Riyadh, Saudi Arabia — Amplify Growth Partnership has officially launched a $100 million growth debt fund, aimed at providing debt capital to technology-focused companies across the Middle East, North Africa, and Turkey (MENA) region. The fund is set to bridge the debt capital gap, offering much-needed financial solutions to tech-driven businesses in the Series A to Series C stages.
The fund also marked a significant milestone by successfully closing its first transaction, deploying capital to support the growth requirements of an innovative fintech company based in the Kingdom of Saudi Arabia. This move aligns with Amplify’s mission to accelerate the expansion of technology businesses, particularly in sectors that have been underserved by traditional financial institutions.
Bridging the Debt Capital Gap for Tech Businesses
The launch of Amplify’s debt fund comes at a time when debt financing for venture-backed companies in the MENA region saw remarkable growth in 2023, rising to $757 million—an impressive 262% increase from 2022. However, much of this growth was concentrated in a few mega-transactions. In contrast, Amplify aims to focus on market-standard sized deals, catering to the broader venture capital ecosystem and ensuring that more businesses have access to critical growth capital.
Leading Amplify Growth Fund is Sharaf Sharaf, a seasoned investment professional with over 20 years of experience in debt and equity investments across various sectors and regions. Sharaf, who will oversee deal origination, evaluation, and portfolio management, emphasized the fund’s goal of addressing the region’s growing demand for venture and SME debt capital.
“The Amplify Growth Fund is poised to meet the region’s growing demand for debt capital in the venture and SME sectors, which have been historically underserved. Amplify brings together two pioneering investment firms, Ajeej Capital and Nuwa Capital, to build an enduring franchise that empowers companies with the growth capital needed to realize their ambitions,” Sharaf commented.
Innovative Debt Solutions and Strategic Focus
Sharaf added that Amplify’s approach will offer innovative debt solutions tailored to the evolving needs of business owners, founders, and entrepreneurs. “With a strong pipeline of deals and the upcoming announcement of a second transaction, we are on track to make a lasting impact on the market,” he noted.
The fund’s primary focus will be on technology-driven companies with proven market demand and active scaling strategies. Additionally, up to 20% of the capital will be allocated to businesses outside the MENA region that are looking to enter the market, as well as traditional enterprises integrating technology into their operations.
A Partnership Built for Growth
Amplify Growth Partnership GP Limited is a strategic collaboration between Ajeej Capital and Nuwa Capital, two leading investment firms that will leverage their expertise and networks to create valuable opportunities for Amplify and its portfolio companies. By joining forces, the two firms aim to build a franchise that not only fills the debt capital gap but also supports long-term growth for tech-driven businesses across the MENA and Turkey region.
This new initiative promises to be a game-changer for businesses seeking capital to scale and innovate, signaling a new era of growth and development for the region’s tech ecosystem.
