Amman — The Innovative Startups and SMEs Fund (ISSF), announces an investment in MSA Novo MENA-focused fund. MSA Novo is the emerging markets focused venture fund under MSA Capital, a global multi-stage investment firm. This investment underscores the commitment of the ISSF to empowering promising Jordanian startups to advance the local entrepreneurial landscape and the national economy at large.
Mohammed al Muhtaseb, CEO of ISSF, said, "We are very proud of our investment in MSA Novo, a global VC with a successful track record of scaling innovative startups. MSA has demonstrated a strong commitment to the Jordanian ecosystem, evident in both their investment thesis and their investment allocation for Jordan, which mobilizes additional capital to Jordanian startups thereby amplifying the ISSF’s investment. Through this strategic investment, our objective is not just to infuse vital equity capital but also to effectively open doors for Jordanian startups, providing them with accelerated access to global markets through the expertise of a key international player in the venture space.”
Ben Harburg, MSA Novo Managing Partner, commented, “ISSF was one of the first regional sovereign investors to support MSA’s vision of bringing global institutional investing to the Middle East venture space. In the process, MSA generated hundreds of jobs in Jordan. We are honored to again receive the trust of this critical institution tasked with the development of the Jordanian technology and entrepreneurship ecosystem and we look forward to robustly executing upon this mission in our new fund.”
This strategic investment unlocks new opportunities for Jordanian startups, providing them with the financing needed to scale and thrive in the competitive global market. The ISSF remains dedicated to championing innovation, creating jobs, and contributing to Jordan's economic development.
About the Innovative Startups and SMEs Fund
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 MSA Novo
MSA Novo is one of the only global venture capital firms systematically investing in emerging technology markets across multistage companies with a portfolio of 50+ companies across the Middle East, Latin America, Africa, and South Asia, investing in global sector leaders such as Tabby, Zid, NuBank, NIO, Cider, and Airbnb.