Jordan Entrepreneurship Fund Commits $5 Million to STV for MENA AI

Jordan Entrepreneurship Fund Commits $5 Million to STV for MENA AI

Backed by Google, STV’s $100 million AI fund aligns with JEF’s push to prioritise applied and generative AI for enterprise software across the MENA region.

The Jordan Entrepreneurship Fund (JEF) has committed $5 million to Saudi venture capital firm STV as part of a partnership aimed at accelerating artificial intelligence innovation across the Middle East and North Africa.

The investment marks the beginning of JEF's second investment phase and includes plans to establish an "AI corridor" between Jordan and Saudi Arabia to improve startups' access to funding, expertise and regional expansion opportunities. As part of the agreement, STV also committed to investing in Jordanian startups.

The partners said they will focus on startups developing generative and applied AI solutions for businesses, particularly companies building software powered by proprietary enterprise data rather than foundational large language models. The aim is to support AI applications that address operational challenges and improve productivity as businesses increasingly adopt artificial intelligence.

JEF Chief Executive Officer Mohammad Al-Muhtaseb said the partnership will help localise AI technologies while giving Jordanian startups access to broader regional networks, advanced incubators and new growth opportunities. He added that closer collaboration between Jordan and Saudi Arabia will strengthen the region's entrepreneurial ecosystem and support the development of AI-driven businesses.

Founded in 2018, STV is one of the region's largest independent venture capital firms and manages a $100 million fund backed by Google. The partnership reflects growing regional cooperation to expand investment in AI startups and strengthen the MENA innovation ecosystem.