Dubai’s Ajeej Capital, a regional asset manager with over $1 billion in AUM, and Nuwa Capital, a VC firm that invests in startups across the region, have partnered to create Amplify Growth Partnership, a debt capital firm focused on supporting tech companies, they announced today.
The firm announced its first $100 million fund, dedicated to providing growth debt to technology businesses in the Middle East, North Africa, and Turkey. The fund, Amplify Growth Fund I, has already invested in a fintech in Saudi, it revealed, without disclosing the name or other details about the company it provided capital to.
Amplify is led by Sharaf Sharaf, who comes with 20 years of experience in debt and equity investments across various sectors and regions, including co-heading Gulf Capital’s $220 million credit fund and playing a key role in establishing NBK Capital’s mezzanine debt fund. He is also the founding member of Dubai Angel Investors. Sharaf will be responsible for sourcing deals, evaluating opportunities, and managing the firm’s portfolio.
The fund aims to bridge the “existing debt capital gap” and help the technology companies in Series A to Series C stages accelerate their growth. According to its website, the fund will provide capital to companies that are VC-backed, serve GCC markets, have over $5 million in revenue, have recently raised an equity round, and have a low cash burn.
Amplify will offer loans starting at $3 million with a 3-4 year term and flexible amortization options. These loans will be disbursed in 2-3 tranches and may include a warrant component.
“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,” noted a statement by the firm.
Sharaf Sharaf, the Fund Head of Amplify Growth Partners, commenting on the occasion, said, “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.”
“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 added.
The other notable debt investors providing capital to startups, include Shorooq Partners and Tenami Capital.
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