The Innovative Startups and SMEs Fund (ISSF) of Danan has committed an additional $5 million to Propeller’s second fund, up from the original $3.5 million.
Founded in 2017 by Tambi Jalouqa and Zaid Farekh, Propeller Ventures II (PVII) is a Jordan-based pre-Seed and Seed-stage venture capital firm (VC) with a focus on cloud infrastructure, enterprise software, and SaaS. The anchor limited partner (LP) is ISSF.
The ISSF was co-founded in 2017 by the World Bank and the Central Bank of Jordan with the intention of providing direct or venture capital fund investments to assist Jordanian companies.
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Investing in promising entrepreneurs with an emphasis on innovation and scalability, Propeller has established itself as a pioneer in the tech investment space. As evidence of their commitment to promoting regional entrepreneurship and economic development, Propeller has made investments through PVII in a number of Jordanian enterprises.
Mohammed Al Muhtaseb, CEO of ISSF, said, “This is a testament to the success of Propeller thus far and to the positive role they are playing by investing in the Jordanian ecosystem, which is evident whether through their selection of portfolio companies or the ongoing support and value they add to them afterward. We are proud of this partnership and pleased to increase our commitment to this remarkable team.
Tambi Jalouqa, Managing Partner of Propeller, said: “We are delighted to continue our journey with the ISSF. The team at ISSF is our anchor investor and biggest supporter. We believe that together we can be catalysts for the Jordanian technology scene for years to come.”
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About ISSF
Chartered in Jordan as a private shareholding company, the ISSF is a USD 98 million fund that was founded in 2017. The World Bank contributed USD 50 million to the fund’s establishment, which was made possible by cooperation between the Jordanian Central Bank and investors.
About Propeller
A venture financing firm that supports innovative innovators in their early stages. While funding is crucial, developing successful businesses starts with their initial clients, employees, and product. They know that the only thing that matters is the product-market fit because they are builders themselves.
They want to challenge and enable them to create goods that are sold around the world. There is no denying that getting there is difficult; To make the process easier, they have developed a talent pool, a network of specialists, and a set of tools.
