Tuesday April 23rd, 2024
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Jordanian Startup Fund ISSF Invests $5 Million in MSA Novo’s MENA Fund

The investment will infuse capital into startups, as well as opening doors for their entry into the global market.

Patrick Davies

Jordan-based Innovative Startups and SMEs Fund (ISSF) has announced a $5 million investment in MSA Novo’s MENA fund. Based in China, MSA Novo is a global venture capital firm investing in emerging technology markets, currently managing a portfolio of over 50 companies across the Middle East, Latin America, Africa and South Asia.

This latest investment by ISSF, which was established by The World Bank and the Central Bank of Jordan in 2017, aims to provide new opportunities for Jordanian startups to thrive in the global market.

“We are very proud of our investment in MSA Novo,” Mohammed Al Muhtaseb, CEO of ISSF tells StartupScene. “MSA has demonstrated a strong commitment to the Jordanian ecosystem.” The strategic investment will not only infuse vital capital into the burgeoning startup market in Jordan, but also open doors for their eventual access to global markets thanks to expert consultation by MSA’s consultants.

“ISSF was one of the first regional investors to support MSA’s vision of bringing global institutional investing to the Middle East,” Ben Harburg, MSA Novo Managing Partner, adds. “In the process, MSA has generated hundreds of jobs in Jordan.”

Though the fiscal outlook for Levantine countries is complex and somewhat unpredictable, the tech startup sphere continues to expand thanks to significant international investment and incentivisation by governments. These investments provide a bedrock upon which startups will continue to grow, in line with the broader region’s increasing market share in startups.

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