Cisco announced today a $6 million venture capital investment in the Badia Impact Fund located in Jordan, in a report from Zawya.
The capital infused will be used to support Jordan-based startups involved int he healthcare tech, e-commerce, consumer web, digital media, and mobile innovation sectors, according to Zawya.
The funding is the first allocation out of the $10 million commitment which Cisco outlined in May 2011. Cisco is an anchor investor in the said fund. The European Investment Bank (EIB), Accelerator Technology Holdings (ATH), and the King Abdullah Fund for Development (KAFD) also contributed to the venture capital (VC) fund for small businesses, the report detailed.
Badia is a VC fund that focuses on early-stage tech startups based in Jordan. It functions as a source of support, capital, and networks to help entrepreneurs expand their businesses globally, the report explained.
Cisco Business Development Manager Alan Chelko said of the fund allocation: "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 catalyse 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."
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