Jordan's International Investment Company (ISSF) allocates $2 million to Endeavor Catalyst's third investment fund
In a significant move for the Jordanian startup ecosystem, the Jordan's Innovative Startups and SMEs Fund (ISSF) has invested $2 million in Endeavor Catalyst's third fund. This fund, which closed with $134 million, will be used to invest in Jordanian scaleups.
Endeavor Catalyst, the investment vehicle of Endeavor—a global organization that supports high-impact entrepreneurs—has already made investments in Jordanian startups such as Kharabeesh, Altibbi, Mawdoo3, and Jamalon. Other investors in Endeavor Catalyst III include Dragonfly, Galaxy Ventures, Samsung Next, Lightspeed, Norwest, Sapphire Ventures, and several others.
The ISSF, a $98 million fund, first announced in 2017 and created in 2018, also makes both direct and indirect (Fund of Funds) investments in Jordan's entrepreneurial ecosystem. Laith Al Qasem, CEO of the ISSF, expressed excitement about the investment, stating that it will showcase Jordanian scaleups at a global level and provide access to global markets, capital, and remarkable mentors.
Reem Goussous, the Managing Director of Endeavor Jordan, expressed gratitude for the contribution of the ISSF and the LPs in Endeavor Catalyst's third fund. She noted that this investment will further strengthen the Jordanian startup ecosystem and support the growth of local entrepreneurs.
Besides his role at the ISSF, Laith Al Qasem is also known for his work as a serial entrepreneur and investor. Zubair Naeem Paracha, the founder of our xA tech and a startup enthusiast based in Lahore, Pakistan, has also shown interest in the Jordanian startup scene. He has written articles on various tech-related topics and is also building Qraar, a career discovery and development platform for millennials in MENA.
Other notable investments by Endeavor Catalyst include Rain, a stablecoin infrastructure platform. The funds raised by Endeavor Catalyst III will undoubtedly contribute to the growth and success of these and other Jordanian startups.
In related news, the ISSF has also announced an investment in Abu Dhabi-based Shorooq Partners' Bedaya Fund. This investment is part of the ISSF's efforts to support the growth of the MENA startup ecosystem as a whole.
For more insights into the Jordanian startup scene, check out the recommended articles: "Egyptian BNPL platform Valu receives initial regulatory approval for Jordan launch", "Tambi Jalouqa launches Maza Ventures to back global software and deeptech startups from MENA", and "Jordan's POSRocket raises $5 million to grow its cloud-based point-of-sale software".
You can reach Zubair Naeem Paracha on LinkedIn, Twitter, or through his email address zubair [at] our website [dot] com for more information and updates on the Jordanian startup scene.
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