JCIF launches Manara Ventures, a $70M growth fund for Jordanian tech startups, backed by Abu Dhabi's Lunate

Jordan Capital and Investment Fund (JCIF), the JOD 275 million ($388 million) vehicle owned by Jordan's commercial and Islamic banks, has launched Manara Ventures, a JOD 50 million ($70.5 million) scale-up fund for Jordanian technology companies.

The fund also secured backing from regional investors including Abu Dhabi-based Lunate, the $115 billion investment firm controlled by companies associated with Sheikh Tahnoon bin Zayed Al Nahyan, and is domiciled in ADGM as a fully Sharia-compliant vehicle.

Luma Fawaz, formerly CEO of Oasis500 where she oversaw more than 180 early-stage investments and worked with over 2,500 entrepreneurs across the region, has been appointed CEO of Manara Ventures.

The fund will invest $750,000 to $3 million in more than 20 growth-stage Jordanian technology and tech-enabled companies, with additional capital reserved to support up to 15 high-performing portfolio companies pursuing regional expansion.

The launch represents JCIF's first move into venture capital after deploying over JOD 100 million across six Jordanian companies since it began investing in 2023, including stakes in Aqaba Digital Hub (a Tier III data centre and cable landing station in the southern port city), dairy manufacturer Al-Shaikh Cheese, poultry processor Al Jazeera Agriculture and edtech platform Jo Academy, whose $28 million round JCIF anchored alongside Saudi Arabia's Rua Growth Fund.

Jordan has long produced tech companies disproportionate to the size of its domestic market, from Maktoob to OpenSooq, Tarjama and Tamatem, but growth-stage capital within the Kingdom has remained scarce, leaving most Jordanian founders dependent on Gulf or international investors for their Series A and beyond.

Manara Ventures will hope to fill that gap from within, with Lunate's involvement providing a direct bridge between Jordanian startups and Abu Dhabi's institutional capital ecosystem.