ISSF (The Innovative Startups and SMEs Fund) has invested additional $1.5 million in the Jordanian VC firm Propeller’s second fund to take its total investment in the Propeller Ventures II (PVII) to $5 million, it announced on Monday.
The fund has a total size of $15 million and hit its first close in 2021. ISSF serves as an anchor LP for the fund and other investors include SVC, Capital Bank of Jordan, and a few individual investors, including a former Careem executive.
Started in 2017, Propeller invests in pre-seed and seed-stage startups across the region that are building SaaS, enterprise software, and cloud infrastructure. Its portfolio includes ZenHR, Gameball, Arabot, and Derq.
Tambi Jalouqa, the Managing Partner of Propeller commenting on the additional commitment from ISFF, said, “We are delighted to continue our journey with the ISSF. The team at ISSF is our anchor investor and biggest supporter. We believe that together we can be catalysts for the Jordanian technology scene for years to come.”
The additional investment in Propeller follows $5 million investment by ISSF in MSA Novo, a multi-stage VC arm of MSA Capital that is focused on emerging markets.
ISSF was set up by Jordanian government as a $98 million fund to invest in local startups. The World Bank invested $50 million and Central Bank of Jordan $48 million in it. The fund is managed privately and has invested in local and regional fund managers including Oasis 500, Silicon Badia, Shorooq Partners, Endeavor Catalyst, Arzan Venture Capital, and Vision Ventures.
Mohammed Al Muhtaseb, the CEO of ISSF, said, “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.”
