As part of its objectives to promote entrepreneurship, and to support the growth of high potential startups in Jordan, the Innovative Startups and SMEs Fund (ISSF) announced its investment in Jordanian Startup Mecal, an innovative product design and e-commerce start-up that is founded by an ambitious and passionate female entrepreneur Tojan Ounallah. The ISSF investment is part of investment round lead by IBTIKAR; a fund that invests in innovative companies to help them answer regional and global demands.
“ISSF is delighted to have closed its second direct investment with Mecal, a female owned and led business. ISSF’s interest is based on the high added value derived from its unique product designs and focused marketing. Mecal’s design capability will enable it to compete in the local, regional and international market thus driving its ability to scale.” Laith Al-Qasem, CEO of ISSF Said.
“I have always believed in the power of art and design, and I had been sure that Mecal will become the #1 Corporate & Men's gifts online brand in MENA because of its unique offerings. Mecal will continue to scale user-base and sales to become an international leading brand in the rapidly growing market of corporate and mens gifts." Tojan Ounallah, Mecal CEO.
The ISSF is a private sector managed fund making investments in innovative startups and early stage SMEs. The World Bank has invested $50 million in the Fund which was complemented by the Central Bank of Jordan with an additional $48 million bringing the total working capital of the ISSF to $98 million.