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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 Silkroad Images; a Middle East provider of exclusive stock photography images and digital content such as vectors, footage and editorials. Divided into multiple unique categories, the materials are sourced from professional photographers and content developers from across the region.
“In the wake of the coronavirus pandemic, we have been placing added emphasis on direct investments in order to allow pioneering companies to not only survive, but also thrive. Through this investment, the ISSF is accelerating the growth of “Silkroad Images” and actively empowering the company to reach its full technical and operational potentials, thus positively impacting the local economy, achieving national progress and positioning Jordan as a prime tech and entrepreneurial hub,” commented ISSF CEO, Laith Al Qasem.
In turn, Founder and CEO of Silkroad Images, Riham Mahafza, elaborated, “The COVID-19 pandemic has taken a massive toll on numerous industries, forcing companies - especially startups and SMEs - to downsize drastically or shutdown altogether, and our industry was no exception. Securing investment from the ISSF, combined with an internal funding round, will enable us to expand our digital library with authentic and intuitive content, grow our team, outreach new audiences and develop our operations, consequently bridging our expansion into untapped high-potential markets in the near future.”
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.
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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
For more information or assistance, please contact us at:
Fax: +962 6 585 3001
P.O. Box: 930391, Amman 11193, Jordan
Email: media@bidayamarcom.com
© Press Release 2021
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