The Jordan Capital and Investment Fund (JCIF) announced the official launch of Manara Ventures, a new fund designed to boost the Kingdom's technology sector. This strategic initiative marks a significant step towards fostering innovation and economic development within Jordan. The fund is valued at JOD 50 million, which is approximately USD 70.5 million, showing the substantial investment committed to this endeavor. Manara Ventures aims to accelerate the growth of Jordan’s digital economy and empower high-potential entrepreneurs, according to JCIF. The initiative also seeks to strengthen Jordan’s position as a regional hub for innovation and technology, supporting the development of local scale-ups and positioning them for broader success. Manara Ventures is specifically dedicated to supporting the growth of Jordan’s most promising technology and innovation-focused companies, providing them with the necessary capital and strategic guidance to expand their operations.
Fund Details and Investment Strategy
Manara Ventures will invest in Jordanian technology and technology-enabled companies that demonstrate significant growth potential. This focus ensures that the fund targets businesses with viable long-term prospects and the capacity to make a substantial impact on the national economy. The fund aims to target over 20 growth-stage businesses within its portfolio, providing key capital to help these companies move beyond their initial development phases. These investments are designed to propel these companies towards greater market penetration and operational efficiency. An additional allocation of capital is specifically reserved to support up to 15 of these high-performing companies as they pursue opportunities for regional expansion. This strategic foresight aims to facilitate the international growth of Jordanian tech firms, enhancing their competitive edge in the broader Middle East and North Africa (MENA) region. The investment platform has been structured to be fully Sharia-compliant, aligning with Islamic finance principles. This adherence to Sharia law makes the fund accessible to a wider range of investors and entrepreneurs who prioritize ethical and responsible investment practices, ensuring transparency and fairness in its operations. The Sharia-compliant structure also reflects a commitment to sustainable and socially responsible investment.
Key Backers and Leadership
Manara Ventures secured backing from regional institutional investors, with Abu Dhabi-based global investment firm Lunate among its supporters. The involvement of such prominent regional investors notes the confidence in Jordan's burgeoning technology sector and the potential for Manara Ventures to achieve its ambitious goals. The fund was established in Abu Dhabi Global Market (ADGM), a prominent international financial center. This strategic location provides Manara Ventures with a strong regulatory framework and access to a sophisticated financial ecosystem, further solidifying its operational foundation and credibility in the global investment landscape. The establishment within ADGM shows the fund's commitment to international best practices and governance.
Luma Fawaz has been appointed Chief Executive Officer of Manara Ventures. Ms. Fawaz previously held the position of CEO at Oasis500, a seed investment company and accelerator for startups in the Middle East and North Africa region. Her appointment is expected to provide strong leadership for the new venture capital fund, leveraging her extensive experience in nurturing early-stage businesses and scaling innovative ventures. Her proven track record in the regional startup ecosystem positions her as a key driver for Manara Ventures' success.
Vision and Impact
Manara Ventures is a JOD 50 million technology scale-up fund established to support the growth of Jordan’s most promising technology and innovation-focused companies. The fund plans for investments to range between USD 750,000 and USD 3 million per company, encompassing initial and follow-on funding rounds. This flexible investment range allows Manara Ventures to cater to the diverse needs of growth-stage companies, providing sufficient capital for significant scaling while also enabling follow-up investments as companies achieve key milestones. This strategy aims to provide substantial capital for businesses ready to scale, helping them overcome financial hurdles and accelerate their market expansion. The availability of both initial and follow-on funding ensures a continuous support system for portfolio companies as they mature and grow.
Luma Fawaz, Chief Executive Officer of Manara Ventures, brings significant experience to her new role. During her previous tenure at Oasis500, Ms. Fawaz oversaw more than 180 early-stage investments. This extensive experience in identifying and supporting nascent ventures provides her with a deep understanding of the challenges and opportunities within the startup ecosystem. She also worked directly with over 2,500 entrepreneurs, contributing to the development of the regional startup ecosystem by providing mentorship, strategic advice, and access to resources. Her hands-on approach and broad network are invaluable assets for Manara Ventures. Her leadership is expected to drive Manara Ventures' mission to foster technology scale-ups in Jordan, guiding them towards sustainable growth and regional leadership. The fund's full approach, combining financial investment with experienced leadership, is poised to make a significant impact on Jordan's technological landscape.
