Dubai-based Ajeej Capital and Nuwa Capital, have partnered to create Amplify Growth Partnership. Amplify is a debt capital firm focused on supporting tech companies.
While Ajeej is a regional asset manager with over $1 billion in AUM, Nuwa is a VC firm that invests in startups across the MENA region.
Amplify 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. They, however, did not disclose the name or other details about the company it provided capital.
Amplify is led by Sharaf Sharaf, who comes with 20 years of experience in debt and equity investments across various sectors and regions.
He co-heads Gulf Capital’s $220 million credit fund and played 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 and serve GCC markets. It will also cover those with $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.
Sharaf commented, “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. With the Amplify team, they 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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