Cisco today announced a $6 million investment in the Badia Impact Fund – a venture capital fund dedicated to investment in early-stage start-ups in the technology sector in Jordan – to support early stage online and mobile innovation, healthcare technologies and services, e-commerce, consumer Internet and digital media services in Jordan.
This funding represents the first allocation from the 10 million-dollar venture capital investment commitment – to seed a sustainable model of job-creation and economic development in Jordan – initially outlined by Cisco in May 2011, targeted at small businesses that provide innovative products, services and solutions. Cisco’s contribution is part of an overall funding contribution to the Badia Impact Fund jointly funded by Cisco, as an anchor investor, along with the European Investment Bank (EIB), the King Abdullah Fund for Development (KAFD), and the fund sponsor, Silicon Badia’s parent company Accelerator Technology Holdings (ATH).
“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 catalyze 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,” said Alan Chelko, business development manager at Cisco in a statement.