– ISSF boosts investment in Propeller Ventures II from $3.5 million to $5 million, bolstering the Jordanian tech sector.

– Propeller Ventures is recognized for its role in fostering local entrepreneurship and driving innovation in SaaS, enterprise software, and cloud infrastructure.

– Mohammed Al Muhtaseb, CEO of ISSF, and Tambi Jalouqa, Managing Partner of Propeller, express pride in the partnership and commitment to further catalyzing Jordan’s technology scene.

The Innovative Startups and SMEs Fund (ISSF) has announced a significant uptick in its commitment to Propeller Ventures II (PVII), a Jordanian venture capital fund specializing in Software as a Service (SaaS), enterprise software, and cloud infrastructure sectors, according to a statement.

Serving as the anchor limited partner (LP), ISSF has ramped up its investment from an initial $3.5 million to a substantial $5 million, underscoring its confidence in Propeller’s strategic vision and the potential for tech innovation in the region.

Propeller Ventures has distinguished itself as a trailblazer in the realm of tech investment, leveraging its expertise to identify and nurture promising startups poised for growth and scalability. Through PVII, the firm has directed its focus towards supporting local entrepreneurship, contributing to the economic advancement of Jordan.

Commenting on the increased commitment, Mohammed Al Muhtaseb, CEO of ISSF, lauded Propeller’s track record of success and its pivotal role in driving forward the Jordanian tech ecosystem. 

Al Muhtaseb remarked, “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.”

Echoing this sentiment, Tambi Jalouqa, Managing Partner of Propeller, expressed enthusiasm for the continued collaboration with ISSF. Recognizing ISSF as their anchor investor and staunchest ally, Jalouqa emphasized their shared vision of catalyzing the growth of the Jordanian technology sector. 

“We are delighted to continue our journey with the ISSF,” said Jalouqa. “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.”