The Innovative Startups and SMEs Fund (ISSF), one of Jordan’s large investment funds, has announced a direct investment of USD 120,000 in Mrayti. Mrayti is a Middle East startup specializing in clean cosmetics and personal care products free of health-compromising chemicals or compounds. The investment aligns with the Innovative Future Initiative, which the ISSF launched to support startups and SMEs affected by the COVID-19 pandemic in Jordan.
Organized in coordination with the World Bank, the initiative has allocated USD 7.5 million to empower these companies to overcome the challenges imposed by the global health crisis.
“During the COVID-19 pandemic, many Jordanian companies experienced significant challenges, that made it difficult for them to continue or impede the growth of their business, and here comes the ISSF’s role in enabling startups and SMEs to not only endure, but also prosper. ISSF’s investment in “Mrayti” comes from our belief in Jordanian entrepreneurs and their ability to turn challenges into new opportunities for development and expansion, thereby contributing to supporting local entrepreneurial activity and positively impacting the national economy as a whole,” ISSF CEO, Laith Al Qasem, said.
“The team and I are excited to make Mrayti a regional favorite for savvy consumers by the end of this year. ISSF’s investment comes at such a pivotal moment as we’ve just launched our own products and sends a strong signal that Jordanian startup ecosystem continues to lead with innovation and confidence,” Mrayti’s Founder, Romouz Sadeq, stated.
The ISSF is registered as a Jordanian private shareholding company. The objective of the ISSF is to support and elevate Jordan’s entrepreneurial and innovation landscape by facilitating the establishment of new investment funds that serve the ecosystem; making direct investments innovative, export-oriented and scalable local startups; as well as implementing initiatives that improve the capabilities of Jordanian entrepreneurs and startup teams through training, capacity building and targeted incubation and acceleration programs.
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