Shorooq Partners introduces a fresh $100 million venture debt fund, achieving a preliminary completion of funds
In a significant move, Shorooq Partners, a leading alternative investment manager based in the Middle East, has announced the launch of a new $100 million venture debt fund. This marks the firm's second foray into debt funds, following the success of their initial fund launched three years ago in partnership with Korean venture capital and private equity firm IMM Investment Global (IMMG).
The new fund will primarily invest in Series A+ companies operating in sectors such as manufacturing, financing, and software services. This strategic move is expected to bolster the growth of innovative businesses across these sectors.
Founded in 2017, Shorooq Partners started as a venture capital firm, but has since expanded its scope to include credit investments. The firm's investment portfolio includes a diverse range of technology companies, primarily across the MENA region. Some of its notable investments include Pure Harvest, Nymcard, Tamara, Sarwa, Lean Technologies, Trukker, Mozn, and Lendo.
IMMG is joining the new fund as a minority partner, bringing their extensive experience in venture capital and private equity to the table. The average ticket size for investments in the new fund is expected to be $10 million or more.
While specific details about the focus of the new fund are not yet available, given Shorooq's expertise in technology sectors, it is likely that the fund will align with these areas. The first close of the fund has taken place, but the exact amount raised remains undisclosed.
In a notable investment last year, Shorooq participated in a $250 million debt financing round for Saudi fintech Tamara, contributing $50 million to the round. This investment underscores Shorooq's commitment to supporting innovative technology companies in the region.
For detailed information about the new venture debt fund, it is recommended to consult Shorooq Partners’ official announcements or financial news updates.
The new $100 million venture debt fund launched by Shorooq Partners, in partnership with Korean venture capital and private equity firm IMM Investment Global, will primarily invest in Series A+ companies operating in sectors such as manufacturing, financing, and software services, with a strategic focus on bolstering the growth of innovative businesses across these sectors. Given Shorooq's expertise in technology sectors and their previous investments, it is likely that the fund will align with these areas, as shown by their recent participation in a significant debt financing round for Saudi fintech Tamara.
