Jordan’s Innovative Startups and SMEs Fund (ISSF) has invested $2 million in Endeavor Catalyst’s third fund. Endeavor Catalyst had announced closing of the fund with $134 million last week. Today they’ve announced that ISSF is one of their LPs.
ISSF is a $98 million fund that was (first announced in 2017) and created in 2018 with $50 million from The World Bank and $48 million from the Central Bank of Jordan, to make both direct and indirect (Fund of Funds) investments in Jordanian entrepreneurial ecosystem
In addition to ISSF, some other investors from Jordan have also invested $1.7 million in the fund. Endeavor Catalyst III also includes the founders of Careem, Property Finder, and Yemeksepeti as its limited partners.
Endeavor Catalyst is the investment vehicle of Endeavor, a global organization that supports high-impact entrepreneurs around the world. It co-invests co-invests in equity financing rounds of startups founded and led by entrepreneurs that are part of Endeavor’s network.
Started in 2012, Endeavor Catalyst has raised $250 million across three funds and invested in over 150 companies to date across more than 30 markets. The Jordanian startups Endeavor Catalyst has invested in, to date, include Kharabeesh, Altibbi, Mawdoo3, and Jamalon.
Laith Al Qasem, CEO of the ISSF, said, “ISSF is very excited about this investment. Strategically, Endeavor Catalyst will showcase Jordanian scaleups at a global level. Practically, Endeavor provides Jordanian companies with access to global markets, capital, and remarkable mentors, ultimately setting up Jordanian scaleups for global success.”
Reem Goussous, the Managing Director of Endeavor Jordan, said, “We are extremely grateful to the contribution of the ISSF and the LPs in this third fund, which will go towards investing in Jordanian scaleups.”
ISSF had earlier this month also announced its investment in Abu Dhabi-based Shorooq Partners’ Bedaya Fund.
- E&’s big bold bet on tech - May 2, 2023
- Ameer Sherif appoints a new CEO for Wuzzuf and Forasna, moves on to focus on VC, public policy - September 29, 2021
- Marham raises $1 million seed to grow into a healthcare superapp for Pakistan - August 3, 2021