ISSF invests $2M in VentureSouq

By JT - Jun 13,2024 - Last updated at Jun 13,2024

This investment, finalised in June, highlights the ISSF’s ongoing dedication to supporting promising Jordanian start-ups (Petra photo)

AMMAN — The Innovative Startups and SMEs Fund (ISSF) — the largest investment fund of its kind in Jordan — announced an investment of $2 million in VentureSouq Fund II, which is a MENA-based venture capital fund manager with a global portfolio of thematic funds including FinTech.

This investment, finalised in June, highlights the ISSF’s ongoing dedication to supporting promising Jordanian start-ups, ISSF announced on its website.

The ISSF has mandated that VentureSouq reinvest in Jordanian companies at a multiple of their initial investment, further emphasising their commitment to the Jordanian ecosystem.

ISSF CEO Mohammed Muhtaseb said, “We are very proud of our partnership and investment in VentureSouq. VentureSouq has demonstrated a deep belief in the Jordanian ecosystem by investing in local companies. For the past four years, the FinTech sector has been the most active vertical in the MENA region, capturing 52 per cent of total MENA VC funding.”

He added “Jordanian FinTech startups have significant opportunities to thrive in this sector. Partnering with a FinTech-focused fund like VentureSouq within our portfolio presents a strategic opportunity to boost the Jordanian FinTech ecosystem and is aligned with the country’s efforts to develop this sector on a national level, as well as the initiatives from the Central Bank of Jordan in the Fintech space.”

VentureSouq’s Co-founder and General Partner Sonia Gokhale said, “We believe the Jordan ecosystem is a hub for high-quality talent, a secure and stable breeding ground for early-stage companies and a remarkably accepting market in terms of technology adoption.

General Partner at VentureSouq Maan Eshgi said, “This partnership with the ISSF will significantly enhance our efforts in Jordan and play a crucial role in driving our financial success.

More importantly, it brings us closer to our overarching goal of serving as a regional unifier, primarily for our portfolio companies, by providing them with swift access to GCC and global markets.”

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