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/
Amman, November 2021: Underscoring continuous efforts to support entrepreneurs across the Kingdom, the Innovative Startups and SMEs Fund (ISSF) – the largest investment fund of its kind in Jordan – organized a panel discussion titled ‘The World of Entrepreneurship with the ISSF’ at the Zain Innovation Platform (ZINC) at the King Hussein Business Park. The event was attended by ISSF General Manager Eng. Laith Al Qasem and ISSF Investment Director Hasan Al Shami, alongside a host of young entrepreneurs, startup owners and entrepreneurship enthusiasts.
During the session, Al Qasem showcased the stages of startup development and highlighted their specific requirements, while emphasizing the importance of successively passing through and meeting the various prerequisites of each in order to attract investors. Meanwhile, Al Shami addressed startup investments, noting that only a small percentage successfully raise venture capital funds globally and adding that the chances of attracting institutional investors increase after a startup reaches the revenue stage. Following the session, Al Qasem and Al Shami answered attendee questions on how to advance their companies and discussed the possibility of securing funding – whether from the ISSF itself or other funds, incubators and accelerators supported by the ISSF in Jordan.
“We are excited to conduct such discussions that allow us to interact with young entrepreneurs, explore their needs, empower them to develop their startups and prepare them for investment, in line with our mission to build and foster a robust local entrepreneurial ecosystem. We are proud of our creative youth, their promising capabilities and their innovative ideas, and look forward to organizing similar sessions in the future to outreach the largest number of young women and men and help their businesses thrive.”
The ISSF is registered as a Jordanian private shareholding company. The objective of the ISSF is to support and elevate Jordan’s entrepreneurial and innovation landscape by facilitating the establishment of new investment funds that serve the ecosystem; making direct investments in innovative, export-oriented and scalable local startups; as well as implementing initiatives that improve the capabilities of Jordanian entrepreneurs and startup teams through training, capacity building and targeted incubation and acceleration programs.
Amman, October 2021: The Innovative Startups and SMEs Fund (ISSF) – the largest investment fund of its kind in Jordan – has completed a direct investment of USD 150,000 in NEXT Renewable Energy Company; a Jordan-based provider of specialized solar thermal (ST) and photovoltaic (PV) solutions. NEXT extends solar-dependent designs, fuel-saving solutions, desalination systems and heavy fuel oil (HFO) tank heating for both commercial and industrial clients across the hotel, hospital, textile and food industries.
The investment aligns with the Innovative Future Initiative, which the ISSF launched to support startups and SMEs affected by the COVID-19 pandemic in Jordan. Organized in coordination with the World Bank, the initiative has allocated USD 7.5 million to empower these companies to overcome the challenges imposed by the global health crisis.
“Amidst the COVID-19 pandemic, we have been placing added focus on direct investments so as to enable startups and SMEs to not only endure, but also prosper. Through this investment, the ISSF is helping NEXT to recover and reach its full technical and operational potentials, consequently contributing to the revival of the local entrepreneurial ecosystem and positively impacting the national economy as a whole,” commented ISSF CEO, Laith Al Qasem.
In turn, NEXT Chariman, Hani Rabie, stated, “The ISSF was very prompt and steadfast in responding to our pressing business needs. Following a standstill of over 14 months, we were awarded our first project since the onset of the pandemic. This investment came at an opportune time, enabling us to mobilize our resources and cover the expenses required for closing several pending projects throughout the region.”
The ISSF is registered as a Jordanian private shareholding company. The objective of the ISSF is to support and elevate Jordan’s entrepreneurial and innovation landscape by facilitating the establishment of new investment funds that serve the ecosystem; making direct investments in innovative, export-oriented and scalable local startups; as well as implementing initiatives that improve the capabilities of Jordanian entrepreneurs and startup teams through training, capacity building and targeted incubation and acceleration programs.
Amman, October 2021: As part of its Incubator and Accelerator Development Program (IADP), the Innovative Startups and SMEs Fund (ISSF) – the largest investment fund of its kind in Jordan – has granted a USD 250,000 fund to the iPARK@Aqaba Entrepreneurship Program, emphasizing efforts to support early-stage startups and SMEs throughout the Kingdom. iPARK@Aqaba is the first business incubator in the city and seeks to empower aspiring entrepreneurs within the tourism, logistics, entertainment and services sectors.
Under its multiple tracks – which encompass structured awareness and capacity building programs, incubation services and networking opportunities – the iPARK@Aqaba Entrepreneurship Program is expected to support 98 ideas and startups, as well as generate 250 jobs, subsequently capitalizing on the entrepreneurial potential of Aqaba, advancing the local ecosystem and driving economic growth.
“At the ISSF, we seek to develop the entrepreneurial ecosystem through funding high quality investment readiness programs, incubators and accelerators targeting youth and women entrepreneurs across all governorates . By funding the iPARK@Aqaba Entrepreneurship Program, we are providing young female and male entrepreneurs with a valuable opportunity to establish and nurture their innovative and commercially viable startups. This promising program contributes to fostering innovation, developing a robust entrepreneurial landscape, creating jobs and eventually furthering economic advancement,” commented ISSF Programs Manager, Dr. Shadi Al-Khamayseh.
In turn, iPARK Incubation Director, Serene Duwayri, added, “The iPARK@Aqaba Entrepreneurship Program was designed to target the specific requirements of the local community, create value-added jobs for youth and enhance the growth prospect and integration of the national economy. We aim to develop a dynamic entrepreneurial ecosystem in Aqaba that establishes a sustainable culture of entrepreneurship and startups with clear market demands and potential partnerships. We firmly believe that the dynamic resulting from this program will continue to flourish, attract support organizations from other cities and hence become commercially viable beyond the timeline of the program.”
The ISSF is registered as a Jordanian private shareholding company. The objective of the ISSF is to support and elevate Jordan’s entrepreneurial and innovation landscape by facilitating the establishment of new investment funds that serve the ecosystem; making direct investments in innovative, export-oriented and scalable local startups; as well as implementing initiatives that improve the capabilities of Jordanian entrepreneurs and startup teams through training, capacity building and targeted incubation and acceleration programs.
Amman, August 2021: Underscoring its ongoing mission to support innovative early-stage startups and SMEs in the Kingdom, the Innovative Startups and SMEs Fund (ISSF) – the largest investment fund of its kind in Jordan – has made a USD one million investment during August in Access Bridge Ventures (ABV); a UAE-based early-stage venture capital fund focused on the Middle East, North Africa and Pakistan.
With a prominent regional and international standing – attained through its management network, partner support and affiliation with leading private equity firm CedarBridge Capital Partners – ABV serves as a first institutional investor, empowering entrepreneurs on their journeys from the early stages by extending end-to-end investment and operational expertise. By doing so, ABV nurtures distinguished leaders across various sectors, including healthtech, edtech, fintech, enterprise-tech and Software as a Service (SaaS).
ABV – led by Issa Aghabi and Rakan AlRashed, who bring 25 years of experience investing in and exiting tech companies across the MENA region and beyond – announced the first close of its USD 25 million fund in January 2021.
“We are pleased with our decision to invest in ABV, which is renowned for its strong network of partners. The regional fund will effectively outreach and support Jordanian early-stage startups to become leaders within their respective fields, thereby actively contributing towards the national economy and supplying talents, solutions and innovations that keep pace with today’s tech-driven era,” commented ISSF CEO, Laith Al Qasem.
In turn, ABV Managing Partner, Issa Aghabi, stated, “The MENA landscape has transformed over the past few years, with entrepreneurs and startups acting as powerful catalysts for economic growth and development. ABV boasts the unique ability to identify and cultivate this new breed of tech companies, many of which are extraordinary in their own right, and help them realize their full potentials. Our partnership with the ISSF will further enhance ABV’s capacity to invest in and work with promising home-grown Jordanian entrepreneurs to ultimately make them regional successes.”
The ISSF is registered as a Jordanian private shareholding company. The objective of the ISSF is to support and elevate Jordan’s entrepreneurial and innovation landscape by facilitating the establishment of new investment funds that serve the ecosystem; making direct investments in innovative, export-oriented and scalable local startups; as well as implementing initiatives that improve the capabilities of Jordanian entrepreneurs and startup teams through training, capacity building and targeted incubation and acceleration programs.
Amman, August 2021: The Innovative Startups and SMEs Fund (ISSF) – the largest investment fund of its kind in Jordan – has announced a direct investment of USD 150,000 in Silkroad Images; a Middle East provider of exclusive stock photography images and digital content such as vectors, footage and editorials. Divided into multiple unique categories, the materials are sourced from professional photographers and content developers from across the region.
“In the wake of the coronavirus pandemic, we have been placing added emphasis on direct investments in order to allow pioneering companies to not only survive, but also thrive. Through this investment, the ISSF is accelerating the growth of “Silkroad Images” and actively empowering the company to reach its full technical and operational potentials, thus positively impacting the local economy, achieving national progress and positioning Jordan as a prime tech and entrepreneurial hub,” commented ISSF CEO, Laith Al Qasem.
In turn, Founder and CEO of Silkroad Images, Riham Mahafza, elaborated, “The COVID-19 pandemic has taken a massive toll on numerous industries, forcing companies – especially startups and SMEs – to downsize drastically or shutdown altogether, and our industry was no exception. Securing investment from the ISSF, combined with an internal funding round, will enable us to expand our digital library with authentic and intuitive content, grow our team, outreach new audiences and develop our operations, consequently bridging our expansion into untapped high-potential markets in the near future.”
The ISSF is registered as a Jordanian private shareholding company. The objective of the ISSF is to support and elevate Jordan’s entrepreneurial and innovation landscape by facilitating the establishment of new investment funds that serve the ecosystem; making direct investments in innovative, export-oriented and scalable local startups; as well as implementing initiatives that improve the capabilities of Jordanian entrepreneurs and startup teams through training, capacity building and targeted incubation and acceleration programs.
Amman: Innovative Startups and SMEs Fund (ISSF) Chief Executive Officer, Laith Al Qasem, has conducted a session with a group of entrepreneurs and startup owners to discuss their ideas and potentials for growth and development within the Jordanian market. The entrepreneurial projects were focused on tech and marketing solutions, as well as business intelligence.
During the session, Eng. Rashed Al Dweik addressed the topic of media startups and their relevance to business development and innovation, commenting, “We extend professional media services and have worked with several companies and clients, achieving effective results. Over the course of the session, we learned more about the phases startups undergo and the different requirements of each, which will enable us to merge business development with the existing media services we provide so as to accelerate our growth.”
Meanwhile, the entrepreneurial concept of Eng. Majdi Mabrouk tackled the regulation of the car industry and the facilitation of related services within the local and regional markets, stating, “Our idea stemmed from the need to streamline the supply of cars to Jordan and coordinate after-sales services, on par with global car manufacturer standards. Exploring my concept with a leading entity that specializes in supporting innovative ideas has been of great value and has given me several viable options for consideration.”
Furthermore, entrepreneur Ezz Al Din discussed his augmented reality project, elaborating, “We aim to deliver an inventive solution that enables establishments to boost interactivity between their customers and their surroundings in order to enhance user experiences and integration. This technology will allow us to become part of the upcoming tech revolution anticipated for 2030, which will be kicking off within the next few years. Our idea comes with various challenges and finding an entity that is knowledgeable within this field has not been easy. However, we now have the ability to devise a clear work plan that empowers us to overcome these obstacles and transform our concept into reality when the time is right.”
Throughout the session, Al Qasem shared valuable advice and guidance, whilst highlighting the key role of the ISSF in supporting entrepreneurial ideas and SMEs through investment, training or funding.
“We firmly believe that the future of Jordan lies in its youth. That being said, sufficient communication with them remains lacking and their voices and ideas must now be heard. Our goal at the ISSF is to advance the local entrepreneurial ecosystem, which is primarily achieved by directly interacting with youth, and this is the main reason we kickstarted these sessions,” explained Al Qasem.
These sessions are the first in a series of meetings specifically organized by the ISSF to engage with young Jordanian female and male entrepreneurs to ultimately bolster communication with them, offer them guidance, understand their challenges and respond to their questions.
Amman, May 2021: The Innovative Startups and SMEs Fund (ISSF) – the largest investment fund of its kind in Jordan – has announced a direct investment of USD 150,000 in Jordan-based company; Trteeb. The investment, which was made in January 2021, underlines the strategy of the ISSF to support 150-200 local innovation companies through direct and indirect investments (the latter in investment funds) and build the capacities of 825 entrepreneurs and SMEs through specialized training to qualify them for prospective investments.
Trteeb leverages advanced technologies to provide an online platform specializing in tailoring traditional Arab garments by connecting customers to tailors, consequently stimulating market performance and positively impacting all involved parties. The platform presents customers with the option to either choose from a selection of available fabrics and designs or customize their thobes to suit their diverse preferences, alongside easy and convenient measuring methods to ensure ultimate comfort and satisfaction.
“Since our founding in 2017, we have been placing special focus on promising innovative startups that utilize technology to support different local markets, and Trteeb is a prime example of such a company. Through this investment, we are looking to accelerate the growth of Ttrteeb’s operations and empower its highly talented team in order to ultimately advance the national economy and achieve the development and prosperity we aspire towards,” commented ISSF CEO, Laith Al Qasem.
In turn, Trteeb Co-Founder, Sultan Basyoni, stated, “We have been in contact with the ISSF from the outset and, ever since, their expert team has guided Trteeb and other startups within the ecosystem in tackling and overcoming critical challenges, consequently adding great value and saving us time and effort. This investment, which underscores the ISSF’s steadfast commitment to supporting and enabling Jordanian tech companies to succeed, will be used to sustain the development of our employees and products both inside and outside the Kingdom.”
The ISSF is registered as a Jordanian private shareholding company. The objective of the ISSF is to support and elevate Jordan’s entrepreneurial and innovation landscape by facilitating the establishment of new investment funds that serve the ecosystem; making direct investments in innovative, export-oriented and scalable local startups; as well as implementing initiatives that improve the capabilities of Jordanian entrepreneurs and startup teams through training, capacity building and targeted incubation and acceleration programs.
Amman, March 2021: The Innovative Startups and SMEs Fund (ISSF) – the largest investment fund of its kind in Jordan – has announced a direct investment of USD 150,000 (over JOD 100,000) in Solfeh; a fintech micro-lending online platform that offers emergency cash advancements to salaried employees. The investment, which was made in January 2021, underscores the strategy of the ISSF to support 150-200 local innovation companies through direct and indirect investments (the latter in investment funds) and build the capacities of at least 600 entrepreneurs and SMEs through specialized training to qualify them for prospective investments.
Solfeh presents socioeconomically-sustainable financial and commercial services that benefit employees and business owners alike. This is achieved through the delivery of emergency microloans to salaried staff in coordination with their companies – with amounts ranging from JOD 200 to JOD 1,000 and a flexible tenor of up to 25 months via a fully automated process that takes a maximum of 30 minutes for users to secure their money – in accordance with advanced IT solutions and financial technologies. Solfeh specifically targets low-income companies and facilitates their continuity and sustainability by enabling them to maintain their liquidity, cash reserves and human resources. Meanwhile, employees of these establishments can request a loan without the need for a guarantor and select their suitable payment scheme, after which the business owner either approves or declines the application, with the option of directly overseeing and following up on the installment plan.
“By extending innovative solutions that deploy the latest financial technologies to serve both individuals and organizations, Solfeh has firmly succeeded in meeting our requirements for direct investment. Supporting youth who possess notable entrepreneurial potential and promising creative ideas in the early stages is not just part of our mission, but is also fundamental for driving national socioeconomic advancement and fostering an inclusive local ecosystem that positions Jordan as a regional hub for innovation and entrepreneurship,” commented ISSF CEO, Laith Al Qasem.
On his part, Solfeh CEO, Ali Tabbalat, stated, “Solfeh has been one of the first companies within the entrepreneurial arena to build a fintech platform that finances salaried public and private sector employees through its application, thereby saving them time, effort and cost, and helping them address emergency situations in cooperation with their employers. With the investment of the ISSF, we are now able to further enhance our product offering and expand geographically, therefore providing greater benefit to all involved parties.”
The ISSF is registered as a Jordanian private shareholding company. The objective of the ISSF is to support and elevate Jordan’s entrepreneurial and innovation landscape by facilitating the establishment of new investment funds that serve the ecosystem; making direct investments in innovative, export-oriented and scalable local startups; as well as implementing initiatives that improve the capabilities of Jordanian entrepreneurs and startup teams through training, capacity building and targeted incubation and acceleration programs.