February 2023: The Innovative Startups and SMEs Fund (ISSF) – the largest investment fund of its kind in Jordan – announces an investment of USD 5 million in MEVF IV, a $150M Fund launched by Middle East Venture Partners (“MEVP”); MEVP is a regional MENA-focused venture capital firm with more than $300M of AUMs. The investment, which was completed in February, underscores the commitment of the ISSF to empowering promising Jordanian startups to advance the local entrepreneurial landscape and the national economy at large.
ISSF CEO, Mohammed Al Muhtaseb, commented:
“We are very proud and excited about our partnership and investment in MEVP, a well-established VC with proven track record in supporting and scaling up innovative startups and realizing returns for investors. MEVP demonstrated deep belief in the Jordanian ecosystem through investing in Jordanian companies in the past. The fund established a branch office in Amman to be closer to the Jordanian ecosystem as a result of their partnership with ISSF. Through this partnership we hope to bring to the local ecosystem a strong regional player that can provide equity capital as well as accelerated access to markets for Jordanian start-ups.”
In turn, MEVP’s founder, chairman and co-CEO, Walid Hanna, stated:
“MEVP has always believed in the Jordanian startup ecosystem due to its distinctive talent and quality entrepreneurs. MEVP has been an early investor in this ecosystem and has witnessed numerous success stories such as Hyperpay and Al-tibbi. With the support of ISSF we are planning to empower more Jordanian startups to disrupt the MENA region and beyond, keeping in mind our commitment to ESG principles as well as high returns to our investors’ equity.”
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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.
For more information, please visit the website at www.issfjo.com
About Middle East Venture Partners (“MEVP”)
MEVP is one of the pioneer venture capital firms in the MENA region and currently manages four regional technology-focused venture capital funds with more than USD 300 million in assets under management and USD 1.6 billion in co-investments. To date, MEVP’s team, comprising 21 investment professionals, have invested in more than 60 portfolio companies across Levant, MENA, Sub-Saharan Africa, Pakistan, and Turkey.
More information can be found at https://www.mevp.com/