{"id":34651,"date":"2024-10-15T14:59:05","date_gmt":"2024-10-15T11:59:05","guid":{"rendered":"https:\/\/entarabi.com\/?p=34651"},"modified":"2024-10-15T15:08:49","modified_gmt":"2024-10-15T12:08:49","slug":"jetapult-acquires-stake-in-saudi-based-umx-studio-for-4-5-million","status":"publish","type":"post","link":"https:\/\/entarabi.com\/en\/2024\/10\/jetapult-acquires-stake-in-saudi-based-umx-studio-for-4-5-million\/","title":{"rendered":"Jetapult Acquires Stake in Saudi-Based UMX Studio for $4.5 Million"},"content":{"rendered":"

Jetapult, a global strategic investment company in the gaming sector backed by Accel, has made a significant investment in UMX Studio<\/a>, one of Saudi Arabia\u2019s first local game development studios. The company invested $4.5 million in an all-cash deal.<\/p>\n

In addition to the capital, UMX Studio will receive support to expand its current portfolio, grow its audience across global markets, and develop new types of games.<\/p>\n

UMX Studio, founded by Ali Al-Harbi in 2014, is a mobile game development company known for its high-quality graphics, engaging gameplay, and broad appeal to all age groups. To date, the company\u2019s games have been downloaded over 70 million times, demonstrating its ability to create culturally relevant and resonant content that reflects Arabic culture and values.<\/p>\n

This marks Jetapult\u2019s first investment in the Middle East and North Africa (MENA) region, with plans for further investments in markets like Southeast Asia and Europe.<\/p>\n

Speaking about the deal, Sharan Tulsiani, co-founder and CEO of Jetapult, said: \u201cJetapult\u2019s investment in UMX is not just about providing capital; we are bringing a wealth of expertise in gaming and cutting-edge technology to the table.<\/p>\n

By sharing a unified vision with Ali Al-Harbi, this collaboration will not only unlock UMX\u2019s global potential but also contribute to the growth of local talent and enhance gaming experiences across Saudi Arabia\u2019s vibrant development ecosystem and the broader Middle East.”<\/p>\n

This investment comes amid the massive growth of the gaming and esports sectors in the MENA region, supported by Saudi Arabia\u2019s national strategy for gaming and esports under Vision 2030, which aims to make the Kingdom a global hub for video games by 2030. In 2023 alone, gaming revenues in the MENA region reached around $7.2 billion, with Saudi Arabia emerging as a major player and home to 23.5 million gaming enthusiasts.<\/p>\n

Ali Al-Harbi, founder of UMX, commented: “This significant investment from Jetapult is not only a milestone for UMX Studio but also marks the beginning of a new era of investment in Saudi Arabia\u2019s gaming industry. We are excited to collaborate with a global leader in gaming investments, and this partnership will accelerate our expansion while providing us with advanced tools and expertise.<\/p>\n

Together with Jetapult, we are committed to setting new standards and establishing a strong foundation for developing and expanding Saudi talent in the gaming industry.\u201d<\/p>\n

Jetapult, co-founded by Sharan Tulsyani and Yash Baid, is backed by Accel Partners, Fireside, JetSynthesys, and others. The company aims to support game studios with a scientific approach to sustainable growth in markets such as Southeast Asia, the Middle East and North Africa, Eastern Europe, and Latin America, with a commitment of $100 million over the next five years. Jetapult operates on a unique \u201cInvestment & Operations\u201d (I&O) model, which combines strategic capital with hands-on operational support.<\/p>\n

UMX Studio has shown consistent year-on-year growth in profitability, driven by a portfolio of games that consistently top the charts on both Apple and Google platforms in the region.<\/p>\n

Jetapult remains committed to UMX’s vision of strengthening Saudi Arabia\u2019s position as a hub for game development by leveraging Jetapult’s strategic expertise, UMX\u2019s local talent, and cultural nuances.<\/p>\n

Barath Shankar Subramanian, a partner at Accel, stated: \u201cJetapult\u2019s investment in UMX Studio is a landmark in expanding its presence in emerging markets like the Middle East and North Africa, where gaming and game development are gaining rapid momentum.<\/p>\n

He added that Jetapult\u2019s unique ‘Investment & Operations’ model, which has been the core of our investment thesis, has the potential to transform the global gaming ecosystem, allowing game studios to grow and explore new game genres.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Jetapult, a global strategic investment company in the gaming sector backed by Accel, has made a significant investment in UMX Studio, one of Saudi Arabia\u2019s first local game development studios. The company invested $4.5 million in an all-cash deal. In addition to the capital, UMX Studio will receive support to expand its current portfolio, grow […]<\/p>\n","protected":false},"author":37,"featured_media":34652,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"post_subtitle":"","footnotes":""},"categories":[1810],"tags":[6018,6017],"class_list":["post-34651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-jetapult-en","tag-umx-studio"],"_links":{"self":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts\/34651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/comments?post=34651"}],"version-history":[{"count":0,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts\/34651\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/media\/34652"}],"wp:attachment":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/media?parent=34651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/categories?post=34651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/tags?post=34651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}