ISSF increases investment in Oasis 500 to $5 million to boost Jordanian startups

The Innovative Startups and SMEs Fund (ISSF) has increased its committed investment in the Oasis 500 fund from $3 million to $5 million, Jordan Daily reported on Monday, July 22, 2024. The move is intended to strengthen Oasis 500’s capacity to back early-stage information and communication technology (ICT) companies in Jordan and to foster growth across the country’s startup portfolio.

“For every dollar we invested, we attracted $5 for our portfolio startups. The additional investment from the ISSF will enable us to double our investments in some of the top-performing companies within our portfolio,” said Luma Fawaz, CEO of Oasis 500.

Context and details

Mohammad Al-Muhtaseb, CEO of the ISSF, described Oasis 500 as pivotal to Jordan’s entrepreneurial ecosystem and the wider region, saying the increased funding will bolster the fund’s ability to support startups in its portfolio and promote Jordanian entrepreneurship and economic growth.

Oasis 500 currently supports 36 startups in Jordan. The fund highlighted a substantial women’s leadership presence within that cohort, noting that 36% of supported startups are led by female entrepreneurs. According to the fund, the initiative has generated 300 direct jobs and approximately 1,000 indirect jobs to date.

• ISSF increased investment in Oasis 500 from $3 million to $5 million.
• Oasis 500 portfolio: 36 startups supported in Jordan.
• Female-led ventures represent 36% of the portfolio.
• Jobs created: 300 direct roles and roughly 1,000 indirect roles.
• Leverage: Oasis 500 reports $5 attracted to portfolio startups for every $1 invested by the fund.

The leverage figure cited by Oasis 500 — $5 attracted for every $1 invested — underlines the fund’s role in mobilizing additional capital for Jordanian startups. Fawaz framed the ISSF’s additional capital as an opportunity to increase investment concentration in higher-performing portfolio companies, a tactical shift that could accelerate scaling trajectories for select startups.

Outlook

With the ISSF’s increased commitment, Oasis 500 is positioned to intensify follow-on investments in its strongest companies and to expand support across its current cohort. Mohammad Al-Muhtaseb indicated the injection of capital is aimed at strengthening the fund’s capacity to support startups and to contribute to broader economic growth, reflecting a strategic push to convert early-stage support into measurable commercial outcomes.

The announcement arrives amid ongoing regional economic dynamics and follows reporting by Jordan Daily on July 22, 2024. For Oasis 500, the new $5 million backing from the ISSF is likely to shape the fund’s investment cadence and portfolio prioritization through the remainder of the year as it doubles down on performance-driven follow-on funding.