ISSF Invests $5Million in MSA Novo Fund to Boost Startups

Amman, Feb. 12 (Petra) – Jordan’s Innovative Startups and SMEs Fund (ISSF) has announced an investment of $5 million in MSA Novo, an investment fund focusing on emerging markets managed by the global multi-stage investment company MSA Capital.

CEO of ISSF, Mohammed Muhtaseb, said the partnership with MSA Novo will inject additional capital into emerging Jordanian companies, highlighting MSA Novo’s .reputation as an investment fund with a successful track record in supporting and scaling startup enterprises. Muhtaseb noted the fund’s commitment to Jordan’s entrepreneurial ecosystem, which is evident through its investment allocation in the country.

Ben Harburg, Managing Partner at MSA Capital, praised ISSF as one of the earliest supporters of MSA’s vision to attract global investments to the Middle East’s entrepreneurship landscape.

Harburg emphasized the job opportunities created in Jordan through this partnership and underscored ISSF’s pivotal role in fostering the entrepreneurial environment, expressing willingness for close cooperation with ISSF to advance entrepreneurship in Jordan.

This investment opens up new avenues for Jordanian startups, offering crucial funding to fuel their growth and competitiveness in local and global markets.

Established in 2017, ISSF boasts a total worth of $98 million and operates as a private joint-stock company registered in Jordan. The Central Bank of Jordan contributes $48 million to the fund, with an additional $50 million coming from the World Bank. ISSF aims to catalyze a transformative shift in the local entrepreneurship and innovation landscape.

//Petra// AO
12/02/2024 14:40:07