Jordan’s Innovative Start-ups and SMEs Fund (ISSF) is investing $250,000 in Palestine-based digital loyalty and gamification platform Gamiphy. The direct investment is part of the $1.55 million funding round led by Kuwait-based Al Muhallab VC, which also includes investments from the Bank of Palestine, Innovative Private Sector Development (IPSD), and other angel investors, according to a statement.
Mrayti is a Middle East start-up specializing in clean cosmetics and personal care products free of health-compromising chemicals or compounds. The investment aligns with the Innovative Future Initiative, which the ISSF launched to support start-ups and SMEs affected by the COVID-19 pandemic in Jordan.
“The team and I are excited to make Mrayti a regional favorite for savvy consumers by the end of this year. ISSF’s investment comes at such a pivotal moment as we’ve just launched our products and sends a strong signal that the Jordanian start-up ecosystem continues to lead with innovation and confidence,” Mrayti’s Founder, Romouz Sadeq, stated.
Gamiphy enables online businesses to launch omnichannel experiences for their customers, such as loyalty programs, branded games, and on-site recommendations.
“During the COVID-19 pandemic, many Jordanian companies experienced significant challenges, that made it difficult for them to continue or impede the growth of their business, and here comes the ISSF’s role in enabling start-ups and SMEs to not only endure but also prosper. ISSF’s investment in “Mrayti” comes from our belief in Jordanian entrepreneurs and their ability to turn challenges into new opportunities for development and expansion, thereby contributing to supporting local entrepreneurial activity and positively impacting the national economy as a whole,” ISSF CEO, Laith Al Qasem, said.
“ISSF has chosen to invest in Gamiphy… in appreciation of the importance of the technological solutions that contribute to the growth of the e-commerce sector,” said Mohammad Al-Muhtaseb, CEO of ISSF. The ISSF is registered as a Jordanian private shareholding company. The objective of the ISSF is to support and elevate Jordan’s entrepreneurial and innovation landscape by facilitating the establishment of new investment funds that serve the ecosystem; making direct investments in innovative, export-oriented, and scalable local start-ups; as well as implementing initiatives that improve the capabilities of Jordanian entrepreneurs and start-up teams through training, capacity building and targeted incubation and acceleration programs.
ISSF is Jordan’s largest investment fund of its kind. The private shareholding company seeks to provide funding for early-stage start-ups and small businesses.
