It was announced that the Innovative Startups and SMEs Fund (ISSF) has made a direct investment of $150K in Jordan-based online marketplace Matrix. The fundraising was started back in January this year and they’ve managed to raise a seed fund of $300K by teaming up with Select Ventures Holdings, a UAE-based investment management firm.
The marketplace was founded back in 2018. Martix has a lot of nearby shippers to easily progress on the web and reinforce their E-business presence by providing innovation and work processes while giving buyers a totaled perspective of the stores. It helps the clients with a consistent shopping experience that permits them to make transactions from different stores through one single portal and that is pretty convenient on both sides. Martix additionally loans logistics and other innovative features as well. And that’s how it benefits both sides including both sellers and buyers in the platform.
The CEO of ISSF commented,” With services rapidly shifting online, we are placing special emphasis on supporting digital companies that not only possess high growth potential but also help give rise to Jordan as a regional hub for innovation and entrepreneurship. By deploying the latest technologies to cater to the evolving eCommerce needs of merchants and consumers alike, Martix serves as a prime example of local entrepreneurial success, and we eagerly look forward to seeing how our investment will contribute to the platform’s development during the upcoming period.”
“Martix emerged from the need to streamline the local eCommerce market and create a digital mirror of the local physical market. Our laser focus on our vision, paired with our deep understanding of market context and dynamics, have been key factors in our success. With Martix, people across Jordan can now shop safely and conveniently online from more than 400 local merchants that have access to over 300,000 consumers on our app. We have a vision and goals that have yet to be achieved, and we are excited to kickstart our next phase with the support of the investment made by the ISSF and Select Ventures Holdings. We cannot wait to reveal what Martix has in store for the region,” commented The Founder and CEO of Martix Subhi Sallam.
“Community shopping is an important aspect of the Jordanian culture and a growing trend within today’s eCommerce arena. People prefer to buy from stores they know and trust, and Martix has brought those retailers to their customer base via an excellent platform. The strength of Martix is in its business model, scalable technology, customer service, and the very hard work of its founding members. We have been alongside Martix since the beginning and are excited to see them progress well beyond the Jordanian market,” said the Holdings Managing Partner of Select Ventures, Amjad Mustafa.