Jordan’s Innovative Startups and SMEs Fund (ISSF) has invested $2 million in VentureSouq Fund II, which is managed by the UAE-based venture capital firm, VentureSouq.
This investment is set to enhance support for Jordanian startups, particularly within the fintech sector.
The ISSF, established in 2017, is Jordan’s largest investment fund dedicated to early-stage startups. It aims to provide crucial funding and support to innovative businesses in Jordan. VentureSouq, founded in 2013 by Sonia Gokhale, Sonia Weymuller, Suneel Gokhale, and Tammer Qaddumi, focuses on thematic investments, with a current emphasis on FinTech and ClimateTech.
This $2 million investment, completed in June, underscores the ISSF’s commitment to bolstering Jordanian startups. A key aspect of the investment is that VentureSouq will reinvest in Jordanian companies, amplifying the impact of the initial funding and reinforcing its support for the local startup ecosystem.
Mohammed Al Muhtaseb, CEO of ISSF, expressed his enthusiasm about the partnership: “We are excited about our investment in VentureSouq. Their commitment to investing in Jordanian startups demonstrates a strong belief in the potential of our local ecosystem. The fintech sector has been particularly dynamic in the MENA region, capturing 52% of total venture capital funding over the past four years. By partnering with a fund like VentureSouq, which is focused on fintech, we are strategically positioning ourselves to support and grow the fintech sector in Jordan. This aligns with national efforts and the Central Bank of Jordan’s initiatives to advance fintech in the country.“
Sonia Gokhale, Co-founder and General Partner at VentureSouq, also shared her views: “We see Jordan as a hub of high-quality talent and a stable environment for early-stage companies. The market’s openness to technology makes it an ideal location for growth. We are thrilled to partner with ISSF, who share our vision and commitment to advancing the regional ecosystem.“
Maan Eshgi, General Partner at VentureSouq, added: “This collaboration with ISSF is crucial for enhancing our impact in Jordan. It will not only contribute to our financial success but also help us achieve our goal of connecting our portfolio companies with GCC and global markets. This partnership is a significant step towards unifying and expanding our regional presence.“
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