On Sunday, the Innovative Startups and SMEs Fund (ISSF), the largest investment fund of its kind in the Kingdom, announced that it made a direct investment of USD1.5 million in Global Ventures, a Dubai-based growth-driven venture capital firm.
The firm focuses on investing in growth stage technology companies across the Middle East and Africa, according to a statement by the ISSF.
The investment was made in December and underlines the ISSF’s commitment to empowering promising Jordanian startups as part of efforts to enhance the local entrepreneurship environment and the national economy in general.
ISSF General Manager, Laith Al Qasem, said investing in progressive funds such as Global Ventures supports ambitious SMEs to expand their businesses, enhance operations and realize their growth potential. This leads to a dynamic entrepreneurial landscape and drives robust economic development across Jordan and beyond.
General Partner at Global Ventures, Basil Moftah, said that Jordan is a regional leader in entrepreneurship and a center for some of the most powerful companies and founders in the region, with support and investment programs for small and medium-sized companies dating back to the eighties of the last century.
He explained that Global Ventures’ business is in line with the ISSF’s mission, which focuses on transforming the local and regional entrepreneurial environment into a global hub for technology and innovation.
Source: Petra News