Amman:TheInnovative Startups and SMEs Fund (ISSF) - the largest investment fund of its kind in Jordan - has announced a direct investment of USD 200,000 (over JOD 141,000) in Abjjad; a company that promotes and markets Arabic digital books. The investment, which was made in January 2021, underscores 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 at least 600 entrepreneurs and SMEs through specialized training to qualify them for prospective investments.
Since its launch in 2012, Abjjad has steadily progressed and enhanced its operations to achieve ISSF requirements for direct investment, demonstrating inspiring innovation, ambitious vision and high growth potential. Serving as a wide network for readers, authors and publishing houses alike, the extensive virtual library presented by Abjjad enriches the knowledge of individuals, as well as actively contributes to establishing a new market within the Arab publishing world by converting publications into digital books that its 168 million Arab readers can easily access. To date, Abjjad comprises 50 Arab publishers officially contracted by the platform and features 250,000 users.
“Targeting digital innovators and supporting them through funding that enables their businesses to grow and flourish is at the core of our mission, which seeks to bridge the investment and funding gaps for emerging and existing companies, whilst fostering an environment that promotes local entrepreneurship. Today, we have chosen to invest in Abjjad - a platform that has received and is nominated for multiple prestigious local and regional awards - thereby empowering it to positively impact the community and positioning its founders as a source of inspiration for other aspiring Jordanian entrepreneurs,” commented ISSF CEO, Laith Al Qasem.
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 - 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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© Press Release 2021