Lunate, the Abu Dhabi-based alternative investment giant, is the lead backer in a new JD50 million ($70 million) fund aimed at supporting growth-stage startups in Jordan. The fund, named Manara Ventures, was launched by the Jordan Capital and Investment Fund (JCIF) and is registered in the Abu Dhabi Global Market (ADGM).
Quick Facts
- Fund Size: $70 Million (JD50 Million)
- Lead Investor: Abu Dhabi’s Lunate
- Target: 20+ Jordanian growth-stage startups
- Compliance: Sharia-compliant
Fueling Jordan’s Next Wave of Startups
Manara Ventures is set to inject much-needed capital into Jordan’s tech ecosystem, targeting companies with high growth potential. The fund plans to make initial investments in more than 20 growth-stage firms, with individual ticket sizes expected to range between $750,000 and $3 million.
In addition to initial funding, Manara Ventures will allocate follow-on capital to support up to 15 of its high-performing portfolio companies as they pursue regional expansion.
Luma Fawaz, CEO of Manara Ventures, stated that the fund will provide the necessary capital and institutional backing to enable startups to scale, generate strong financial returns, and accelerate Jordan’s digital economy.
A Timely Boost for the Jordanian Ecosystem
The announcement arrives at a critical time for Jordan’s entrepreneurs. According to data from Wamda, Jordanian startups raised just $10 million across 22 deals last year, a decrease from the $15 million secured in the previous year. This contrasts with the broader MENA region, which saw startup investment climb 225 percent to $7.5 billion in the same period.
Manara Ventures, with its significant capital and backing from regional institutional investors, is positioned to help bridge this gap and provide a new runway for Jordanian companies.
The Power Players Behind the Fund
The fund brings together influential financial players from both the UAE and Jordan. Lead backer Lunate manages an impressive $110 billion in assets and is majority-owned by Chimera Investment, which is overseen by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national-security adviser.
The fund’s launcher, JCIF, is the largest private-sector investment fund in Jordan, with capital exceeding JD275 million. It is owned by 16 Jordanian banks and focuses on investing in high-potential companies within strategic sectors.
About Manara Ventures
Manara Ventures is a JD50 million ($70 million) Sharia-compliant investment fund launched by the Jordan Capital and Investment Fund (JCIF). Registered in the Abu Dhabi Global Market and backed by Abu Dhabi’s Lunate, the fund is dedicated to investing in high-growth technology companies in Jordan. Its strategy focuses on providing capital and institutional support to help Jordanian startups scale and expand regionally.
Source: AGBI
