09 August 2016Co-investing in Endeavor Company Kharabeesh
Amman - Representing a milestone for Endeavor Jordan and its network of high-impact entrepreneurs, Endeavor Catalyst Fund - the international non-profit organization's co-investment vehicle - has made its first investment in Jordan, contributing to the equity financing of Kharabeesh. Endeavor Catalyst, along with Wamda Capital and Dash Ventures, has injected a total of USD 5 million into the company.
Kharabeesh, a multi-platform network with a mission to create quality Arabic content, was selected to join the Endeavor global network in October 2010. Led by co-founders, Mohammed Asfour, Firas Al-Otaibi, Wael Attili, Shaher Al Otaibi and Wafa Nabulsi, Kharabeesh combines media, entertainment and technology to produce original videos, programs and shows designed for online consumption.
"When searching for entrepreneurs to join Endeavor's global network, we seek out visionary leaders who are passionate to grow their businesses, capable of maximizing on their potential ecosystem impact and, ultimately, establishing a solid growth trajectory," said Ali Al-Husry, Chairman of Endeavor Jordan. "We are very excited about this first investment for the Catalyst Fund in Jordan, and are certainly confident of more investments to come along the way."
In turn,Rasha Manna, Managing Director of Endeavor Jordan, said, "Endeavor Jordan is proud to witness the successes of its high-impact entrepreneurs, who play a vital role in shaping the local economy by generating revenue and creating jobs. As we congratulate Kharabeesh on securing a USD 5 million round of funding in which Endeavor Catalyst participated, making this the first Endeavor Catalyst investment in the Kingdom, we also express our continued commitment to helping Endeavor Entrepreneurs connect with our international and regional network of investors, so that they may secure the capital they need to scale."
Designed to support Endeavor Entrepreneurs with their equity financing rounds, Endeavor Catalyst uses donated and invested capital to co-invest in Endeavor Entrepreneurs' companies according to a neutral, rules-based process. While Endeavor Jordan and the non-profit organization's other chapters across the world support high-impact entrepreneurs through strategic advice and access to a world-class mentorship network, Endeavor Catalyst complements these efforts by acting as a new source for capital for Endeavor Entrepreneurs. Proceeds are reinvested in future Endeavor Entrepreneurs' venture rounds, contributing to the long-term sustainability of Endeavor and supporting its global operations.
"We are honored to be the recipients of Endeavor Catalyst's first investment in Jordan. This investment will help us achieve our goals in expanding geographically, taking on new team members and devoting increased resources towards marketing and content creation," said Kharabeesh CEO, Asfour.
About Endeavor Jordan
Founded in 1997, Endeavor is a global nonprofit organization that supports high-impact entrepreneurs around the world by providing them with key ingredients to entrepreneurial success such as strategic advice and access to a world-class mentorship network. Through the guidance that Endeavor offers, entrepreneurs can tangibly impact their communities, generate new job opportunities, bolster their countries' national wealth, inspire others to innovate, and contribute to private sector development. Endeavor Jordan was established in 2009 and currently supports 25 Jordanian entrepreneurs representing 17 companies operating within eight different, value- added sectors.
About Endeavor Catalyst
Endeavor Catalyst is the innovative co-investment fund of Endeavor, set up to invest exclusively in Endeavor Entrepreneur-led companies and to sustain Endeavor's long-term operations in a mission-aligned way. Since launching in January 2012, Endeavor Catalyst has raised $35M in philanthropically donated and invested capital, and invested into 37 Endeavor companies in 15 countries. To date, Endeavor Catalyst has co-invested alongside a number of leading venture capital and growth equity funds, including Accel Partners, General Atlantic, NEA, Sequoia Capital and Tiger Global. Investments include Globant (NYSE: GLOB) in Argentina; Yemeksepeti.com (acquired by Delivery Hero) in Turkey and Mumzworld in UAE.
Kharabeesh is a multi-platform network that is redefining Arabic storytelling by investing in the new generation of digital talent and technology, and has become one of the largest online Arabic content creators. Combining media, entertainment and technology, it produces innovative original videos, programs, and shows designed for online consumption. Kharabeesh Partners, those who create content hosted on Kharabeesh platforms or co-create content with Kharabeesh, are offered consulting services, analytics reporting, brand management, and monetization opportunities.
This press release has been distributed by Bidaya Corporate Communications on behalf of Endeavor Jordan.
For more information or assistance, please contact us at:
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Fax: +962 6 585 3001
P.O. Box: 930391, Amman 11193, Jordan
© Press Release 2016