TLDR:
– ISSF invests $2 million in VentureSouq Fund II, a MENA-based venture capital fund manager with a global portfolio
– ISSF’s ongoing dedication to supporting promising Jordanian start-ups highlighted in this investment
The Innovative Startups and SMEs Fund (ISSF), the largest investment fund in Jordan, recently announced an investment of $2 million in VentureSouq Fund II, a MENA-based venture capital fund manager with a global portfolio. This investment showcases ISSF’s commitment to supporting promising Jordanian start-ups, with the mandate for VentureSouq to reinvest in Jordanian companies at a multiple of their initial investment.
ISSF CEO Mohammed Muhtaseb expressed pride in the partnership with VentureSouq, noting their deep belief in the Jordanian ecosystem and investments in local companies. The focus on the FinTech sector, which has been the most active vertical in the MENA region in recent years, provides significant opportunities for Jordanian FinTech startups to thrive. Partnering with VentureSouq presents a strategic opportunity to boost the Jordanian FinTech ecosystem and aligns with national efforts to develop the sector.
VentureSouq’s Co-founder and General Partner Sonia Gokhale also praised the Jordanian ecosystem, highlighting it as a hub for high-quality talent and a supportive market for technology adoption. The partnership between ISSF and VentureSouq is expected to enhance efforts in Jordan and drive financial success, bringing them closer to their goal of serving as a regional unifier for portfolio companies.
This investment is a significant step in supporting the growth and development of the Jordanian start-up ecosystem, particularly in the FinTech sector, and demonstrates the potential for continued collaboration between local and international investors to foster innovation and entrepreneurship in Jordan.
