The Jordanian Innovation Fund invests $5 million to support startups in MENA
The Jordanian Innovation Fund has announced its investment of $5 million in the Global Ventures Fund III, which focuses on growth-stage startups in the Middle East and Africa.
In its statement, the Jordanian Innovation Fund indicated that this investment aligns with its goals of supporting promising Jordanian companies and enhancing the national economy in general by providing the necessary capital for investment in local companies.
In this context, Mohammad Al-Muhtaseb, CEO of the Jordanian Innovation Fund, stated: “We are delighted to add the Global Ventures Fund to our investment portfolio, as the investment strategies of both parties align and are consistent with our vision of empowering Jordanian startups by providing capital and facilitating their entry into global markets.
We focus on investing in sectors that contribute to solving regional challenges, leveraging Jordanian talents and competencies to exploit available opportunities both regionally and internationally.
Global Ventures is an important strategic partner for us, having shown deep faith in the Jordanian business ecosystem through their investments in a number of outstanding Jordanian companies and entrepreneurs.”
For her part, Noor Sweid, Founder and Managing Partner at Global Ventures, expressed her pleasure in expanding the partnership with the Jordanian Innovation Fund, saying: “We are excited to welcome the Jordanian Innovation Fund to Global Ventures Fund III, and look forward to supporting their goals of backing entrepreneurs and startups in Jordan.
With hundreds of startups in Jordan, and 98% of newly registered companies being small, medium, and emerging, contributing more than 50% of the private sector’s GDP and creating 60% of new job opportunities, we are confident that we will witness a significant positive impact of Jordanian entrepreneurs on the global stage.”
