Accel-backed Jetapult, a global strategic investment company in the gaming landscape, has taken a major stake in Saudi Arabia-based UMX Studio, a game development company. The company has invested $4.5 million in an all-cash transaction.
In addition to acquiring equity, Jetapult will provide capital to support the expansion of UMX’s existing portfolio, and its audiences across global markets, and to build games in new genres.
This marks its first investment in the MENA (Middle East, North Africa) region, with further investments planned in markets such as South-East Asia and Europe.
Jetapult said its 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 and Operate’ (I&O) model
Jetapult, co-founded by Sharan Tulsiani and Yash Baid, is backed by Accel Partners, Fireside and JetSynthesys. The company aims to support game studios in markets such as South-East Asia, MENA, Eastern Europe and Latin America through a $100-million commitment over the next five years.
Tulsiani, the CEO of Jetapult, 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 to enhance the gaming experiences across West Asia’s emerging development ecosystem.”
UMX Studio, founded by Ali Alharbi in 2014, develops mobile games that have garnered over 70 million downloads. The company has shown consistent year-on-year growth.
Alharbi saidd, “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.”