Saudi Arabian game studio UMX has raised $4.5 million from Accel Partners-backed investment firm Jetapult.
The investment was made entirely with cash, according to Jetapult, a worldwide strategic investment firm with headquarters in India that works in the gaming industry.
Apart from obtaining shares, Jetapult will furnish funds to facilitate the enlargement of UMX’s current portfolio, broaden its viewership in international markets, and develop games in novel 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.”
With additional investments planned in markets like Southeast Asia and Europe, this will be Jetapult’s first investment in the Middle East/North Africa (MENA) region.
Through their “Invest & Operate” (I&O) model, Jetapult’s team of international gaming experts will help the studio accelerate its abilities to improve user acquisition, scale monetisation efforts, and adopt cutting-edge analytics and AI tools.
With support from Accel Partners, Fireside, and JetSynthesys among others, Yash Baid, a former principal at 3one4 Capital, and Sharan Tulsiani, the former head of Google Play Games in Australia and New Zealand, founded Jetapult.
With a $100 million commitment over the next five years, the company hopes to assist game studios in Latin America, Southeast Asia, MENA, Eastern Europe, and other markets by providing them with a scientific approach to sustainable growth.
