The Innovative Startups and SMEs Fund (ISSF), the largest investment fund of its kind in Jordan, proudly announces a USD 5 million investment in Rua Growth I LP, a USD 45 million venture capital fund. Rua Growth I LP, with a sector focus on Marketplaces, Fintech, Enterprise Solutions, and SaaS, is dedicated to supporting early stage and inflection of growth startups. Rua Growth Fund has been mandated by ISSF to reinvest the initial USD 5 million at a multiple in Jordanian startups.
ISSF CEO Mohammed Al Muhtaseb stated: “We are proud to welcome Rua Growth Fund to our portfolio of funds. Their investment thesis and strategy align with our vision for the Jordanian ecosystem. Their unique composition of the GP having both Saudi and Jordanian veteran investment managers embodies the great and historic relationship Jordan and Saudi Arabia enjoy on so many levels. The investment thesis captures the opportunities the Saudi and GCC markets present and capitalizes on the unique talent and competitive advantages that Jordan has and unlocks the unlimited potential.”
In turn, Turki Aljoaib, Managing Partner of Rua Growth Fund, commented: We are excited about our strategic partnership with the ISSF, which plays a critical role in fostering innovation and supporting entrepreneurial ventures in Jordan. Through our collaboration, we aim to leverage the strengths of the Jordanian entrepreneurial ecosystem—its skilled workforce and dynamic startups—to bridge the gap between markets in Jordan and Saudi Arabia. Together, we are creating new opportunities for growth, technological advancement, and job creation in Jordan, and supporting their expansion in Saudi Arabia and beyond; aligning with our vision to back high-potential and disruptive technological startups that will transform the region.
About the ISSF:
The ISSF is a USD 98 million fund established in 2017 and registered in Jordan as a private shareholding company. The fund was established as a partnership between the Central Bank of Jordan with USD 48 million investment and USD 50 million from the World Bank. The 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.
About Rua Growth Fund:
Rua Growth Fund I is a Saudi-based venture capital fund, focusing on early-stage technology startups in Saudi Arabia, Jordan and the broader MENA region. Rua aims to capitalize on the region’s robust entrepreneurship ecosystem and talent, while leveraging the rapidly growing Saudi market. With a portfolio of fast-growing, disruptive startups in sectors such as enterprise solutions & SaaS, fintech, and online marketplaces, Rua supports innovation across the region, driving growth through strategic investments and hands-on portfolio management and support. The Fund is led by experienced General Partners, including Mazin Aldawood from OBIC, a publicly listed Capital Market Institution in Saudi Arabia; Khaldoon Tabaza from iMENA Group, a Jordan-based venture investment firm; and Turki Aljoaib as Managing Partner.
