UMX, a game studio based in Saudi Arabia, has raised $4.5 million from Jetapult, an investment company backed by Accel Partners.
Jetapult, an India-based global strategic investment company in the gaming landscape, said the investment was an all-cash transaction.
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.
Ali Alharbi, founder of Riyadh-based UMX, said in a statement, “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 investment space. This collaboration will not only accelerate our expansion but also empower us with advanced tools and expertise.”
This will be Jetapult’s first investment in the (Middle East/North Africa) MENA region, with further investments planned in markets like Southeast Asia and Europe.
Jetapult’s team of global gaming experts will help catalyse the studio’s capabilities to enhance user acquisition, scale monetisation efforts, and adopt cutting-edge analytics and AI tools through their “Invest & Operate” (I&O) model.
Sharan Tulsiani (former head of Google Play Games in India and Australia/New Zealand) and Yash Baid (former principal at 3one4 Capital) founded Jetapult with backing from Accel Partners, Fireside and JetSynthesys, among 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.
