ISSF invests $5 million in Middle East Venture Fund IV
- Innovative Startups and SMEs Fund (ISSF) has invested $5 million in Middle East Venture Fund IV (MEVF IV), a $150 million fund recently established by Middle East Venture Partners (MEVP). The transaction was completed last month.
- The newly launched fund is set to invest in high-growth companies in e-commerce, healthtech and edtech across the Middle East and Pakistan region (MENAP).
- Also in February, MEVF IV received a $27 million commitment from the European Investment Bank.
- Last year, ISSF invested $1.5 million in UAE-based Global Ventures.
The Innovative Startups and SMEs Fund (ISSF) – the largest investment fund of its kind in Jordan – announces an investment of USD 5 million in MEVF IV, a $150M Fund launched by Middle East Venture Partners (“MEVP”); MEVP is a regional MENA-focused venture capital firm with more than $300M of AUMs. The investment, which was completed in February, underscores the commitment of the ISSF to empowering promising Jordanian startups to advance the local entrepreneurial landscape and the national economy at large.
ISSF CEO, Mohammed Al Muhtaseb, commented:
“We are very proud and excited about our partnership and investment in MEVP, a well-established VC with proven track record in supporting and scaling innovative startups and realizing returns for investors. MEVP demonstrated deep belief in the Jordanian ecosystem through investing in Jordanian companies in the past. The fund established a branch office in Amman to be closer to the Jordanian ecosystem as a result of their partnership with ISSF. Through this partnership we hope to bring to the local ecosystem a strong regional player that can provide equity capital as well as accelerated access to markets for Jordanian start-ups.”
In turn, MEVP’s founder, chairman and co-CEO, Walid Hanna, stated:
“MEVP has always believed in the Jordanian startup ecosystem due to its distinctive talent and quality entrepreneurs. MEVP has been an early investor in this ecosystem and has witnessed numerous success stories such as Hyperpay and Al-tibbi. With the support of ISSF we are planning to empower more Jordanian startups to disrupt the MENA region and beyond, keeping in mind our commitment to ESG principles as well as high returns to our investors’ equity.”