Accel-backed Jetapult, a global strategic investment company in the gaming landscape, acquired a major stake in Saudi Arabia-based UMX Studio. The company invested US$4.5 million in an all-cash transaction in the Saudi game development studio.
In addition to acquiring equity, Jetapult will provide capital to support the expansion of UMX’s existing portfolio, expand its audiences across global markets, and build games in new genres. This will be Jetapult’s first investment in the MENA region, with further investments planned in markets like South East Asia and Europe.
Jetapult co-founder and CEO Sharan Tulsiani 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 with an aim to enhance gaming experiences across the Middle East’s emerging development ecosystem.”
The investment company’s team of global gaming experts, will help catalyse the UMX’s capabilities to enhance user acquisition, scale monetisation efforts, and adopt cutting-edge analytics and AI tools through their “Invest & Operate” (I&O) model
UMX Studio founded by Ali Alharbi in 2014, is a homegrown game development studios established in Saudi Arabia. The studio develops high-quality mobile games featuring graphics, engaging gameplay, and suitability for all ages. Their games have garnered over 70 million downloads till date, and the company has shown consistent year-on-year growth, driven by a portfolio of games that consistently top the Apple and Google charts in the region.
Alharbi 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 recognised leader in the gaming investments space. This collaboration will not only accelerate our expansion but also empower us with advanced tools and expertise.”
Co-founded by Tulsiani and Yash Baid, Jetapult is backed by Accel Partners, Fireside and JetSynthesys, amongst others. The company aims to support game studios with a scientific approach to sustainable growth in markets such as South East Asia, MENA, Eastern Europe, and Latin America, through a US$100 million commitment over the next five years.
Jetsynthesys chairman and MD Rajan Navani said, “The people of India and Saudi Arabia have been trusted partners for trade in goods and global expertise for millennia. This strong legacy has been carried forward in the fastest-growing and digital-first market of gaming through Jetapult’s investment in UMX. This partnership of deep expertise and culture will bring together the gaming and esports communities in both these youthful markets.”
The investment comes in the context of the exponential growth of the gaming and e-sports sector in the MENA region with Saudi Arabia representing 39 per cent of the Middle East’s gaming revenue from consumer spending and is the fastest-growing market in the region, according to Sensor Tower, 2024. Jetapult aims to commit to UMX’s vision of fostering the Saudi Arabian market to become a hub for game development by harnessing the former’s strategic expertise and the latter’s local talent and cultural nuance.