The Innovative Startups and SMEs Fund (ISSF) in Jordan is investing $5 million in Global Ventures Fund III to support entrepreneurs and young businesses in the country.

The $98 million investment fund, the largest of its kind in Jordan, has mandated Global Ventures to invest in Jordanian start-ups, according to a statement.

Global Ventures is a UAE-based venture capital firm focused on growth-stage investments across the Middle East and Africa. It has $300 million in assets under management and has so far invested in more than 60 businesses across 10 markets.

“We are happy to welcome Global Ventures Fund III to our portfolio of funds. They have demonstrated deep belief in the Jordanian ecosystem, having invested in several Jordanian companies from previous funds,” said Mohammed Al Muhtaseb, ISSF CEO.

Muhtaseb said they will focus on strategic verticals that address the challenges in the region and capitalise on Jordanian talent and skills.

About 98% of recently registered companies in Jordan are small and medium-sized enterprises and start-ups, which generate more than 50% of private-sector GDP and 60% of new employment opportunities, noted Noor Sweid, Global Ventures’ Managing Partner.

(Writing by Cleofe Maceda; editing by Seban Scaria)