- Jordan-based Innovative Startups and SMEs Fund (ISSF) has invested $5 million in the Mena-focused fund, MSA Novo.
- Founded in 2019, MSA Novo is a China-based global venture capital firm that invests in emerging technology markets, with a portfolio of 50+ companies across the Middle East, Latin America, Africa, and South Asia.
- The investment aims to unlock new opportunities for Jordanian startups, providing them with the financing needed to scale and thrive in the competitive global market.
- The World Bank and the Central Bank of Jordan jointly established the ISSF in 2017 with the goal of supporting Jordanian startups via direct investment or venture capital fund investments.
The Innovative Startups and SMEs Fund (ISSF) announces an investment in the MSA Novo MENA-focused fund. MSA Novo is the emerging markets-focused venture fund under MSA Capital, a global multi-stage investment firm. This investment underscores the commitment of the ISSF to empowering promising Jordanian startups to advance the local entrepreneurial landscape and the national economy at large.
Mohammed al Muhtaseb, CEO of ISSF, said, "We are very proud of our investment in MSA Novo, a global VC with a successful track record of scaling innovative startups. MSA has demonstrated a strong commitment to the Jordanian ecosystem, evident in both their investment thesis and their investment allocation for Jordan, which mobilizes additional capital for Jordanian startups, thereby amplifying the ISSF’s investment. Through this strategic investment, our objective is not just to infuse vital equity capital but also to effectively open doors for Jordanian startups, providing them with accelerated access to global markets through the expertise of a key international player in the venture space.”
Ben Harburg, MSA Novo Managing Partner, commented, “ISSF was one of the first regional sovereign investors to support MSA’s vision of bringing global institutional investing to the Middle East venture space. In the process, MSA generated hundreds of jobs in Jordan. We are honored to again receive the trust of this critical institution tasked with the development of the Jordanian technology and entrepreneurship ecosystem, and we look forward to robustly executing upon this mission in our new fund.”
This strategic investment unlocks new opportunities for Jordanian startups, providing them with the financing needed to scale and thrive in the competitive global market. The ISSF remains dedicated to championing innovation, creating jobs, and contributing to Jordan's economic development.