Innovative Startups and SMEs Fund (ISSF)

Overview

Established in 2017, the Innovative Startups and SMEs Fund (ISSF) is a sovereign wealth fund based in Jordan, dedicated to fostering entrepreneurship and job creation by increasing private, early-stage equity finance for innovative small and medium enterprises (SMEs). The fund was established as a partnership between the Central Bank of Jordan, which invested USD 48 million, and the World Bank, which contributed USD 50 million, bringing the total working capital to USD 98 million. ISSF operates as a private shareholding company, aiming to catalyze a thriving entrepreneurial environment that enables local entrepreneurs to transform innovative projects into sustainable startups, generate employment, and stimulate economic sectors serving export markets by leveraging the creative and technical capabilities of entrepreneurs and management teams across Jordan. ISSF's investment strategy encompasses both direct investments in Jordanian startups and indirect investments through venture capital funds. The fund has made direct investments totaling USD 2.55 million in 12 Jordanian startups and USD 1.32 million in 9 Jordanian startups affected by the pandemic, mobilizing or attracting an additional USD 9 million. Indirect investments include USD 33.5 million in 11 funds across countries such as China, the US, Egypt, UAE, and Kuwait, which have attracted an additional USD 71.5 million to Jordan. The fund's focus spans various sectors, including technology, healthcare, renewable energy, agriculture, manufacturing, education, financial services, tourism, logistics, media, construction, retail, transportation, telecommunications, and real estate. ISSF's initiatives also include programs aimed at enhancing the entrepreneurial ecosystem, such as the Entrepreneurship Enablement & Development Program (EEDP), the Incubators and Accelerators Development Program (IADP), and the Angel Networks Program. These programs are designed to support entrepreneurs from underserved regions, sectors, and groups, including youth and women entrepreneurs, by providing financial support, training, and development opportunities. Through these efforts, ISSF seeks to empower entrepreneurs, foster innovation, and contribute to the economic development of Jordan by creating a supportive environment for startups and SMEs to thrive.

Investment Focus

• Innovative startups and SMEs with high growth potential
• Businesses operating in Jordan
• Entrepreneurs from underserved regions, sectors, and groups, including youth and women entrepreneurs

Portfolio Companies