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 200,000 (over JOD 141,000) in Abjjad; a company that promotes and markets Arabic digital books. 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.
Since its launch in 2012, Abjjad has steadily progressed and enhanced its operations to achieve ISSF requirements for direct investment, demonstrating inspiring innovation, ambitious vision and high growth potential. Serving as a wide network for readers, authors and publishing houses alike, the extensive virtual library presented by Abjjad enriches the knowledge of individuals, as well as actively contributes to establishing a new market within the Arab publishing world by converting publications into digital books that its 168 million Arab readers can easily access. To date, Abjjad comprises 50 Arab publishers officially contracted by the platform and features 250,000 users.
“Targeting digital innovators and supporting them through funding that enables their businesses to grow and flourish is at the core of our mission, which seeks to bridge the investment and funding gaps for emerging and existing companies, whilst fostering an environment that promotes local entrepreneurship. Today, we have chosen to invest in Abjjad – a platform that has received and is nominated for multiple prestigious local and regional awards – thereby empowering it to positively impact the community and positioning its founders as a source of inspiration for other aspiring Jordanian entrepreneurs,” commented ISSF CEO, Laith Al Qasem.
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.