TLDR:
– ISSF increases investment in Propeller’s second fund, Propeller Ventures II to $5 million.
– ISSF increases commitment to Propeller Ventures II, a Jordanian venture capital fund specializing in SaaS, enterprise software, and cloud infrastructure sectors.
Article Summary:
The article discusses the Innovative Startups and SMEs Fund (ISSF) increasing its investment in Propeller’s second fund, Propeller Ventures II (PVII) to $5 million. ISSF serves as the anchor limited partner and has shown confidence in Propeller’s tech investment capabilities by expanding their commitment. Propeller Ventures II focuses on investing in promising startups in SaaS, enterprise software, and cloud infrastructure sectors, with a particular emphasis on Jordanian companies.
Propeller has established itself as a pioneer in tech investment, supporting local entrepreneurship and economic growth by selecting innovative and scalable startups for investment. The increased commitment from ISSF highlights the success of Propeller in the tech investment landscape and their significant role in fostering the Jordanian ecosystem.
The CEO of ISSF, Mohammed Al Muhtaseb, expressed pride in the partnership with Propeller and praised their positive impact on the Jordanian tech scene. Tambi Jalouqa, Managing Partner of Propeller, also emphasized the importance of the continued collaboration with ISSF in catalyzing the technological development in Jordan.
ISSF, established in 2017 with a USD 98 million fund, aims to support Jordanian early-stage startups and SMEs through investments in venture capital funds and direct investments. By providing funding and resources, ISSF strives to create a conducive environment for local entrepreneurs to transform innovative ideas into sustainable businesses that contribute to economic growth and job creation in Jordan.
Propeller, a pre-seed and seed-stage venture capital firm based in Jordan, focuses on investing in technical founders and scalable products in the MENA region. With a portfolio of 35 companies and successful investments, Propeller continues to seek opportunities in Jordan and Saudi Arabia, reaffirming their commitment to fostering innovation and growth in the tech sector.
