• UAE-based direct-to-consumer e-commerce brand SQUATWOLF, has raised $30 million in investment from ASCA Capital Limited with a significant proportion being invested in the first 12 months to support identified expansion initiatives.
• Founded in 2016 by Anam Khalid and Wajdan Gul, SQUATWOLF offers a collection of gymwear for both men and women through its online platform.
• The investment will enable SQUATWOLF to expand its omnichannel presence, further develop its product line, strengthen its internal capabilities and enhance its customer engagement and brand presence.

Press release:

ASCA Capital Limited, a DIFC-based asset manager focusing on private equity investments in high-growth companies, today announced that it has made a minority investment in SQUATWOLF, a fast-growing premium gymwear brand founded in Dubai with product design and innovation in the UK. The terms of the investment allow for ASCA to invest up to $30 million over time with a significant proportion being invested in the first 12 months to support identified expansion initiatives. The investment will enable SQUATWOLF to expand its omni-channel presence, further develop its product line, strengthen its internal capabilities and enhance its customer engagement and brand presence.

SQUATWOLF, which was founded in Dubai in 2016, has quickly established itself as a premium gymwear brand and now has a global reach through e-commerce and a presence in third-party retail platforms. The brand offers a considered collection of high-quality gymwear for both men and women, and its innovative designs have won acclaim for their combination of insight-driven function, style, and comfort. SQUATWOLF is sold in more than 120 countries and is currently available through squatwolf.com and the SQUATWOLF app, as well as some of the most recognisable sports retail stores in the Middle East. With ASCA Capital's investment, SQUATWOLF will be able to build on its success to date and establish itself as the choice of athletes across the globe.

"We're thrilled to be partnering with SQUATWOLF and supporting the growth of this innovative and premium gymwear brand," said Niels Stidsen, Partner at ASCA Capital. "SQUATWOLF has already achieved impressive success, and we believe that our investment will help the company to unlock even greater potential,” added Tom Hodgson, Partner at ASCA Capital.

"We're excited to have ASCA Capital on board as we continue to build our brand, products and reach. Their perspective, expertise and experience in working with both high-growth and more established companies make them the right partner for us on the next leg of our journey," said Wajdan Gul, Co-Founder and CEO of SQUATWOLF. "This investment from ASCA Capital will provide a launch-pad opportunity for the brand and the product portfolio. We're confident that together we can achieve great things and fulfil our objective of ”leading the pack” through desirable, performance-focused gymwear," added Anam Khalid, Co-Founder and COO of SQUATWOLF.

Early investors in SQUATWOLF, Disrupt.com, are remaining as shareholders and will continue to provide support to the business. “At Disrupt.com, we believe in backing the innovators and game-changers of tomorrow. We partnered with SQUATWOLF at an early stage of the business and are thrilled to see them disrupt the gymwear industry and elevate the human experience through purposeful products,” said Abdul Rafay Gadit, Partner at Disrupt.com.

The investment by ASCA Capital is the latest milestone in SQUATWOLF’s rapid growth trajectory. The brand has already experienced exponential growth in the gymwear industry and, with the support of ASCA Capital, it will leverage that success to become an even more prominent player in the market.