Jordan’s Innovative Startups and SMEs Fund (ISSF) has invested USD 2 million in Endeavor Catalyst’s third fund. Endeavor Catalyst said it had closed the fund with USD 134 million last week, following up with an announcement that ISSF is one of their LPs.
ISSF is a USD 98 million fund that was created in 2018 with USD 50 million from The World Bank and USD 48 million from the Central Bank of Jordan, to make both direct and indirect investments in the Jordanian entrepreneurial ecosystem.
In addition to ISSF, some other investors from Jordan have also invested USD 1.7 million in the fund. Endeavor Catalyst III also includes the founders of Careem, Property Finder, and Yemeksepeti as its limited partners.
Endeavor Catalyst is the investment vehicle of Endeavor, a global organization that supports high-impact entrepreneurs around the world. It co-invests in equity financing rounds of startups founded and led by entrepreneurs that are part of Endeavor’s network.
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Started in 2012, Endeavor Catalyst has raised USD 250 million across three funds and invested in more than 150 companies to date in more than 30 markets. The Jordanian startups Endeavor Catalyst has invested in so far include Kharabeesh, Altibbi, Mawdoo3, and Jamalon.
Laith Al Qasem, CEO of ISSF, said, “ISSF is very excited about this investment. Strategically, Endeavor Catalyst will showcase Jordanian scaleups at a global level. Practically, Endeavor provides Jordanian companies with access to global markets, capital, and remarkable mentors, ultimately setting up Jordanian scaleups for global success.”
Reem Goussous, the managing director of Endeavor Jordan, said, “We are extremely grateful to the contribution of the ISSF and the LPs in this third fund, which will go towards investing in Jordanian scaleups.”
ISSF had earlier this month also announced its investment in Abu Dhabi-based Shorooq Partners’ Bedaya Fund.
This article first appeared in MENAbytes.