Marks a significant investment by a Global strategic investor
in one of MENA's pioneering game development studios
DUBAI, UAE, Oct. 14,
2024 /PRNewswire/ -- Accel-backed Jetapult, a global
strategic investment company in the gaming landscape, takes a major
stake in UMX Studio, one of the first homegrown game development
studios in Saudi Arabia. The
company invested $4.5mn in an all
cash transaction.
In addition to capital, UMX Studio will get help to support the
expansion of their existing portfolio, expand their audiences
across global markets, and build games in new genres.
UMX Studio founded by Mr. Ali
Alharbi in 2014, develops high-quality mobile games
featuring stunning graphics, engaging gameplay, and suitability for
all ages. Their games have garnered over 70 million downloads till
date, showcasing their competence in developing high-resonance
Arabic content that reflects their culture and values.
This is Jetapult's first investment in the MENA region, with
further investments planned in markets like South East Asia and Europe.
Speaking on the occasion, Sharan
Tulsiani, the Co-Founder and CEO of Jetapult, said,
"Jetapult's investment in UMX goes beyond providing capital; we
bring a wealth of proven gaming expertise and cutting-edge
technology to this partnership.
Sharing a unified vision with Ali, this collaboration will not
only unlock UMX's global potential but also contribute to the
growth of local talent and enhance gaming experiences across the
Middle East's vibrant development
ecosystem"
The investment comes in the context of the exponential growth of
the gaming and e-sports sector in the MENA region, and with the
Saudi National Gaming and Esports entity aiming to make the country
a global gaming hub by 2030. In 2023, gaming revenues in the MENA
were approximately $7.2 billion, with
Saudi Arabia emerging as a key
growth player and is home to 23.5 million gaming enthusiasts.*
Mr. Ali Alharbi, Founder UMX,
stated, "This significant investment from Jetapult not only
marks a milestone for UMX Studio but also heralds a new era for the
Saudi Arabian gaming industry. We are thrilled to partner with a
globally recognized leader in the gaming investments space. This
collaboration will not only accelerate our expansion but also
empower us with advanced tools and expertise. In partnership with
Jetapult we are committed to setting new benchmarks and
establishing a solid foundation for nurturing and expanding
Saudi Arabia's gaming talent."
Jetapult, co-founded by Sharan
Tulsiani and Yash Baid, is
backed by Accel Partners, Fireside, JetSynthesys, amongst others.
The company aims to support game studios with a scientific approach
to sustainable growth in markets such as Southeast Asia, MENA, Eastern Europe, and Latin America, through a $100 million commitment over the next five years.
Jetapult employs a pioneering "Invest & Operate" (I&O)
model, which combines strategic capital with hands-on operational
support.
UMX has shown consistent year-over-year growth in profitability,
driven by a portfolio of games that consistently top the Apple and
Google charts in the region.
Jetapult is committed to UMX's vision of fostering the Saudi
Arabian market to become a hub for game development by harnessing
Jetapult's strategic expertise and UMX's local talent and cultural
nuance.
Mr. Barath Shankar Subramanian, Partner, Accel, stated,
"Jetapult's investment in UMX Studio marks a significant milestone
in expanding its presence in emerging markets like MENA, where
gaming and game development is rapidly gaining momentum. Jetapult's
unique 'Invest & Operate' model, which was the core of our
investment thesis, has the potential to transform the global gaming
ecosystem, enabling growth for gaming studios and the exploration
of new gaming genres."
*As per PWC in 2024
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