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Propeller Fund receives $1.5M increase from ISSF, aims to propel Jordanian startups

By JT - Mar 18,2024 - Last updated at Mar 17,2024

The Innovative Startups and Small and Medium Enterprises Fund on Sunday announces an increase in its investment in the 'Propeller' Fund, which specialises in supporting software, corporate software and cloud infrastructure ventures, from $3.5 million to $5 million (JT file photo)

AMMAN — The Innovative Startups and Small and Medium Enterprises Fund (ISSF) on Sunday announced an increase in its investment in the "Propeller" Fund, which specialises in supporting software, corporate software, and cloud infrastructure ventures, from $3.5 million to $5 million.

The Propeller Fund targets nurturing emerging firms that demonstrate strong potential for innovation and scalability, particularly focusing on Jordanian companies, which underscores its pivotal role in promoting entrepreneurship in the Kingdom and stimulating economic growth the Jordan News Agency, Petra, reported.

ISSF CEO, Muhammad Muhtasib, attributed the increased investment to the fund’s unwavering commitment to bolstering local entrepreneurial ventures and enhancing Jordan’s entrepreneurial landscape.

Founded in 2017 with a capital of $98 million, the ISSF aims to be a catalyst for a transformative shift in the local entrepreneurship and innovation landscape. The fund, which is supported by contributions from the Central Bank of Jordan and the World Bank, prioritises financing for Jordanian startups, especially those with ambitious visions and significant growth potential.

The ISSF is committed to creating a conducive environment for Jordanian entrepreneurs to thrive. It aims to facilitate the transformation of innovative projects into viable startups, thereby generating employment opportunities and fostering economic sectors for export markets by leveraging the creative and technical skills of Jordanian entrepreneurs and management teams, according to Petra.

 

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