Amman-based Innovative Startups & SMEs Fund (more commonly known as ISSF) has announced its investment in Abu Dhabi-based Shorooq Partners’ $40 million Bedaya Fund that has been investing in early-stage tech startups across the region since 2019. It is Shorooq’s second fund and has already raised money from Bahrain’s Waha, Abu Dhabi Investment Office, and some other regional, European and Asian investors.
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. The size of its investment in Bedaya was not disclosed but according to the information available on ISSF’s website, invests between $5 to $15 million in the early-stage funds.
Laith Al-Qassem, CEO of ISSF, commenting on the occasion, said, “ISSF supports the innovative and entrepreneurial spirit of Jordan. Our activities contribute to creating a competitive economy and job creation at a fundamental level. This partnership is a testament to both Shorooq’s and ISSF’s commitment to Jordan and our mission of creating positive economic and social impact.”
“ISSF is confident of its partnership with Shorooq as more than 45% of Shorooq’s first investments were made to support pre-revenue startups and they embody the founder-centric principle, which is essential for the Jordanian startup ecosystem to thrive,” he added.
Bedaya Fund has already made investments in regional startups including Repzo, an Amman-based Arabic CRM for field employees; Dubai-headquartered trucking marketplace Trukker, Dubai-based robo-advisory platform Sarwa, and a few others.
Shane Shin, Founding Partner at Shorooq, said, “Since our inception in 2016, we have ardently committed ourselves to fostering the technological transformation in the Middle East. Jordan is an integral part of this region with top tier talents and a robust tech ecosystem which has demonstrated a 50% CAGR in terms of funding, new ventures, and investor interest in the last 3 years. This represents an incredible opportunity just before another inflection point. We are humbled to have a renowned and resourceful partner like ISSF supporting us on this grand mission to bring technological innovation in Jordan and more.”
- Abu Dhabi fintech NymCard launches APIs for payment card issuing and processing - February 24, 2021
- Spotify launches in Pakistan - February 24, 2021
- Open Banking platform Tarabut Gateway raises $13 million in MENA’s largest seed round - February 23, 2021