Jordan-based ISSF (Innovative Startups and SMEs Fund) has invested in Abu Dhabi-based Shorooq Partner's Bedaya Fund. The amount of investment remains undisclosed.
Since its launch last year, the $40 million Bedaya Fund has been investing in seed and early-stage startups.
Shorooq Partners primarily invests in seed and early-stage financial technology (fintech), software, and platform startups in the GCC, Egypt, and Jordan. The VC has previously raised investments from regional sovereign wealth funds as well as European and Asian family offices.
“Since our inception in 2016, we have ardently committed ourselves to fostering the technological transformation in the Middle East. Jordan is an integral part of this region with top tier talents and a robust tech ecosystem which has demonstrated a 50 per cent CAGR in terms of funding, new ventures, and investor interest in the last 3 years. This represents an incredible opportunity just before another inflection point,” said Shane Shin, founding partner at Shorooq.
“We strongly prefer to lead all of our investments, particularly in the Seed and pre-Series A stages where Shorooq can work closely with the founders and create the most tangible value and impact on their journey. These are the exact stages where some other VC funds may not focus on given such an early stage and heavy risk nature. We will continue to refine our focus on the Seed stage and remain focused on being Founders' Partners,” added Shin.
ISSF is a $98 million private-sector-managed fund that focuses on making investments in start-ups and early-stage SMEs.
“ISSF supports the innovative and entrepreneurial spirit of Jordan. Our activities contribute to creating a competitive economy and job creation at a fundamental level. This partnership is a testament to both Shorooq’s and ISSF’s commitment to Jordan and our mission of creating positive economic and social impact.” said Laith Al-Qassem, CEO of ISSF.
“ISSF is confident of its partnership with Shorooq as more than 45 per cent of Shorooq’s first investments were made to support pre-revenue startups and they embody the founder-centric principle, which is essential for the Jordanian startup ecosystem to thrive,” he said.