The Innovative Startups and SMEs Fund (ISSF) – a Jordan-based investment fund – has announced a direct investment of $150,000 in – not Matrix, but Martix, a Jordan-based e-commerce platform. The investment was made following an investment round during January 2021, totaling up to $300,000 with Select Ventures Holdings, a UAE-based investment management firm.
Founded in 2018, Martix enables local merchants to smoothly transition online and strengthen their e-commerce presence by leveraging technology tools and workflows, whilst presenting consumers with an aggregated view of on-boarded stores for a seamless shopping experience that allows them to make purchases from multiple stores via one shopping cart. Martix also lends logistics and digital payment solutions, as well as last-mile service providers that are connected to the platform, to both sellers and consumers.
Martix emerged from the need to streamline the local e-commerce market and create a digital mirror of the local physical market, according to Martix’s Founder and CEO Subhi Sallam, who used to be an associate partner at IBM. “Our laser-focus on our vision, paired with our deep understanding of market context and dynamics, have been key factors in our success,” says Sallam. “With Martix, people across Jordan can now shop safely and conveniently online from more than 400 local merchants that have access to over 300,000 consumers on our app. We have a vision and goals that have yet to be achieved, and we are excited to kickstart our next phase with the support of the investment made by the ISSF and Select Ventures Holdings. We cannot wait to reveal what Martix has in store for the region.”
“With services rapidly shifting online, we are placing special emphasis on supporting digital companies that not only possess high growth potential, but also help give rise to Jordan as a regional hub for innovation and entrepreneurship. By deploying the latest technologies to cater to the evolving e-commerce needs of merchants and consumers alike, Martix serves as a prime example of local entrepreneurial success, and we eagerly look forward to seeing how our investment will contribute to the platform’s development during the upcoming period.”Laith Al Qasem, CEO, ISSF
“Community shopping is an important aspect of the Jordanian culture and a growing trend within today’s e-commerce arena,” says Amjad Mustafa, Select Ventures Holdings Managing Partner. “People prefer to buy from stores they know and trust, and Martix has brought those retailers to their customer base via an excellent platform. The strength of Martix is in their business model, scalable technology, customer service and the very hard work of their founding members. We have been alongside Martix since the beginning and are excited to see them progress well beyond the Jordanian market.”
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