Cisco unveils $5m Jordan capital funding plan
Amman, February 24, 2014
Global IT giant Cisco said it has invested $6 million into Badia Impact Fund which is dedicated to investment in early-stage start-ups in the technology sector in Jordan.
This funding represents the first allocation from the $10 million venture capital investment commitment, initially outlined by Cisco in May 2011, targeted at small businesses that provide innovative products, services and solutions.
Cisco’s contribution is part of an overall funding contribution to the Badia Impact Fund jointly funded by Cisco, as an anchor investor, along with the European Investment Bank (EIB), the King Abdullah Fund for Development (KAFD), and the fund sponsor, Silicon Badia’s parent company Accelerator Technology Holdings (ATH).
The venture capital fund will support early stage online and mobile innovation, healthcare technologies and services, e-commerce, consumer Internet and digital media services in Jordan.
Commenting on the move, Alan Chelko, the business development manager for Cisco, said: "Investing in an established and geographically focused venture team like Accelerator Technology Holdings complements Cisco's global investment portfolio by providing the company visibility to the emerging Jordanian innovation ecosystem."
"This investment in the Badia Impact Fund will help catalyse and accelerate tech innovation in Jordan and take technology investment in Jordan to the next level by addressing a key funding gap for early stage Jordanian tech companies," he noted.
Emile Cubeisy, the managing partner, Silicon Badia expressed delight at Badia Impact Fund being selected by Cisco for the first funding allocation from its $10 million venture capital commitment to in Jordan.
"Our goal has always been to nurture entrepreneurship by investing in early and growth stage ICT small and medium-sized enterprises located mainly in Jordan. With Jordan becoming a recognized ICT hub for the Mena region our support for these entrepreneurial organizations will enable and empower them to compete globally alongside a 21st century workforce," he stated.
Omar Razzaz, the chair of board of trustees, King Abdullah II Fund for Development (KAFD) said: "Technology is rapidly becoming a key enabler for reform in Jordan and we are therefore very pleased to be strategically collaborating with Cisco, as well as others, to help create opportunities for young entrepreneurial organizations to compete on a global stage."
Philippe de Fontaine Vive, the EIB vice president said Badia Impact Fund was a very worthy recipient of this venture capital investment given their focus on helping to develop and grow budding entrepreneurial organizations in Jordan.
"This is where public-private partnerships will be absolutely vital for driving economic growth and prosperity and we are proud to have joined forces with strategic partners like KAFD and Cisco to help make a difference," he added.-TradeArabia News Service