Innovative Startups & SMEs Fund (ISSF), has announced a $5 Million investment in Vision Ventures’ Saqr Fund II. Saqr Fund II aims to support early-stage startups through pre-seed, seed, series A, and pre-series B stages.
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This investment goes in line with ISSF’s goals to support Jordanian startups and eco-system.
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“We are proud to welcome Vision Ventures to our portfolio of funds,” expressed Mohammed Al-Muhtaseb, CEO of Innovative Startups & SMEs Fund. “Vision Ventures has demonstrated a strong commitment to the Jordanian ecosystem by investing in Jordanian companies, and our investment in Vision Ventures aligns with our vision of catalyzing the growth of our ecosystem of innovative startups in Jordan and providing them with accelerated access to the Saudi and GCC markets.
Kais Al Essa, Founding Partner and CEO of Vision Ventures commented: “We are proud of our partnership with ISSF. We have always viewed the region as an interconnected network of ecosystems, where each country has its own set of opportunities. Jordan certainly adds a lot of value to the entrepreneurial ecosystem in the MENA region through its talent and innovation. Vision Ventures has been the most active VC in the MENA region since 2019 with investments in the region including Jordan. We’ve been able to create bridges between different markets including between Jordan and GCC where several partnerships and M&As resulted which benefitted the whole eco-system. Though our partnership with ISSF we intend to continue this role and explore additional synergies.”
About Innovative Startups & SMEs Fund (ISSF)
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 a 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.
