New Delhi, May 20 -- Jordan Capital and Investment Fund (JCIF), one of the largest private-sector investment platforms backed by 16 lenders of the country, has launched a fund Manara Ventures to back Jordanian founders.
The fund, which will invest growth capital, has a target corpus of JOD 50 million ($70.5 million or around Rs 683 crore). The vehicle, which been established in Abu Dhabi Global Market (ADGM) and structured as a fully Sharia-compliant investment platform, has also secured backing from regional institutional investors including Abu Dhabi-based global investment firm Lunate.
Manara Ventures will invest and support the growth of Jordan's most promising technology and innovation focused companies, according to a statement issued by the company.
The fund aims to build a portfolio of over 20 growth-stage companies, and will also reserve additional capital to support up to 15 high-performing businesses pursuing regional expansion opportunities.
Its cheque sizes will be in the range of $750,000 to $3 million (around Rs 7.3-29 crore), including follow-on funding rounds.
"The launch of Manara Ventures marks an important milestone in JCIF's strategy to expand into venture capital and innovation-led investments," said Hani Qadi, JCIF Chairman.
Luma Fawaz, who has worked with entrepreneurs and technology companies for more than two decades, will be leading the fund as the chief executive officer. Prior to joining Manara Ventures, Fawaz was the CEO of Oasis500, where she oversaw more than 180 early-stage investments for about a decade.
Published by HT Digital Content Services with permission from VC Circle.