Amman: The Innovative Startups and Small and Medium Enterprises Fund (ISSF) announced on Sunday a significant increase in its investment in the “Propeller” Fund, specialized in backing software, corporate software, and cloud infrastructure ventures, raising the investment from $3.5 million to $5 million.
The Propeller Fund targets emerging firms with a strong emphasis on innovation and scalability, particularly focusing on Jordanian companies. This underscores its pivotal role in fostering the entrepreneurial spirit in Jordan and driving economic expansion.
Muhammad Muhtasib, CEO of the ISSF, attributed the rise in investment to the fund’s commitment to supporting local entrepreneurial ventures and their value addition to Jordan’s entrepreneurial landscape.
Established in 2017 with a capital of $98 million, the fund aims to catalyze a transformative shift in the local entrepreneurship and innovation scene. Supported by contributions from the Central Bank of Jordan and the World Bank, the fund prioritizes f
inancing for Jordanian startups, especially those with ambitious visions and significant growth potential.
With a focus on fostering a conducive environment for creative Jordanian entrepreneurs, the fund seeks to facilitate the transformation of innovative projects into viable startups, thereby generating employment opportunities and cultivating economic sectors for export markets through harnessing the creative and technical prowess of Jordanian entrepreneurs and management teams.
Source: Jordan News Agency