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A Dubai-based asset manager and a venture capital firm have jointly launched a $100 million private debt fund to provide debt capital to technology-focused companies across the MENAT region, with a focus on the GCC.
The Amplify Growth Partnership managed by DIFC-based Ajeej Capital and with VC firm Nuwa Capital acting as advisor will offer founders and entrepreneurs finance to scale up.
Amplify said it has closed its first transaction with a fintech company active in Saudi Arabia, but said the company had declined to be named.
The fund aims to bridge the existing debt capital gap and accelerate the growth of technology-driven businesses in the Series A to Series C stages.
Sharaf Sharaf, Ajeej’s head of fund, Amplify, said the need for debt capital in venture and SME sectors had been ‘historically underserved’.
He said 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.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
