The launch of the growth debt fund has been announced by Amplify Growth Partnership. The $100 million fund seeks to give technology-focused businesses in the Middle East, North Africa, and Turkey (MENA) region debt capital.
The Fund is also happy to report that it has closed its first deal, successfully allocating funds to meet the growing capital needs of a cutting-edge fintech business in the Kingdom of Saudi Arabia.
The goal of Amplify is to close the current debt-to-capital gap and quicken the expansion of technology-driven companies from Series A to Series C.
Even though debt to venture-backed companies in the Middle East and North Africa (MENA) reached a record high of $757 million in 2023 (up 262% from 2022 figures), the growth was mainly driven by a few mega-transactions that dominated the sector. However, Amplify will concentrate on transactions of a size consistent with the market, meeting the wider requirements of the venture capital ecosystem.
Sharaf Sharaf will take charge of Amplify, managing origination, deal assessment, and portfolio administration. With 20 years of experience managing funds and making debt and equity investments in a variety of industries and regions, Sharaf is a regional investment expert.
“The Amplify Growth Fund is poised to meet the region’s growing demand for debt capital in the venture and SME sectors, which are areas that have been historically underserved. Amplify unites two pioneering investment firms, Ajeej Capital and Nuwa Capital, who, together with the Amplify team, seek to build an enduring franchise that empowers companies to access the growth capital they need to realise their ambitions.” Sharaf commented.
“We provide innovative debt solutions to meet the evolving needs of owners, founders, and entrepreneurs. With a strong pipeline of deals and an upcoming announcement of a second deal, we are on track to make a lasting impact on the market.” he continued.
Companies with established market demand that are actively expanding their operations will be the fund’s main investment focus. Businesses outside of MENA looking to expand into the region and established businesses incorporating technology into their operations will be eligible to receive up to 20% of Amplify’s capital.
An alliance between Ajeej Capital and Nuwa Capital is called Amplify Growth Partnership GP Limited. In order to generate opportunities for Amplify and its portfolio companies, both firms will make use of their networks and expertise.
