Amman – The Innovative Startups and SMEs Fund (ISSF) has announced an increase in its commitment in Propeller’s second fund, Propeller Ventures II (PVII) a Jordanian venture capital fund specializing in SaaS, enterprise software, and cloud infrastructure sectors. ISSF, serving as the anchor limited partner (LP), has increased its investment from an initial $3,500,000 to $5,000,000..
Propeller has proven to be a pioneer in the field of tech investment, investing in promising startups with a focus on innovation and scalability. Through PVII, Propeller has invested in several Jordanian companies, a testament to their dedication to fostering local entrepreneurship and economic growth.
Speaking on the increased commitment, Mohammed Al Muhtaseb, CEO of ISSF, commented, “This is a testament to the success of Propeller thus far and to the positive role they are playing by investing in the Jordanian ecosystem, which is evident whether through their selection of portfolio companies or the ongoing support and value they add to them afterward. We are proud of this partnership and pleased to increase our commitment to this remarkable team..
Tambi Jalouqa, Managing Partner of Propeller commented: “We are delighted to continue our journey with the ISSF. The team at ISSF are our anchor investors and biggest supporters.We believe that together we can be catalysts of the Jordanian technology scene for years to come”
About the Innovative Startups and SMEs Fund (ISSF):
The ISSF is a USD 98 million fund established in 2017 and registered in Jordan as a private shareholding company. The fund was established as a partnership between the Central Bank of Jordan with USD 48 million investment and USD 50 million from the World Bank. The ISSF is committed to facilitating funding for Jordanian early-stage startups and SMEs through investments in venture capital funds as well as direct investment in startups. The ISSF endeavors to foster a thriving and supportive entrepreneurial environment that enables promising local entrepreneurs to transform innovative projects into sustainable startups; generate jobs for Jordanian men and women; and prompt economic sectors that serve export markets by capitalizing on the creative and technical capabilities of entrepreneurs and management teams across Jordan.
About Propeller:
Propeller is a pre-seed & seed-stage venture capital firm headquartered in Jordan, specializing in investments within SaaS, enterprise software, and cloud infrastructure. Positioned as a tech-focused fund, Propeller targets exceptional technical founders building remarkable and scalable products from the MENA region. With a portfolio of 35 companies and a notable dragon exit, they are actively pursuing investment opportunities in Jordan and Saudi Arabia.
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