The Innovative Startups and SMEs Fund (ISSF), one of the largest investment funds of its kind in Jordon has invested $2 million in VentureSouq Fund II, a MENA-based venture capital fund manager. VentureSouq has a global portfolio of thematic funds, that includes fintech.
Maan Eshgi, General Partner at VentureSouq, said, “This partnership with the ISSF will significantly enhance our efforts in Jordan and play a crucial role in driving our financial success. More importantly, it brings us closer to our overarching goal of serving as a regional unifier, primarily for our portfolio companies, by providing them with swift access to GCC and global markets.”
Finalised in June this year, the investment in VentureSouq shows ISSF’s dedication to supporting Jordanian startups. VentureSouq will be reinvesting in Jordanian companies
Mohammed Al Muhtaseb, CEO, ISSF added, “VentureSouq has demonstrated a deep belief in the Jordanian ecosystem by investing in local companies. For the past four years, the fintech sector has been the most active vertical in the MENA region and has captured over 52 per cent of total MENA VC funding.”
Muhtaseb added that Jordanian fintech startups have significant opportunities to thrive. “Partnering with fintech focussed funds like VentureSouq within their portfolio presents a strategic opportunity to boost the Jordanian FinTech ecosystem and is aligned with the country’s efforts to develop this sector on a national level, as well as the initiatives from the Central Bank of Jordan in the Fintech space.”
The ISSF is a $98 million fund established in 2017 and registered in Jordan as a private shareholding company committed to facilitating funding for early-stage startups. Meanwhile, VentureSouq, founded in 2013 by Sonia Gokhale, Sonia Weymuller, Suneel Gokhale and Tammer Qaddumi, manages thematic funds with a current investment focus on FinTech and ClimateTech.
In turn, VentureSouq’s Co-founder and General Partner, Sonia Gokhale, stated: “We believe the Jordan ecosystem is a hub for high-quality talent, a secure and stable breeding ground for early-stage companies and a remarkably accepting market in technology adoption. We are grateful to have partners such as the ISSF with the same vision and drive as VentureSouq to propel the regional ecosystem forward.”
