Amplify Growth Partnership has launched its growth debt fund worth $100 million aiming to provide debt capital to technology focused companies across the Middle East, North Africa and Turkey (Menat) region.

The fund also announced that it has successfully closed its first transaction, deploying capital to fund the growth capital requirements of an innovative fintech company in 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.

Market-standard sized transactions

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 fuelled 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 realise their ambitions,” Sharaf commented.

Innovative debt solutions

“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.--TradeArabia News Service

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