• Jordan’s Innovative Startups and SMEs Fund (ISSF) has increased its commitment to Propeller's second fund, to be increased from an initial $3,5 million to $5 million.
• Propeller Ventures II (PVII), founded in 2017 by Tambi Jalouqa and Zaid Farekh, is pre-Seed and Seed-stage venture capital firm (VC) headquartered in Jordan, specialising in the SaaS, enterprise software, and cloud infrastructure sectors. ISSF, serving as the anchor limited partner (LP).
• The World Bank and the Central Bank of Jordan jointly established the ISSF in 2017 with the goal of supporting Jordanian startups via direct investment or venture capital fund investments.

Press release:

The Innovative Startups and SMEs Fund (ISSF) has announced an increase in its commitment to Propeller's second fund, Propeller Ventures II (PVII), a Jordanian venture capital fund specialising in SaaS, enterprise software, and cloud infrastructure sectors. ISSF, serving as the anchor limited partner (LP), has increased its investment from an initial $3,5 million to $5 million.

Propeller has proven to be a pioneer in the field of tech investment, investing in promising startups with a focus on innovation and scalability. Through PVII, Propeller has invested in several Jordanian companies, a testament to their dedication to fostering local entrepreneurship and economic growth.

Speaking on the increased commitment, Mohammed Al Muhtaseb, CEO of ISSF, commented, "This is a testament to the success of Propeller thus far and to the positive role they are playing by investing in the Jordanian ecosystem, which is evident whether through their selection of portfolio companies or the ongoing support and value they add to them afterward. We are proud of this partnership and pleased to increase our commitment to this remarkable team..

Tambi Jalouqa, Managing Partner of Propeller, commented: “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.”