ISSF invests USD 2 million in VentureSouq Fund II to bolster the Jordanian fintech ecosystem and support local startups.
Target Information
The Innovative Startups and SMEs Fund (ISSF) is the largest investment fund of its kind in Jordan, with a mandate to promote and support the development of local startups and small to medium enterprises (SMEs). With a total fund size of USD 98 million, established in 2017, the ISSF focuses on fostering a thriving entrepreneurial environment in Jordan. The fund was created as a collaboration between the Central Bank of Jordan, which contributed USD 48 million, and the World Bank, which provided USD 50 million.
Recent advancements have led the ISSF to announce a significant investment of USD 2 million in VentureSouq Fund II, a venture capital firm that specializes in investing in high-potential startups within the MENA region. This investment not only indicates ISSF's commitment to nurturing the Jordanian ecosystem but also emphasizes the potential for growth within the Jordanian entrepreneurial landscape.
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Industry Overview
The fintech industry in Jordan has been experiencing considerable growth, making it one of the most active sectors in the MENA region. Over the past four years, fintech ventures have accounted for 52% of total venture capital funding in MENA,
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Disclosed details
Transaction Size: $2M