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Cisco Systems backs Jordanian early stage fund with $6m

14 Mar 2014

jordan_lrgEarly-stage companies in Jordan are set to receive a potential boost to growth after Cisco Systems invested $6m in the Badia Impact Fund targeting the region.

The European Investment Fund, the King Abdullah Fund for Development and Silicon Badia parent Accelerator Technology are also backers of Badia, which aims to boost businesses in the online, mobile, healthcare, e-commerce, consumer internet and digital media sectors.

Silicon Badia managing partner Emile Cubeisy said, “We are delighted that Cisco has selected the Badia Impact Fund for the first funding allocation from its $10m venture capital commitment in Jordan.

“Our goal has always been to nurture entrepreneurship by investing in early and growth stage information and communications technology 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.”

Cisco business development manager Alan Chelko added, “Investing in an established and geographically focused venture team like Accelerator Technology Holdings complements Cisco’s global investment portfolio by providing Cisco 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.”

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