Amplify Growth Partnership announces launch of $100 million private debt fund, first Saudi deal
Fund will focus on firms with proven market demand actively scaling their business
Dubai, Riyadh: 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 a 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. Although 2023 marked a milestone year in MENA for debt to venture-backed companies, with a significant rise to $757 million—up 262 per cent 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 and 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 said.
The fund's primary investment focus will be on companies with proven market demand actively scaling their business. Up to 20 per cent of Amplify's capital will be available for companies outside of MENA aiming to enter the region and for traditional enterprises integrating technology into their operations.