Abu Dhabi-based alternative investment manager Lunate has backed a $70 million sharia-compliant investment fund aimed at supporting technology startups in Jordan, as part of a broader push to accelerate the country’s digital economy and provide growth-stage companies with the institutional capital needed to scale regionally. The fund, called Manara Ventures, was launched by the Jordan Capital and Investment Fund and is registered in the Abu Dhabi Global Market, with the new fund having secured backing from several other regional institutional investors in addition to Lunate, though their identities were not disclosed.
Luma Fawaz, Chief Executive Officer of Manara Ventures, said 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. The fund will target technology-focused Jordanian companies with high growth potential, with plans to invest in more than 20 growth-stage firms and allocate additional follow-on capital to support up to 15 high-performing businesses pursuing regional expansion, with individual investments expected to range between $750,000 and $3 million. The focus on growth-stage companies rather than seed-stage investments reflects an intent to back businesses that have already demonstrated product-market fit and are positioned to expand beyond the domestic Jordanian market into the broader Middle East and North Africa region.
The Jordan Capital and Investment Fund is the largest private sector investment fund in Jordan, with capital exceeding JD275 million, and is owned by 16 Jordanian banks that collectively invest in high-potential companies within strategic sectors. Lunate, which is majority-owned by Chimera Investment and overseen by Sheikh Tahnoon bin Zayed Al Nahyan, manages $110 billion in assets across private markets including buyouts, growth equity, early and late-stage venture capital, and private credit. The announcement comes against a backdrop of accelerating startup investment across the Middle East and North Africa. Startup investment across the region rose 225 percent last year, with $7.5 billion raised by 647 startups, though Jordanian startups raised $10 million across 22 deals in the most recent period, down from the $15 million secured the previous year, making the establishment of a dedicated, institutionally backed technology fund particularly timely for Jordan’s entrepreneurial ecosystem.
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