Home News Amplify Growth Partnership Launches $100 Million Debt Fund

Amplify Growth Partnership Launches $100 Million Debt Fund

The fund aims to support companies in the Series A to Series C stages.

By Inc.Arabia Staff
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Amplify Growth Partnership has launched a US$100 million growth debt fund targeting companies in the Middle East, North Africa, and Turkey. Amplify Growth Fund I, which aims to bridge the existing debt capital gap, will support technology-driven companies in the Series A to Series C stages.

Amplify Growth Partnership GP Limited is a partnership between Ajeej Capital and Nuwa Capital, with the two entities set to use their combined networks and expertise to create opportunities for the fund and its portfolio companies. The fund has also announced its first transaction, providing growth capital to a fintech company in Saudi Arabia.

In an interview with Inc. Arabia, Amplify Growth Partnership's Fund Head, Sharaf Sharaf, said that the fund differentiates itself from larger venture debt deals by focusing on smaller transactions in tech-driven companies actively scaling their business. 

"Within the technology space, we are sector-agnostic, seeking out companies with strong founders, resilient business models, and high growth prospects," he said. "At the same time, we also seek to ensure that the company can repay our capital investment, so we also focus on the sustainability of the company’s current and projected cashflows. We provide innovative debt solutions to meet the evolving needs of owners, founders, and entrepreneurs. Up to 20 percent of Amplify’s capital will be available for traditional enterprises integrating technology into their operations, and for businesses outside of MENA aiming to enter the region."   

Read More: Khaled Talhouni on Startups and Regional Plays

In 2023, debt capital raised by venture-backed companies in MENA reached $757 million, driven largely by a handful of large transactions. Amplify plans to focus on market-standard transactions, investing in companies expanding their business and showing market demand. Given this premise, Sharaf pointed out that the partnership between Ajeej Capital and Nuwa Capital allows the fund to combine Nuwa's deep industry relationships and venture capital (VC) expertise with Ajeej's robust investment processes and infrastructure. 

Khaled Talhouni, Managing Partner at Nuwa Capital, told Inc. Arabia that Amplify’s portfolio would benefit from Nuwa’s extensive network and strategic insights. “At Nuwa Capital, our mission is to find new and innovative solutions for founders' and entrepreneurs' capital requirements as they build their businesses, and we look to play a role across the lifecycle of tech companies, from seed through to growth. The Amplify Fund comes out of this ethos," he said. 

"Amplify’s portfolio will benefit from being plugged into Nuwa’s broader platform, gaining access to our strategic insights and extensive network as well as potential opportunities to collaborate with our broader equity portfolio," Talhouni added. "Additionally, Amplify will leverage the scale of Nuwa’s network to help identify strong investment opportunities and build a robust pipeline. We’re very excited about the partnership with Ajeej on advising Amplify as it combines Ajeej’s market expertise and our knowledge of the tech ecosystem to build something truly unique for the region’s tech ecosystem."
Ajeej Capital, a regional asset manager based in Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority (DFSA), has been managing institutional capital in the Middle East since 2007, with assets exceeding $1 billion.
Nuwa Capital is a full lifecycle investment platform, supporting startups across the MENAT and other emerging markets, offering a range of products covering seed stage to exit. 
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