Sanad invests $5m found in Jordan-based fund for SMEs
18 November, 2020
The Sanad Fund for MSMEs has invested $5 million in a fund by Amman-based capital raising firm Silicon Badia that targets small and medium enterprises.
Using its investment, the Luxembourg-domiciled fund helped close the first funding round for the $36m Badia Impact Fund Squared, handled by Silicon Badia, the business said in a statement on Tuesday.
The fund aims to invest in early-stage SMEs - with a concentrate on financial inclusion, healthcare, education, and smart transportation - that are looking for funding to scale up operations.
Sanad made the investment through its second Equity Sub-Fund, which was launched in 2019.
“We happen to be proud to become a part of an endeavour that may channel funding to ground breaking enterprises which may otherwise lack usage of the essential financing they have to gain traction and expand," said Daniela Beckmann, Sanad table chair person.
Other confirmed investors found in the Badia Affect Fund Squared are the European Lender for Reconstruction and Production, the Dutch Good for Progress Fund, and the Progressive Startups and SMEs Fund along with individual Jordanian companies.
Sanad was founded found in 2011 by the German development lender Kreditanstalt für Wiederaufbau (KfW) and is funded by US-based Calvert Impact Capital, Germany’s GLS Bank; the EU; and advancement finance entities of the Austrian, Dutch, German and Swiss governments.
Its latest sub-fund targets investments in Middle East countries such as for example Egypt, Lebanon, Jordan, Palestine, Morocco and Tunisia.
Funding for early level start-ups features gained traction in the centre East.
Earlier this month, expenditure organization The Cairo Angels rolled away a micro capital raising fund to invest in early level start-ups in your community.
Mena start-up financing rose 35 % to attain $659m in the first 1 / 2 of this year, according to info platform Magnitt.
Source: www.thenationalnews.com