Jordan’s Innovative Startups and SMEs Fund (ISSF) invests $5M in MSA Capital’s Venture Fund.
- ISSF invested $5 million in MSA Capital Venture Fund to support Jordanian Startups.
- The company was founded in 2017 and received a total of about $97 million.
- Jordan’s economy has been improving, getting ranked as the 75th best improving economies compared to being 167th a decade ago.
Seeking to empower Start-ups in Jordan and to protect young businesses in Jordan, ISSF invested $5 million in MSA Capital’s venture fund.
ISSF said “[This investment] unlocks new opportunities for Jordanian start-ups, providing them with the financing needed to scale and thrive in the competitive global market.”
Mohamed al Muhtaseb, CEO of ISSF said that “MSA Novo is an emerging markets-focused venture fund under MSA Capital, a global multi-stage investment firm. The investment firm has shown “strong commitment” to support start-ups in Jordan.”
He added that “Through this strategic investment, our objective is not just to infuse vital equity capital but also to effectively open doors for Jordanian start-ups, providing them with accelerated access to global markets through the expertise of a key international player in the venture space,”
Jordan’s Innovative Startups and SMEs Fund was founded in 2017, aiming to support Jordanian businesses it was established following the recommendation of the Jordanian Economic Policy Council,
The Fund ISSF received $50 million funding from the World Bank and it also received $48 million from the Central Bank of Jordan.
According to Middle East Investment Initiative, Jordan currently has over 100,000 SMEs which is (97%) of all companies, making up more than 50% of the country’s GDP and employing 60% of the Jordanian workforce.
When the covid pandemic hit, the European Investment Bank is partnering with the Housing Bank to support the Jordanian economy with a line of credit amount to $107 million to local private sector business that have been impacted.
Jordan got recognized by the World Bank as one of the economies with the most notable improvements, currently being ranked as 75 out of 185 opposed to being ranked at 167 of 185 in 2013.
