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AMMAN – The Innovative Startups and Small and Medium Enterprises Fund (ISSF) has announced an increased commitment to Propeller’s second fund, Propeller Ventures II (PVII). Propeller Ventures II (PVII) is a Jordanian venture capital fund focused on the SaaS, enterprise software, and cloud infrastructure sectors. As the anchor limited partner (LP), ISSF increased the amount of his investment from his original $3,500,000 to $5,000,000.
Propeller has proven to be a pioneer in the technology investment space, investing in promising startups with a focus on innovation and scalability. Through his PVII, Propeller has invested in several Jordanian companies, a testament to their dedication to promoting local entrepreneurship and economic growth.
Mohammed Al Muftaseb, CEO of ISSF, commented on the strengthening of this initiative: “This builds on Propeller’s past successes and the active role that Propeller is taking by investing in the Jordanian ecosystem. It’s a testament to their commitment, and it’s clear through their choices.” We are proud of this partnership and excited to further strengthen our commitment to this great team.
Tanvi Jarouka, Managing Partner at Propeller, commented: ”
About the Innovative Startups and Small and Medium Enterprises Fund (ISSF):
ISSF was founded in 2017 with US$98 million and is registered as a private equity holding company in Jordan. The fund was established as a partnership with a $48 million investment from the Central Bank of Jordan and $50 million from the World Bank. ISSF is committed to promoting financing for early-stage startups and small and medium-sized enterprises in Jordan through investments in venture capital funds and direct investments in startups. ISSF strives to foster a thriving and supportive entrepreneurial environment that enables promising local entrepreneurs to transform their innovative projects into sustainable startups. Create jobs for Jordanian men and women. Promote economic sectors serving export markets by leveraging the creative and technical capabilities of entrepreneurs and management teams across Jordan.
About the propeller:
Propeller is a pre-seed and seed-stage venture capital firm headquartered in Jordan, specializing in investments in SaaS, enterprise software, and cloud infrastructure. Positioned as a technology-focused fund, his Propeller targets great technical founders building great scalable products in the MENA region. With a portfolio of 35 companies and notable Dragon exits, the firm is actively pursuing investment opportunities in Jordan and Saudi Arabia.
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