Jordan's ISSF Invests US$5 Million In KSA-Based STV's US$100 Million AI Fund
The partnership aims to empower AI startups in the MENA and help them scale across the region and the world.
Jordan's Innovative Startups and SMEs Fund (ISSF) has signed a strategic partnership with Saudi Arabia-based venture capital firm STV, committing US$5 million to the firm's $100 million artificial intelligence (AI) fund to support AI startups in the MENA region.
The agreement, which marks the second investment under ISSF's Fund II, also sees STV committing to invest in Jordanian startups and thereby strengthen AI collaboration between Jordan and Saudi Arabia.
The partnership will thus see entrepreneurs in Jordan gain access to STV's investment expertise, regional network, and technical support in both adopting and deploying AI technologies.
In a statement, ISSF CEO Mohammed Al Muhtaseb said, “Amid the structural transformations underway in global venture capital markets, the ISSF is keen to redefine its role as an engine for the innovation economy through high-value regional partnerships. Our partnership today with STV—backed by Google—strengthens the integration of the business environment between Amman and Riyadh. This collaboration will contribute directly to localizing AI technology, and represents real added value for our entrepreneurial ecosystem, giving our promising companies access to an international network of relationships and advanced incubators that propel them toward new horizons of growth.”
STV founder and CEO Abdulrahman Tarabzouni added, “At STV, we believe that AI is not merely a passing technological wave, but the infrastructure and the core engine of the future economy. ISSF’s investment alongside us reflects a shared vision to combine the exceptional energies and talents of our two sister countries, where we will work together to transform entrepreneurial ideas from Saudi Arabia and Jordan into technology giants capable of competing at the regional and global levels.”
Backed by Google, STV's $100 million AI fund focuses exclusively on generative and applied AI companies developing software and enterprise solutions. Its investment strategy prioritizes companies building AI applications powered by proprietary enterprise data and addressing operational business needs, rather than developing foundational language models, as enterprises increasingly adopt AI to improve productivity and efficiency.
Pictured in the lead image are the leadership of ISSF and STV. Image via ISSF/LinkedIn.
