jordanian startups, according to a recent press release. This strategic partnership highlights the ISSF’s commitment to empowering the Jordanian ecosystem.

Mohammed Al Muhtaseb, ISSF CEO, commented: “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 capitalize on Jordanian talent and skills to take advantage of the opportunities.”

Noor Sweid, Global Ventures’ Managing Partner added, “We are thrilled to extend our partnership with ISSF and welcome them into Global Ventures’ Fund III. We are excited to support their mission of backing Jordanian entrepreneurs and startups. With hundreds of startups already active in the country and 98% of recently registered companies in Jordan being SMEs and startups, which generate more than 50% of private-sector GDP and 60% of new employment opportunities, we are eager to contribute to this dynamic landscape and witness the transformative impact these entrepreneurs will have on the global stage.”

Contribution Time: 10-Jul-2024 08:07 (GMT)
Last Update Time: 10-Jul-2024 13:09 (GMT)