The Jordan Capital and Investment Fund (JCIF) has officially launched Manara Ventures, a significant new scale-up fund valued at JOD 50 million, or approximately $70.5 million. This initiative is designed to fuel the growth of Jordan's most promising technology and innovation-driven companies. Backed by prominent regional investors, including the Abu Dhabi-based firm Lunate, the fund aims to bridge the gap between local talent and substantial growth capital.
A Strategic Boost for Jordan's Economy
The establishment of Manara Ventures represents a key milestone in JCIF's strategy to expand into venture capital, aligning with Jordan's national economic vision. This initiative supports the country's goal of building a knowledge-based economy driven by private-sector innovation and entrepreneurship. Structured as a fully Sharia-compliant platform within the Abu Dhabi Global Market, the fund is positioned to attract significant regional investment.
Experienced Leadership at the Helm
To lead this ambitious venture, Luma Fawaz has been appointed as the Chief Executive Officer of Manara Ventures. Fawaz is a highly respected figure in Jordan's startup ecosystem, bringing over two decades of experience in venture development and startup acceleration. Her previous role as CEO of Oasis500 saw her oversee more than 180 early-stage investments, solidifying her expertise in nurturing high-growth companies.
Fawaz expressed her ambition to back exceptional founders and guide them toward regional and global expansion. She emphasized that the fund's mission extends beyond delivering strong financial returns to investors. Manara Ventures also seeks to catalyze technological advancement, foster a culture of innovation, and deepen collaboration across the broader regional startup landscape.
Targeted Investment Strategy
Manara Ventures has a clear mandate to accelerate the growth of Jordan's digital economy by investing in high-potential technology companies. The fund plans to build a portfolio of over 20 growth-stage companies, providing crucial capital to help them scale their operations. Investment cheques are expected to range from $750,000 to $3 million, including participation in follow-on funding rounds.
In addition to initial investments, the fund has reserved a significant portion of its capital to support its most successful portfolio companies. This follow-on funding is earmarked for up to 15 high-performing businesses that are ready to pursue ambitious regional expansion opportunities. This two-tiered approach demonstrates a long-term commitment to building sustainable and competitive enterprises from Jordan.
The partnership with Lunate is instrumental in creating a powerful link between Jordanian innovation and substantial regional capital. This collaboration is designed to unlock the full potential of the country's entrepreneurs and support innovation in sectors vital to future economic growth. The ultimate goal is to build companies capable of competing effectively well beyond their local markets.
The launch of Manara Ventures marks a pivotal moment for Jordan's technology sector, injecting much-needed scale-up capital into the ecosystem. With seasoned leadership and strong regional backing, the fund is well-positioned to empower a new generation of Jordanian entrepreneurs. This initiative promises to not only accelerate the growth of individual companies but also solidify Jordan's standing as a key hub for innovation in the Middle East.