Lunate, the Abu Dhabi-based alternative investment manager, has established a JD 50M ($70M) investment fund to bolster startups in Jordan.
Manara Ventures, the sharia-compliant fund was launched by the Jordan Capital and Investment Fund (JCIF), is registered in ADGM.
The CEO of Manara Ventures, Luma Fawaz, indicated that the fund aims to provide essential capital and institutional support to help startups scale, enhance financial returns, and advance Jordan’s digital economy.
Manara plans to invest in over 20 firms, allocating further capital to up to 15 high-performing businesses looking to expand regionally. Each investment is anticipated to range between $750,000 and $3M.
JCIF, the largest private-sector investment fund in Jordan, boasts capital exceeding JD 275M and is owned by 16 Jordanian banks, focusing on high-potential companies within strategic sectors.
Lunate, which is primarily owned by Chimera Investment, manages $110B in assets across various private market segments, including buyouts and venture capital. Chimera Investment is chaired by HH Sheikh Tahnoon bin Zayed Al Nahyan: the UAE’s National Security Adviser.
This development is timely for Jordan’s entrepreneurial ecosystem, as investment in startups across the Middle East and North Africa surged by 225% last year, with $7.5B raised across 647 startups.
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