- UMX, a Saudi-based game studio, secured $4.5 million in funding from Jetapult, an India-based investment firm backed by Accel Partners.
- Jetapult will acquire a significant stake in UMX and help expand its portfolio, global audience reach, and entry into new game genres.
- This marks Jetapult’s first investment in the MENA region, with plans for further investments in Southeast Asia and Europe.
- Jetapult’s global team will assist UMX in enhancing user acquisition, monetization, and adopting advanced AI and analytics tools.
Saudi Arabia’s UMX Studio, a prominent mobile game development company, has successfully raised $4.5 million from Jetapult, a strategic investment company supported by Accel Partners. The transaction, which involves a significant equity stake for Jetapult, marks a pivotal moment for UMX as it prepares to expand its portfolio and reach new audiences in global markets.
Jetapult’s Strategic Move into the MENA Region
Jetapult, an India-based investment company with a strong focus on the gaming industry, has made its first investment in the Middle East and North Africa (MENA) region by partnering with UMX.
This deal signifies a broader strategy by Jetapult to invest in emerging markets, with plans to expand into Southeast Asia, Eastern Europe, and Latin America over the next five years. The company has committed $100 million to support game studios in these regions, aiming to drive sustainable growth.
UMX’s Vision for Expansion
Founded in 2014 by Ali Alharbi, UMX Studio has made a name for itself in the mobile gaming sector, particularly with its engaging car games. With this new influx of capital, UMX plans to diversify its offerings by exploring new game genres. The investment will also help the studio expand its existing portfolio and reach wider audiences across international markets.
UMX’s founder, Ali Alharbi, expressed his excitement about the collaboration. He highlighted that the partnership with Jetapult would not only accelerate the studio’s growth but also strengthen Saudi Arabia’s position in the global gaming industry.
He stated, “This significant investment from Jetapult marks a milestone for UMX Studio. We are thrilled to partner with a globally recognised leader in gaming investment, and this collaboration will empower us with advanced tools and expertise.”
Jetapult’s “Invest & Operate” Model
Jetapult, led by industry veterans Sharan Tulsiani and Yash Baid, brings a unique approach to its partnerships. Both founders have extensive experience in the gaming industry—Tulsiani was previously head of Google Play Games in India, Australia, and New Zealand, while Baid was a principal at 3one4 Capital. Through their “Invest & Operate” (I&O) model, Jetapult provides not just financial backing but also operational support.
This model allows Jetapult to offer its expertise in areas such as user acquisition, monetization strategies, and advanced analytics. By integrating cutting-edge tools, including artificial intelligence, Jetapult aims to optimize UMX’s operations and ensure sustainable growth. Their involvement goes beyond a typical investor’s role, as they actively help their partners scale their businesses.
A New Chapter for UMX and Saudi Arabia’s Gaming Industry
UMX’s partnership with Jetapult comes at a time when the gaming industry in Saudi Arabia is gaining momentum. The country has been making efforts to diversify its economy, and the gaming sector is seen as a key area for growth.
This collaboration between UMX and Jetapult is expected to pave the way for further investments in the region and contribute to the development of the gaming industry in Saudi Arabia.
With Jetapult’s expertise and financial support, UMX is well-positioned to expand its market presence and develop innovative games that appeal to a global audience. As the studio explores new genres and scales its operations, the investment will serve as a catalyst for its continued success in the gaming world.
This deal not only boosts UMX’s prospects but also reinforces Saudi Arabia’s growing influence in the global gaming landscape.
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Last Updated on October 16, 2024 by Safiya K
