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AMMAN — The Innovative Startups and SMEs Fund (ISSF) has announced a $5 million investment in "Rua Growth I LP" fund, aligning with its goals to empower promising Jordanian companies by providing capital for investment in local businesses.
The "Rua Growth I LP" is a venture capital fund focused on supporting early-stage startups.
ISSF CEO Mohammed Muhtaseb emphasised that the inclusion of "Rua Growth I LP" in the fund's investment portfolio reflects a balanced investment strategy and contributes to their shared goal of enabling emerging Jordanian companies by supplying the necessary venture capital for their growth and expansion in Saudi Arabia and the Gulf region, according to the Jordan News Agency, Petra.
The structure of "Rua Growth I LP" fund includes experienced partners from both Saudi Arabia and Jordan, highlighting the deep historical and economic ties between the two kingdoms.
Turki Aljoaib , managing partner at "Rua Growth I LP" fund, confirmed that this strategic partnership with the ISSF will bolster collaborative efforts, explaining the fund's role in enhancing innovation and supporting entrepreneurial ventures in Jordan.
"We will leverage the strengths of Jordan's entrepreneurial environment, represented by its skilled workforce and dynamic startups, to bridge the gap between the markets in Jordan and Saudi Arabia," he said.
Aljoaib noted that the collaboration between the two funds aims to create growth opportunities, advance technology, and generate new job prospects in Jordan while supporting the expansion of Jordanian companies in Saudi Arabia and other countries.