BeyondCapital was awarded $450K from Mercy Corps to collaborate and invest in a pool of early-stage companies in Jordan. Catalyzed by a contribution from Google.org, The Youth Impact Labs Program in Mercy Corps Jordan aim to provide tailored packages of technical and financial support to early stage businesses in Jordan.
Walid Tahabsem, COP and board member of BeyondCapital, stated: ‘The recent surge of entrepreneurship in Jordan is a sign of positive development. It calls for better alignment and strong collaboration among local support entities to foster the culture of entrepreneurship. We are proud of the collaboration with Mercy Corps as we are confident it will give early-stage businesses an opportunity to flourish.’
BeyondCapital specializes in bridging the gap between early-stage businesses and investors in Jordan. Through this collaboration, BeyondCapital will disburse the awarded amount in a pool of start-ups in an effort to catalyze growth, promote value creation and help companies scale.
Tamer Al-Salah, Managing Director of BeyondCapital, commented: “The mindset shift we are witnessing from donors from grant-based support towards private sector investment is hugely positive. This financial option promotes a healthy and sustainable method of support to early-stage companies who will without a doubt benefit from the in-kind services, technical assistance and expertise that come along with the investment.”
Mercy Corps will provide BeyondCapital with a pool of suggested start-ups which will then be reviewed through a multi-step selection process. BeyondCapital will apply their best practices in filtering and evaluating the potential companies and will accordingly invest up to $75,000 in each promising start-up. BeyondCapital has announced that the selection process will conclude with a selection committee formed of industry experts including representatives from Mercy Corps to assess the potential startups and their eligibility for receipt of investment. Once the selection process is completed, BeyondCapital hopes to support the selected pool of start-ups with access to technical assistance and advisory services as part of the in-kind support component embedded in the agreement.
Hunter Keith, Mercy Corps Jordan Country Director, commented: "Mercy Corps is on a constant search for people, organizations, and businesses that can help in our mission to make Jordan a global hub for investment and business innovation. BeyondCapital shares our vision, and by forming this strategic partnership we double our commitment to hardworking businesses and aspiring entrepreneurs, as well as to the rising generation of young and talented workers who will define the very bright future of this country."