ISSF Invests US$5 Million in Vision Ventures' Saqr Fund II
The fund will assist startups at the pre-seed, seed, series A, and pre-series B stages.
The Jordan-based Innovative Startups and SMEs Fund (ISSF) has announced a US$5 million investment in Saqr Fund II, a venture capital fund managed by the KSA-headquartered Vision Ventures. The funding is intended to support early-stage startups in the Middle East and North Africa (MENA) region, with a focus on Jordanian enterprises.
Saqr Fund II will assist startups at the pre-seed, seed, series A, and pre-series B stages.
The ISSF, established in 2017 with a total capital of $98 million, is a private shareholding company formed through a partnership between the Central Bank of Jordan, which contributed $48 million, and the World Bank, which provided $50 million. The fund facilitates financial support for early-stage startups and small to medium-sized enterprises (SMEs) by investing in venture capital funds and directly in startups.
The ISSF also aims to create a supportive environment for local innovators, helping them develop sustainable businesses. It focuses on promoting employment opportunities for Jordanians and advancing export-oriented economic sectors by utilizing local entrepreneurial and management expertise.
Vision Ventures, established in 2016, focuses on early-stage technology startups across the MENA region. The firm provides practical support to help founders grow their companies and reach their business objectives. It seeks entrepreneurs who are adaptable and aim to introduce meaningful changes within their industries.
In a statement, the CEO of ISSF Mohammed Al-Muhtaseb said, "Vision Ventures has demonstrated a strong commitment to the Jordanian ecosystem by investing in Jordanian companies, and our investment in Vision Ventures aligns with our vision of catalyzing the growth of our ecosystem of innovative startups in Jordan and providing them with accelerated access to the Saudi and GCC markets.”
Kais Al Essa, founding partner and CEO of Vision Ventures commented: “We are proud of our partnership with ISSF. We have always viewed the region as an interconnected network of eco-systems, where each country has its own set of opportunities. Jordan certainly adds a lot of value to the entrepreneurial ecosystem in the MENA region through its talent and innovation. Vision Ventures has been the most active VC in the MENA region since 2019 with investments in the region including Jordan. We’ve been able to create bridges between different markets including between Jordan and GCC where several partnerships and M&As resulted which benefitted the whole eco-system. Though our partnership with ISSF we intend to continue this role and explore additional synergies.”
