AMPLIFY GROWTH PARTNERSHIP ANNOUNCES LAUNCH OF $100M PRIVATE DEBT FUND AND FIRST SAUDI TRANSACTION
- Amplify Growth Fund I (“Amplify” or the “Fund”) provides flexible debt capital to technology driven companies in the MENA region, with a focus on the GCC
- The Fund is established by a partnership between Ajeej Capital and Nuwa Capital, and is led by Sharaf Sharaf, a seasoned credit investor with over twenty years of investment experience
- Amplify has closed its first transaction with a fintech company active in the Kingdom of Saudi Arabia
- The Fund offers founders and entrepreneurs financing solutions to scale their businesses
Amplify Growth Partnership has announced the launch of its growth debt fund. The $100 million fund aims to provide debt capital to technology focused companies across the Middle East, North Africa, and Turkey (MENA) region.
The Fund is also pleased to announce that it has successfully closed its first transaction, deploying capital to fund the growth capital requirements of an innovative fintech company in the Kingdom of Saudi Arabia.
Amplify seeks to bridge the existing debt capital gap and accelerate the growth of technology-driven businesses in the Series A to Series C stages. Although 2023 marked a milestone year in MENA for debt to venture-backed companies, with a significant rise to $757 million — up 262% from 2022 figures — the growth was primarily fueled by a few mega-transactions that dominated the sector. In contrast, Amplify will focus on market-standard sized transactions that cater to the broader needs of the VC ecosystem.
Sharaf Sharaf will lead Amplify, overseeing origination, deal evaluation and portfolio management. A regional investment professional, Sharaf has a 20-year track record in debt and equity investments across a broad range of sectors and geographies, as well as fund management experience.
“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 realize 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.
The fund’s primary investment focus will be on companies with proven market demand that are actively scaling their business. Up to 20% of Amplify’s capital will be available for businesses outside of MENA aiming to enter the region and for traditional enterprises integrating technology into their operations.
Amplify Growth Partnership GP Limited is a partnership between Ajeej Capital and Nuwa Capital. Both firms will leverage their expertise and networks to create opportunities for Amplify and its portfolio companies.
