Autarky Capital will spearhead Shorooq’s venture debt practice, an idea conceived in 2018.
UAE-based venture capital (VC) firm Shorooq Partners has acquired the Bahraini investment and advisory firm Autarky Capital for an undisclosed amount.
The emerging investment company has seen interest soar, particularly from Saudi Arabian investors, including sovereign wealth funds. Now, the logic driving its acquisition by Shorooq Partners was that it will enhance the UAE VC’s portfolio as well as bolster its venture capital and venture debt capabilities in the Gulf region, as well as MENAP (Middle East, North Africa, and Pakistan).
Samir Yamani, Founding Partner of Autarky Capital, stated that “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.”
He continued, “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.”
Shorooq Partners, which was founded in 2016, places its investments into early-stage companies. Earlier in June, Korea Venture Investment Corporation (KVIC), a government-backed fund-of-funds announced that after a diligent and highly-selective process, Shorooq Partners will be the recipient of investments from its Foreign VC Investment Fund, becoming the first general partner (GP) in the region to receive its funds.
Mahmoud Adi, Shorooq’s Founding Partner, declared that Autarky's Yamani will spearhead the firm’s venture debt practice, “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.”