Saudi Wealth Fund, Early Alibaba Investor Back Jordanian Startup

A unit of Saudi Arabia’s $400 billion Public Investment Fund has led a new financing round for OpenSooq.com, a Jordan-based online classifieds business that’s looking to triple its headcount across the Middle East.

The Saudi Jordanian Investment Fund, a $3 billion entity created by the Saudi wealth fund and a group of Jordanian banks, is backing OpenSooq along with existing investors iMENA Group and FJLabs -- founded by Fabrice Grinda, who was an early investor in Alibaba Group Holding Ltd.

OpenSooq, whose biggest markets are Jordan and Saudi Arabia, said it raised $24 million. The company’s chairman, Khaldoon ...