The largest investment fund of its kind in Jordan, the Innovative Startups and SMEs Fund (ISSF), is pleased to announce a $5 million investment in Rua Growth I LP, a $45 million venture capital fund. With an emphasis on marketplaces, fintech, enterprise solutions, and software as a service, Rua Growth I LP is committed to assisting growth startups in their early stages and beyond. ISSF has directed the Rua Growth Fund to reinvest the original $5 million in Jordanian startups at a multiple.
ISSF CEO Mohammed Al Muhtaseb stated, “We are proud to welcome Rua Growth Fund to our portfolio of funds. Their investment thesis and strategy align with our vision for the Jordanian ecosystem. Their unique composition of the GP having both Saudi and Jordanian veteran investment managers embodies the great and historic relationship Jordan and Saudi Arabia enjoy on so many levels. The investment thesis captures the opportunities the Saudi and GCC markets present and capitalises on the unique talent and competitive advantages that Jordan has and unlocks the unlimited potential.”
We are thrilled about our strategic partnership with the ISSF, which is essential to encouraging innovation and assisting entrepreneurial endeavors in Jordan, said Turki Aljoaib, Managing Partner of Rua Growth Fund. By working together, we hope to close the gap between the Saudi and Jordanian markets by utilizing the entrepreneurial ecosystem’s assets, which include its vibrant startups and highly qualified workforce. In line with our mission to support disruptive and high-potential technology startups that will revolutionize the region, we are working together to help Jordanian companies expand in Saudi Arabia and beyond while also generating new growth, technological advancement, and job opportunities.
