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. This strategic partnership highlights the ISSF’s commitment to empowering the Jordanian ecosystem.
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 for the challenges in our region and capitalize on Jordanian talent and skills to take advantage of the opportunities.”
In turn, 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.”
About the Innovative Startups and SMEs Fund
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 Global Ventures
Global Ventures is a UAE-based, Series-A focused, emerging-market venture capital firm investing in mission-driven founders building companies across Africa and the Middle East. With $300 million AUM, and financial returns rating it as a top decile fund, Global Ventures has become a leading investor across the Middle East and Africa. Since 2018, Global Ventures has invested in over 60 companies across ten markets, deliberately focused on sectors positively affecting millions of lives across the world, such as Supply Chain Tech, Energy Management, FinTech, Digital Health, EdTech and AgriTech.
