Jetapult pumps $4.5 million in Saudi game studio UMX
-
Investment Overview: Jetapult, an India-based investment company backed by Accel Partners, has invested $4.5 million in Saudi Arabian game studio UMX, acquiring a significant stake in the company.
-
Company Background: UMX, founded in 2014 by Ali Alharbi, specializes in mobile game development with a focus on creating diverse and engaging car games.
-
Expansion Plans: The investment will enable UMX to enhance its game portfolio, reach broader audiences globally, and explore new game genres.
-
Strategic Support: Jetapult will leverage its expertise in gaming to assist UMX in user acquisition, monetization strategies, and integrating advanced analytics and AI tools.
- Regional Focus: This marks Jetapult’s first investment in the MENA region, with plans for further investments in Southeast Asia and Europe, supported by a $100 million commitment for sustainable growth over five years.
Jetapult pumps $4.5 million in Saudi game studio UMX
- Saudi Arabia-based game studio UMX has raised $4.5 million from Jetapult, an investment company backed by Accel Partners.
- As part of the transaction, Jetapult, an India-based investment company in the gaming landscape, will acquire a significant stake in UMX.
- Founded in 2014 by Ali Alharbi, UMX Studio is a mobile game development company that develops a wide variety of fun car games.
- The investment will support UMX to expand its existing portfolio and audiences across global markets and build games in new genres.
Source: Venture Beat
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.
Based on the information provided, here’s a summary of the funds, investors, startups, founders, and fundraising series:
Funds
- Jetapult: An investment company in the gaming landscape backed by Accel Partners, Fireside, and JetSynthesys.
Investors
- Accel Partners: A major backer of Jetapult.
- Fireside: An investor that supports Jetapult.
- JetSynthesys: Another backing investor for Jetapult.
Startup
- UMX: A game studio based in Saudi Arabia focused on mobile game development, particularly fun car games.
Founders
- Ali Alharbi: Founder of UMX Studio.
- Sharan Tulsiani: Co-founder of Jetapult; former head of Google Play Games in India and Australia/New Zealand.
- Yash Baid: Co-founder of Jetapult; former principal at 3one4 Capital.
Fundraising Series
- Amount Raised: $4.5 million
- Type of Investment: All-cash transaction
- Purpose of Investment: To expand UMX’s existing portfolio and audiences across global markets, and build games in new genres.
Additional Notes
- This investment marks Jetapult’s first foray into the MENA region.
- Jetapult plans further investments in Southeast Asia and Europe.
- The company has a commitment of $100 million for supporting game studios over the next five years through their "Invest & Operate" (I&O) model.
This summary encapsulates the key elements of the investment news regarding UMX and Jetapult.