The Innovative Startups and SMEs Fund (ISSF), the largest investment fund of its kind in Jordan, announced a $2 million investment in VentureSouq Fund II, a MENA-based venture capital fund manager with a global portfolio, particularly focusing on FinTech.
Finalized in June, this investment underscores ISSF’s ongoing commitment to supporting promising Jordanian start-ups, as stated on the ISSF website.
The ISSF has stipulated that VentureSouq reinvest in Jordanian companies at a multiple of their initial investment, reinforcing their dedication to the Jordanian entrepreneurial ecosystem.
ISSF CEO Mohammed Muhtaseb expressed pride in this partnership and investment in VentureSouq, noting, “VentureSouq has shown a strong belief in the Jordanian ecosystem by investing in local companies. Over the past four years, the FinTech sector has been the most active in the MENA region, securing 52% of total MENA VC funding.”
Muhtaseb added, “Jordanian FinTech startups have significant opportunities to thrive. Partnering with a FinTech-focused fund like VentureSouq presents a strategic chance to enhance the Jordanian FinTech ecosystem. This aligns with national efforts to develop this sector and the Central Bank of Jordan’s initiatives in FinTech.”
VentureSouq’s Co-founder and General Partner Sonia Gokhale remarked, “We see the Jordan ecosystem as a hub for high-quality talent, a secure foundation for early-stage companies, and a market that readily adopts technology.”
General Partner at VentureSouq, Maan Eshgi, stated, “This partnership with the ISSF will significantly bolster our efforts in Jordan and play a crucial role in our financial success. More importantly, it moves us closer to our goal of serving as a regional unifier, helping our portfolio companies quickly access GCC and global markets.”
