Good news for web startups (and IV Holdings)

Two Jordanian internet companies, ShooFeeTV and Jeeran, have received venture funding from Intel Capital. Check out Startup Arabia for a bit more on the story, and watch this space - we'll have something on the deal in tomorrow's newspaper (and this evening's website...)

A couple of significant things about the deal:


- It is interesting that both these companies are pure consumer internet players, website operators. Most of the companies Intel Capital have funded in the Middle East in the past have had a more "hard" business model, whereas both these sites, unless I am mistaken, are "typical" advertising driven internet sites. This is an encouraging sign of the viability of that business model in the region, because Intel Capital are not idiots with their money. They invest millions, and that suggests there is millions to be made from good old fashioned web businesses in the Middle East.

- Speaking of people who are definitely not idiots, IV Holdings from Jordan are now officially hot: They have gotten in early on three companies that Intel have jumped on in the second round of funding - first Conservus, the Dubai company that makes hotel internet systems, and now both ShooFee and Jeeran, both of which got early stage funding from IV before a larger investment from Intel. IV are also invested in Content Syndicate, a Dubai company that in my humble opinion is the most promising startup in the region.

Word is that IV Holdings have another investment lined up to be announced in the coming month or two, so lets see if the magic touch continues.