By Armineh Baghoomian, Managing Director & Head of Europe, Middle East and Africa, Co-Head of Global Fintech
In 2020, we completed our first investment in the Gulf Cooperation Council (GCC), driven by a conviction that the region was on the cusp of an innovation boom and that growth debt could play a critical role in fueling it. Five years later, we have seen significant growth in the region, reinforcing our initial conviction.
Partners for Growth (PFG) has now committed close to $400 million across the GCC, supporting a range of innovative tech companies. These investments are part of our broader $2.1 billion global platform, which has supported more than 250 companies across 15 countries. From fintech and SaaS to digital health and proptech, our portfolio includes companies like Bayzat, Comfi, Ejari, Huspy, Opontia, Rize, Silkhaus, Syarah, Tabby, and TruKKer. Each company is a reflection of what’s possible when entrepreneurial ambition is combined with smart, founder-aligned growth capital.
As our Co-Founder & CEO, Andrew Kahn, put it:
“We pioneered growth debt in Silicon Valley to help entrepreneurs scale without giving up control. Today, the GCC is one of the world’s most exciting innovation hotspots, and our conviction has never been stronger.”
While the GCC’s innovation economy has made incredible strides, debt markets haven’t always kept pace. Many high-growth companies don’t fit the criteria of conservative traditional lenders, leaving them with limited options outside of equity dilution. PFG closes the funding gap with flexible, minimally dilutive capital tailored to each of our portfolio companies’ unique growth journey. PFG’s custom debt solutions range from Sharia-compliant structures in Saudi Arabia to acquisition facilities for B2B platforms and working capital lines for fast-scaling startups.
Our work alongside institutions like SVC and JADA reflects a deep commitment to supporting entrepreneurs wherever innovation arises and alignment with transformational economic initiatives in the region, including Vision 2030 in Saudi Arabia, the UAE’s 2031 Vision, and D33. As Dr. Nabeel Koshak*, CEO and Board Member at SVC, said:
“Partnering with Partners for Growth is aligned with SVC’s strategy and mandate to strengthen the private credit ecosystem in Saudi Arabia. This collaboration introduces innovative financing options that empower entrepreneurs to accelerate growth while preserving ownership, contributing directly to a more resilient and diversified national economy.”
Bandr Alhomaly*, CEO and Managing Director of Jada Fund of Funds, echoed that sentiment:
“By continuing our partnership with global fund managers like Partners for Growth, Jada is helping channel foreign direct investment into the Kingdom and supporting the growth of local SMEs in line with the development goals of Saudi Vision 2030,”
Founders at the forefront
PFG has played a vital role in helping entrepreneurs and businesses in the GCC grow and thrive. By providing tailored funding that minimizes dilution, PFG has provided financing solutions that have supported founders in pursuing growth, retaining control, and exploring new opportunities.
- Tabby used PFG’s flexible asset-backed facility to scale its merchant network, a growth milestone that preceded its successful Series E raise.
“PFG took the time to understand the nuances of our business and built a financing solution tailored to our growth journey. Their facility allowed us to scale our merchant base, launch new services, and respond swiftly to evolving market demands, which were instrumental steps in enabling us to successfully complete our Series E fundraising earlier this year. PFG is more than just a lender – it is a strategic growth partner.” Hosam Arab*, Co-founder and CEO at Tabby.
- TruKKer introduced instant-payment flows to empower transporters and drive efficiency for logistics networks across the region.
PFG’s entry into the region with its first venture debt investment marked a significant milestone for both of us. At a pivotal stage of TruKKer’s growth, their partnership enabled us to unlock working capital solutions, scale faster, and support instant payments to thousands of transporters across our platform. PFG’s global venture debt expertise was instrumental, and we’re proud to be part of their expanding portfolio.” Amit Agarwal*, Chief Financial Officer at TruKKer.
- Bayzat modernized HR services at scale while advancing toward profitability.
“PFG backed us at a critical moment in Bayzat’s journey, showing conviction in our vision to modernize HR and employee benefits across the GCC. Their flexible capital gave us the runway to invest in core growth initiatives, optimize our operating model, and chart a clear path toward profitability. Their support has been a meaningful enabler of our continued expansion and long-term resilience.” Talal Bayaa*, CEO at Bayzat.
- Syarah tripled its fleet and inventory through a customized warehouse facility.
“Our partnership with PFG was instrumental for our growth. The warehouse facility gave us the flexibility to triple our fleet and scale inventory efficiently, without diluting equity. What sets PFG apart is that their structure evolves with us and continues to fuel our regional expansion.” Salah Sharef*, Co-founder and CEO at Syarah.
These examples illustrate how growth debt can serve as an alternative financing tool for scaling businesses.
What started as a single transaction has grown into a strategic presence and a long-term view of the ecosystem. Five years ago, growth debt was relatively uncommon in the region. Today, it plays an increasingly important role in the financing landscape, offering an alternative for founders seeking to retain control while pursuing growth.
We remain as committed as ever to supporting the region’s founders and financial ecosystem. As the GCC doubles down on its innovation goals, PFG is here to provide the right capital, at the right time, in the right structure. Our goal is to continue supporting the region’s founders with tailored financing solutions as the ecosystem evolves.
Here’s to the next five years and the bold ideas still to come. Yalla!
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The views expressed are my own and do not necessarily reflect those of my employer.
This content is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer will be made only to qualified investors through confidential offering documents. All investments involve risk, including the possible loss of principal. Past performance is not indicative of future results.
*The person providing this testimonial is a current client of Partners for Growth. No compensation was provided in exchange for this testimonial. There are no material conflicts of interest related to this endorsement. Please note that the testimonial may not be representative of the experience of other clients and is not a guarantee of future performance or success.
