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ISSF CEO, Mohammed Al Muhtaseb, commented:
“Our partnership with Antler reflects a shared commitment to Jordan’s entrepreneurial ecosystem, it underscores the great potential for talent in Jordan and further emphasizes Jordan’s position as a regional innovation hub. Through Antler’s MENA fund and a dedicated program for Jordan, we aim to equip Jordanian founders with the capital, structure, and global networks needed to scale up their ideas into successful ventures. This partnership will support the development of a strong pipeline of high-potential startups. *Antler’s global reach, regional presence, and proven success working with founders across the world from Day Zero make them a strategic ally in our mission to accelerate the growth of high-potential Jordanian entrepreneurs.”

Antler Founder and CEO, Magnus Grimeland, added:
“This partnership with Jordan is a powerful endorsement of the entrepreneurial potential we see in the country. Jordanian founders are distinguished by their creativity, resilience, and global mindset. With Antler’s global reach and local talent, we’re excited to back bold ideas and build lasting impact for the Jordanian startup ecosystem.”

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This partnership comes as part of JoPACC and the ISSF’s commitment to support Fintech startups in testing their innovative solutions to grow and scale their business in the local and regional markets.

Jordan’s Fintech ecosystem holds immense potential to address pressing economic and societal challenges. This program was designed to provide Jordanian Fintech startups with access to critical services early in their development stage by enhancing their product-market fit, ensuring operational and compliance readiness and leveraging the latest technologies to boost scalability and efficiency. In turn, this will accelerate the development of Fintech solutions, strengthen Jordan’s position as a regional Fintech hub, create jobs, and contribute to national economic growth.

The incubation program that is financed by the ISSF will be delivered by JOIN Fincubator and will focus on legal, technology, market testing, business financials, and go-to-market strategies.

Ms. Maha Bahou, CEO of JoPACC commended this collaboration with ISSF focusing on its vital support for the Fintech sector in Jordan. Ms. Bahou stated: “Partnering with the ISSF has been key to supporting Jordan’s Fintech ecosystem and empowering the next generation of Fintech leaders. We look forward to further nurturing innovation and driving growth within the sector”.

Mohammed Al Muhtaseb, CEO of ISSF expressed: “The ISSF recognizes the transformative power of Fintech in driving economic growth and enhancing financial inclusion, in line with the Jordan Economic Modernization Vision. With Fintech being the most funded sector in the MENA region, this partnership will provide critical support to early-stage Fintech startups, empowering them to develop innovative solutions that benefit from existing opportunities in the market.”
Al Muhtaseb emphasized that JOIN Fincubator is the ideal partner for the ISSF, given its pivotal role in supporting the growth of pre-seed Fintech startups. This partnership will further position Jordan as a leading regional hub in the Fintech space.

This Partnership aligns with JOIN Fincubator’s core strategic pillars: “Access to Partnerships,” “Access to Finance,” and “Access to Markets.” It promotes direct interactions among diverse entities operating in the Jordanian ecosystem, creating valuable connections that empower startups to form strategic partnerships with a variety of institutions.

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“We are proud to welcome Vision Ventures to our portfolio of funds,” expressed Mohammed Al-Muhtaseb, CEO of ISSF. “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 eco-systems, 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.”

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About the Innovative Startups and 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 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. 

About Vision Ventures

Vision Ventures is a sector-agnostic VC firm “By Entrepreneurs, for Entrepreneurs”.
Vision Ventures invests in early-stage tech startups in MENA since 2016 offering hands-on experience to assist founders in their journey and empower them to accelerate their companies’ growth and realize their dreams.  We are always looking for entrepreneurs who are agile, resilient, and want to change the status quo.

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ISSF CEO Mohammed Al Muhtaseb stated: “We are proud to welcome Rua Growth Fund to our portfolio of funds. Their investment thesis and strategy align with our vision for the Jordanian ecosystem. Their unique composition of the GP having both Saudi and Jordanian veteran investment managers embodies the great and historic relationship Jordan and Saudi Arabia enjoy on so many levels. The investment thesis captures  the opportunities the Saudi and GCC markets present and capitalizes on the unique talent and competitive advantages that Jordan has and unlocks the unlimited potential.”

In turn, Turki Aljoaib, Managing Partner of Rua Growth Fund, commented: We are excited about our strategic partnership with the ISSF, which plays a critical role in fostering innovation and supporting entrepreneurial ventures in Jordan. Through our collaboration, we aim to leverage the strengths of the Jordanian entrepreneurial ecosystem—its skilled workforce and dynamic startups—to bridge the gap between markets in Jordan and Saudi Arabia. Together, we are creating new opportunities for growth, technological advancement, and job creation in Jordan, and supporting their expansion in Saudi Arabia and beyond; aligning with our vision to back high-potential and disruptive technological startups that will transform the region.

About the 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 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.

About Rua Growth Fund:

Rua Growth Fund I is a Saudi-based venture capital fund, focusing on early-stage technology startups in Saudi Arabia, Jordan and the broader MENA region. Rua aims to capitalize on the region’s robust entrepreneurship ecosystem and talent, while leveraging the rapidly growing Saudi market. With a portfolio of fast-growing, disruptive startups in sectors such as enterprise solutions & SaaS, fintech, and online marketplaces, Rua supports innovation across the region, driving growth through strategic investments and hands-on portfolio management and support. The Fund is led by experienced General Partners, including Mazin Aldawood from OBIC, a publicly listed Capital Market Institution in Saudi Arabia; Khaldoon Tabaza from iMENA Group, a Jordan-based venture investment firm; and Turki Aljoaib as Managing Partner. 

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Oasis500 focuses strategically on empowering early-stage ICT companies in Jordan through pre-seed and seed funding. To date, These portfolio companies have collectively secured an impressive $27 million in external financing.

Mohammed Al Muhtaseb, CEO of ISSF, stated: “Oasis500’s role in the MENA region’s early-stage investment scene is pivotal. Established in 2010 as the first accelerator, they helped ignite the Jordanian and MENA startup ecosystems.
Our increased commitment to OVII reflects our confidence in Oasis500’s success. By providing them with more firepower, we are doubling down on that success, so they can double down on the winners in their portfolio.”

Luma Fawaz, CEO of Oasis500, added, “Oasis500 and the ISSF share a vision that makes them excellent partners. Through this partnership, we have invested in and supported 36 startups, 36% of which are led by female founders. Our economic impact is significant, having created 300 direct and 1,000 indirect jobs. Notably, for every $1 we invested, we mobilized $5 for our portfolio startups. With the additional investment from ISSF, we will double down on some of our top performers”

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Mohammed Al Muhtaseb, ISSF CEO, stated, “We are happy to welcome Global Ventures Fund III to our portfolio of funds. They have demonstrated deep belief in the Jordanian ecosystem, having invested in several Jordanian companies from previous funds. We believe that the investment thesis aligns with our vision for the Jordanian ecosystem. Together, we will focus on strategic verticals that solve for the challenges in our region and capitalize on Jordanian talent and skills to take advantage of the opportunities.”

In turn, Noor Sweid, Global Ventures’ Managing Partner added, “We are thrilled to extend our partnership with ISSF and welcome them into Global Ventures’ Fund III. We are excited to support their mission of backing Jordanian entrepreneurs and startups. With hundreds of startups already active in the country and 98% of recently registered companies in Jordan being SMEs and startups, which generate more than 50% of private-sector GDP and 60% of new employment opportunities, we are eager to contribute to this dynamic landscape and witness the transformative impact these entrepreneurs will have on the global stage.”

-Ends-

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.

About Global Ventures

Global Ventures is a UAE-based, Series-A focused, emerging-market venture capital firm investing in mission-driven founders building companies across Africa and the Middle East. With $300 million AUM, and financial returns rating it as a top decile fund, Global Ventures has become a leading investor across the Middle East and Africa. Since 2018, Global Ventures has invested in over 60 companies across ten markets, deliberately focused on sectors positively affecting millions of lives across the world, such as Supply Chain Tech, Energy Management, FinTech, Digital Health, EdTech and AgriTech.

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June 2024: The Innovative Startups and SMEs Fund (ISSF) – the largest investment fund of its kind in Jordan – announces an investment of USD 2 million in VentureSouq Fund II. VentureSouq is a MENA-based venture capital fund manager with a global portfolio of thematic funds including FinTech.

This investment, finalized in June, highlights the ISSF’s ongoing dedication to supporting promising Jordanian startups. The ISSF has mandated that VentureSouq reinvest in Jordanian companies at a multiple of their initial investment, further emphasizing their commitment to the Jordanian ecosystem.

ISSF CEO, Mohammed Al Muhtaseb, commented: “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. The FinTech sector has been the most active vertical in the MENA region for the past four years, capturing 52% of total MENA VC funding. 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.”

In turn, VentureSouq’s Co-founder and General Partner, Sonia Gokhale, stated: “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. We are grateful to have partners such as the ISSF who have the same vision and drive as VentureSouq, to propel the regional ecosystem forward.”

Echoing this sentiment, Maan Eshgi, General Partner at VentureSouq, emphasized: “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.”

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 VentureSouq

VentureSouq is a MENA-based venture capital fund manager with a global portfolio. The firm manages thematic funds, with a current investment focus on FinTech and ClimateTech. VentureSouq is proud to have been an anchor member of MENA’s entrepreneurial ecosystem and continues to invest heavily as a firm in education, content and programming.

For more information, please visit the website at https://www.venturesouq.com/

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[Amman, May 2024] The CORE@HTU, Center for Innovation & Entrepreneurial Excellence at Al Hussein Technical University, celebrated the graduation of its final cohort of startups under the Innovative Startup and SME Fund (ISSF), showcasing the achievements and successes attained by the CORE@HTU over the past years.

This celebration signifies the culmination of a three-year program that has nurtured a total of 62 startups of which 45 completed the program, providing them with essential resources and guidance to build their ventures, secure investments, and flourish in the competitive entrepreneurial landscape. With support from the ISSF, these startups have transformed innovative concepts into thriving businesses, making substantial contributions across various sectors.

Dr. Yazan, Director of the CORE@HTU, expressed his enthusiasm for the program’s accomplishments, stating, “Today marks a significant milestone in the CORE@HTU’s journey. Over the past three years, we’ve witnessed remarkable innovation and entrepreneurial spirit among our startup cohorts. The ISSF’s support has been pivotal in cultivating these talents and translating ideas into impactful ventures, resulting in around $14 million in secured funding and over 300 jobs created.”

The success of the CORE@HTU program underscores HTU’s dedication to fostering a culture of innovation and entrepreneurship. Prof. Ismael, President of HTU, commented, “As we celebrate the achievements of the CORE@HTU program, we reaffirm our commitment to nurturing innovation and entrepreneurship at HTU and the wider community across Jordan. The success of our startups is a testament to the potential of Jordan’s entrepreneurial ecosystem. We look forward to continuing our efforts in empowering future generations of innovators to drive positive change and economic growth in our country.”

Mr. Mohamed Al Muhtaseb, CEO of ISSF, highlighted the importance of collaborative efforts in driving innovation and economic growth. “This partnership has been one of our most outstanding accelerators, having supported 45 startups. Of these, six have received equity investments, either directly from the ISSF or through our funds, with one achieving an exit. Additionally, over 20 startups have secured financing through grants and investments,” stated Mr. Al Muhtaseb. ” This partnership exemplifies the synergy between academic institutions like HTU and the private sector investors to nurture the next generation of entrepreneurs.”

The celebration of the CORE@HTU and its achievements serves as a source of inspiration for future generations of innovators, showcasing the potential for impactful change through entrepreneurship.

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