Cisco Systems, Inc. (CSCO) invests $6 million in Jordan’s Badia Impact Fund
Cisco Systems, Inc. (NASDAQ:CSCO) has invested $6 million into the Badia Impact Fund to support early-stage companies in healthcare, real estate, consumer Internet, mobile, and digital media companies in Jordan. This funding round is the first allocation from the $10 million venture capital investment that was outlined by Cisco in May 2011 that is targeted at job creation and economic development in Jordan.
What is the Badia Impact Fund? It is a venture capital fund that is dedicated to investing in early-stage startups in Jordan. The service provides support, networks, and capital to entrepreneurs. The Badia Impact Fund is also backed by the European Investment Bank, the King Abdullah Fund for Development and Silicon Badia’s parent company Accelerator Technology Holdings.
“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,” stated Alan Chelko, Business Development Manager at Cisco.