ISSF increases investment in Jordanian VC firm Propeller's second fund

🇯🇴 ISSF (The Innovative Startups and SMEs Fund) has invested an additional $1.5 million in the Jordanian VC firm Propeller’s second fund to take its total investment in the Propeller Ventures II (PVII) to $5 million.

• ISSF serves as an anchor LP for the fund, alongside key investors such as SVC, Capital Bank of Jordan, and select individual backers, including a notable ex-executive from Careem.

🚁 Time for take-off

Launched in 2017, Propeller focuses on investing in pre-seed and seed-stage startups throughout the region, with a keen interest in those developing SaaS, enterprise software, and cloud infrastructure.

The fund, boasting a total size of $15 million, achieved its initial close in 2021.

• Noteworthy investments by the fund include OpenCopilot (YC 24’), Gameball, Arabot, Anecdote and Derq.

“We are delighted to continue our journey with the ISSF. The team at ISSF is our anchor investor and biggest supporter. We believe that together we can be catalysts for the Jordanian technology scene for years to come.”

Tambi Jalouqa, Managing Partner of Propeller

📖 Background

ISSF was set up by Jordanian government as a $98 million fund to invest in local startups.

The World Bank invested $50 million and Central Bank of Jordan $48 million in it.

• The fund is managed privately and has invested in local and regional fund managers including Silicon Badia, Oasis 500, Shorooq Partners, Arzan Venture Capital, Vision Ventures, and Endeavor Catalyst.