- UAE-based venture capital firm Shorooq Partners has acquired Bahrain-based investment and advisory firm Autarky Capital for an undisclosed sum.
- Shorooq Partners claims the deal will enhance its portfolio and bolster its venture capital and venture debt capabilities presence in the GCC and MENAP.
- Shorooq, which focuses on early-stage investment, was founded in 2016. The firm was recently selected by Korea Venture Investment Corporation (KVIC), a government-backed fund of funds to receive funding from its Foreign VC Investment Fund, making it the first VC in the region to receive this investment.
Abu Dhabi-based venture capital firm Shorooq Partners has acquired Bahrain headquartered Autarky Advisors’ finance arm Autarky Capital for an undisclosed sum.
As one of the emerging investment and advisory firms, Autarky Capital had been receiving significant interest, particularly from Saudi Arabian investors, including sovereign wealth funds. The acquisition of Autarky Capital bolsters Shorooq Partners’ venture capital and venture debt capabilities presence in the Gulf Cooperative Countries (GCC) as well as the Middle East, North Africa and Pakistan (MENAP) region.
“Today marks the beginning of an exciting new chapter and speaks volumes of Shorooq’s ability to move fast and creatively in order to put their portfolio companies on the best footing. We’ve been developing unique debt finance instruments for Mena and this acquisition represents a long view and commitment by all parties to the region,” said Samir Yamani, Founding Partner of Autarky Capital.
Since it was established in 2016, Shorooq Partners has been focusing on cementing its strength as the leading early-stage venture capital firm; now with the acquisition of Autarky, it has embarked on its long and ambitious journey to evolve to a fully-fledged investment powerhouse serving its portfolio companies across various asset classes. With Samir joining, Shorooq already has a team of investment professionals building the credit practice.
Most recently on June 8th, Korea Venture Investment Corporation (KVIC) a government-backed Fund-of-Funds announced that it has selected Shorooq Partners to receive funding from its Foreign VC Investment Fund. Out of a highly competitive due diligence and selection process, Shorooq was the only GP selected from a region KVIC had not invested in previously. In fact, Shorooq’s selection marks the first time KVIC has selected a GP from the Middle East since the Corporation’s inception in 2000, accentuating the growing interest in the region.
“It is my utmost privilege and excitement to share this news and partner with Autarky. Samir will join us to spearhead our venture debt practice, the first one locally and rooted from the region, an idea which we have been working on since 2018 and is essential for the region, for the best founders out there, for the current Shorooq portfolio companies. We want to offer this asset class – non-dilutive growth equity – to the best companies so that we can accelerate their growth and not be dependent on the insufficient growth equity out there” said Mahmoud Adi, Founding Partner of Shorooq Partners.