Amman: The Innovative Startups and SMEs Fund (ISSF) - the largest investment fund of its kind in Jordan - has announced a direct investment of USD 250,000 in Gamiphy; an eCommerce-growth platform that enables online businesses to launch various omni-channel experiences for their users, such as customer loyalty programs, live commerce experiences, branded games, on-site recommendations and personalization and other features that help them boost conversions and retention.
This investment is part of a $1.55 million investment round led by led by Kuwait-based Al Muhallab VC, which also includes investments from the Bank of Palestine, Innovative Private Sector Development (IPSD), and angel investors.
“ISSF has chosen to invest in Gamiphy - a platform that has attracted partnerships from several global platforms - in appreciation of the importance of the technological solutions that contribute to the growth of the e-commerce sector that continues to thrive, especially after the COVID pandemic. Through this investment, we seek to bring this regional company to Jordan to support the market and empower Gamiphy to reach its full potential. This will ultimately contribute to positioning Jordan as a prime tech and entrepreneurial hub,” commented ISSF CEO, Eng. Mohammad Al-Muhtaseb.
In turn, CEO of Gamiphy, Aws Al Nabulsi, elaborated, “ISSF's contribution to our funding round is strategic as it supports and consolidates our operations in Jordan, attracting and working with great local talent that reflects the natural growth of Gamiphy from a Palestinian startup to a regional and a global one.”
The ISSF is registered as a Jordanian private shareholding company. The objective of the ISSF is to support and elevate Jordan’s entrepreneurial and innovation landscape by facilitating the establishment of new investment funds that serve the ecosystem; making direct investments in innovative, export-oriented and scalable local startups; as well as implementing initiatives that improve the capabilities of Jordanian entrepreneurs and startup teams through training, capacity building and targeted incubation and acceleration programs.
About the Innovative Startups and SMEs Fund
The ISSF is a national project established in 2017 as a private shareholding company to actively promote a fundamental shift within the local entrepreneurial and innovation landscape. The ISSF - which is the largest investment fund of its kind in Jordan - is implemented in cooperation with the World Bank over a duration of six years, concluding in November 2023. During this period, the World Bank foresees the ISSF to make both direct and indirect investments (the latter in investment funds) in 150-200 local innovation companies and build the capacities of at least 825 entrepreneurs and SMEs through specialized training to qualify them for prospective investments. The total working capital of the ISSF is USD 98 million, with a USD 48 million investment from the Central Bank of Jordan and a USD 50 million investment from the World Bank. The ISSF is committed to facilitating funding for Jordanian early-stage startups and SMEs, particularly those demonstrating ambitious vision and high growth potential. 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.
For more information, please visit the website at www.issfjo.com
Established in late 2017, Gamiphy is an eCommerce-growth platform that enables online businesses to launch various omni-channel experiences for their users such as customer loyalty programs, live commerce experiences, branded games, on-site recommendations and personalization and other features that help them boost conversions and retention. Gamiphy serves hundreds of brands and customers globally through its partnerships with leading platforms such as Shopify, Vtex, and Adobe commerce cloud.
For more information, please visit the website at https://gamiphy.co/