Amman, Jordan — The Innovative Startups and SMEs Fund (ISSF), Jordan’s largest investment fund, has announced a $5 million investment in Rua Growth I LP, a $45 million venture capital fund focused on Marketplaces, Fintech, Enterprise Solutions, and SaaS. This partnership is part of ISSF’s ongoing commitment to fostering early-stage and growth-stage startups within the Jordanian entrepreneurial ecosystem. As part of this agreement, Rua Growth Fund has been mandated by ISSF to reinvest the initial capital with a significant multiple in Jordanian startups, amplifying local growth and impact.
A Visionary Partnership for Jordan and Saudi Arabia
Mohammed Al Muhtaseb, CEO of ISSF, expressed his enthusiasm for the partnership, saying, “We are proud to welcome Rua Growth Fund to our portfolio. Their investment strategy aligns with our vision for the Jordanian ecosystem, and their team—comprising veteran investment managers from both Saudi Arabia and Jordan—reflects the historic and strategic relationship our nations share. This partnership is not only an endorsement of Jordan’s unique talent and competitive advantages but also leverages opportunities presented by Saudi and GCC markets, unlocking new potential for Jordanian startups.”
The Rua Growth I LP fund aims to capitalize on Jordan’s skilled workforce and burgeoning startup ecosystem to foster technological advancement, job creation, and growth opportunities for Jordanian ventures in the region.
A Gateway to Regional Markets
Turki Aljoaib, Managing Partner at Rua Growth Fund, shared the fund’s aspirations, saying, “We are excited about our strategic partnership with the ISSF, a critical force in driving innovation and supporting entrepreneurial ventures in Jordan. By combining our efforts, we aim to bridge the gap between markets in Jordan and Saudi Arabia, unlocking new opportunities for growth and expansion. Together, we are backing high-potential startups poised to disrupt the region’s technological landscape and create transformative opportunities across the GCC.”
With this investment, ISSF and Rua Growth Fund are set to make a lasting impact on Jordan’s entrepreneurial ecosystem by creating pathways for Jordanian startups to scale regionally, particularly in the Saudi and GCC markets, driving economic development and innovation across borders.
