Jordanian Startup Fund (ISSF) Amplifies Investment in Propel II Fund, Bolstering Tech Entrepreneurship

Jordanian Startup Fund (ISSF) Amplifies Investment in Propel II Fund, Bolstering Tech Entrepreneurship

By Staff Writer, 19 March 2024

Jordan's startup ecosystem received a significant boost as the Jordanian Startup Fund (ISSF) announced a surge in its investment in Propel II Fund, a specialized venture capital fund focusing on Software as a Service (SaaS), enterprise software, and cloud infrastructure sectors.

The investment injection soared from $3.5 million to $5 million, solidifying ISSF's dedication to fostering innovation and entrepreneurship within the technology realm.

Propel Fund has garnered acclaim for its prowess in technology investment, specifically in nurturing startups and fortifying their capabilities for expansion and innovation.

With a track record of investments in Jordanian enterprises, Propel Fund plays a pivotal role in nurturing the entrepreneurial ethos and driving economic progress in the kingdom.

Eng. Mohammed Al-Muhaisin, CEO of the Jordanian Startup Fund, lauded Propel Fund's pivotal role in bolstering Jordan's entrepreneurial landscape. He affirmed that the augmented investment underscores their confidence in the growth potential of the supported companies.

Moreover, it underscores ISSF's unwavering commitment to startups through financial backing, technical assistance, and administrative guidance.

Tamim Qalouqah, Managing Partner at Propel, expressed his enthusiasm in sustaining the partnership with the Jordanian Startup Fund. He stressed the significance of this collaboration in elevating Jordan's technological ecosystem and catalyzing innovation and expansion within the sector.

Source: EntArabi

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