Jordan’s Innovative Startups and SMEs Fund (ISSF) has announced a $5 million investment in Global Ventures’ Fund III. Established in 2018 by Noor Sweid, Global Ventures is a venture capital firm that focuses on Series-A investments in emerging markets across the MENA region, managing a total of $300 million in assets.
The ISSF, founded in 2017 through a partnership between the World Bank and the Central Bank of Jordan, aims to support Jordanian startups either through direct investments or by investing in venture capital funds. With this latest move, the ISSF has tasked Global Ventures with investing specifically in Jordanian startups.
In a recent press release, the ISSF highlighted the importance of this investment. Mohammed Al Muhtaseb, CEO of ISSF, expressed enthusiasm about the collaboration: “We are delighted to add Global Ventures Fund III to our portfolio. Their past investments in Jordanian companies showcase their strong belief in our ecosystem. This partnership aligns with our vision to tackle regional challenges and leverage Jordanian talent to seize new opportunities.”
Noor Sweid, Managing Partner at Global Ventures, also shared excitement about the partnership: “We are excited to deepen our relationship with ISSF and include them in Global Ventures’ Fund III. Jordan is home to a vibrant startup scene, with SMEs and startups accounting for 98% of newly registered companies, generating over 50% of private-sector GDP and creating 60% of new jobs. We look forward to supporting these entrepreneurs and witnessing their impact on the global stage.”
This collaboration underscores the ISSF’s commitment to nurturing the Jordanian startup ecosystem and demonstrates Global Ventures’ dedication to investing in regional talent and innovation.
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