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  • Endeavor Catalyst Fund Makes its First Investment in Jordan

    10-Aug-2016






    Amman, August 2016 - Representing a milestone for Endeavor Jordan and its network of high-impact entrepreneurs, Endeavor Catalyst Fund – the international non-profit organization’s co-investment vehicle – has made its first investment in Jordan, contributing to the equity financing of Kharabeesh. Endeavor Catalyst, along with Wamda Capital and Dash Ventures, has injected a total of USD 5 million into the company.

    Kharabeesh, a multi-platform network with a mission to create quality Arabic content, was selected to join the
    Endeavor global network in October 2010. Led by co-founders, Mohammed Asfour, Firas Al-Otaibi, Wael Attili, Shaher Al Otaibi and Wafa Nabulsi, Kharabeesh combines media, entertainment and technology to produce original videos, programs and shows designed for online consumption.

     

    When searching for entrepreneurs to join Endeavor’s global network, we seek out visionary leaders who are passionate to grow their businesses, capable of maximizing on their potential ecosystem impact and, ultimately, establishing a solid growth trajectory,” said Ali Al-Husry, Chairman of Endeavor Jordan. “We are very excited about this first investment for the Catalyst Fund in Jordan, and are certainly confident of more investments to come along the way."


    In turn,
    Rasha Manna, Managing Director of Endeavor Jordan, said, “Endeavor Jordan is proud to witness the successes of its high-impact entrepreneurs, who play a vital role in shaping the local economy by generating revenue and creating jobs. As we congratulate Kharabeesh on securing a USD 5 million round of funding in which Endeavor Catalyst participated, making this the first Endeavor Catalyst investment in the Kingdom, we also express our continued commitment to helping Endeavor Entrepreneurs connect with our international and regional network of investors, so that they may secure the capital they need to scale."

    Designed to support Endeavor Entrepreneurs with their equity financing rounds, Endeavor Catalyst uses donated and invested capital to co-invest in Endeavor Entrepreneurs’ companies according to a neutral, rules-based process. While Endeavor Jordan and the non-profit organization’s other chapters across the world support high-impact entrepreneurs through strategic advice and access to a world-class mentorship network, Endeavor Catalyst complements these efforts by acting as a new source for capital for Endeavor Entrepreneurs. Proceeds are reinvested in future Endeavor Entrepreneurs’ venture rounds, contributing to the long-term sustainability of Endeavor and supporting its global operations.


    “We are honored to be the recipients of Endeavor Catalyst’s first investment in Jordan. This investment will help us achieve our goals in expanding geographically, taking on new team members and devoting increased resources towards marketing and content creation,” said Kharabeesh CEO, Asfour.





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