Amman: The Innovative Startups and SMEs Fund (ISSF) - the largest investment fund of its kind in Jordan - has announced a direct investment of USD 150,000 in Trteeb, which is a company based in Jordan and Saudi Arabia. The investment, which was made in January 2021, underlines the strategy of the ISSF to support 150-200 local innovation companies through direct and indirect investments (the latter in investment funds) and build the capacities of 825 entrepreneurs and SMEs through specialized training to qualify them for prospective investments.
Trteeb leverages advanced technologies to provide an online platform specializing in tailoring traditional Arab garments by connecting customers to tailors, consequently stimulating market performance and positively impacting all involved parties. The platform presents customers with the option to either choose from a selection of available fabrics and designs or customize their thobes to suit their diverse preferences, alongside easy and convenient measuring methods to ensure ultimate comfort and satisfaction.
“Since our founding in 2017, we have been placing special focus on promising innovative startups that utilize technology to support different local markets, and Trteeb is a prime example of such a company. Through this investment, we are looking to accelerate the growth of Ttrteeb’s operations both locally and regionally, as well as empower its highly talented team, in order to ultimately advance the national economy and achieve the development and prosperity we aspire towards,” commented ISSF CEO, Laith Al Qasem.
In turn, Trteeb Co-Founder, Sultan Basyoni, stated, “We have been in contact with the ISSF from the outset and, ever since, their expert team has guided Trteeb and other startups within the ecosystem in tackling and overcoming critical challenges, consequently adding great value and saving us time and effort. This investment, which underscores the ISSF’s steadfast commitment to supporting and enabling Jordanian tech companies to succeed, will be used to sustain the development of our employees and products both inside and outside the Kingdom."
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
This press release has been distributed by Bidaya Marketing Communications on behalf of the Innovative Startups and SMEs Fund.
For more information or assistance, please contact us at:
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P.O. Box: 930391, Amman 11193, Jordan
© Press Release 2021
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