Jordan-based Innovative Startups and SMEs Fund (ISSF) has announced a US$1 million investment in Arzan Venture Capital II, an investment fund based in Kuwait.
According to ISSF, the move is designed to advance the Jordanian entrepreneurial ecosystem.
“[The investment] will present several aspiring tech startups with the opportunity to grow their businesses, hence consequently generating new jobs and further strengthening Jordan’s standing as a regional hub for entrepreneurship and innovation,” said ISSF chief executive, Laith Al Qasem.
The ISSF was formed in 2017 as a national project but with a private shareholding company. It is backed by the World Bank and is designed to last for six years, until November 2023, during which time it is expected to make direct and indirect investments to support local startups and entrepreneurs.
To date, the ISSF has invested in eight Jordanian companies and four others outside the country but led by Jordanians.
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