- The deal marks Jetapult’s first investment in the MENA region.
- The financing comes amid rapid growth in MENA’s video games and esports sector.
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Mobile games developer and publisher UMX Studio has secured a $4.5 million investment from investment firm Jetapult.
In addition to the all-cash transaction, UMX will also receive support to expand its portfolio and audience to reach a wider audience while building new games.
The deal marks Jetapult’s first activity in the MENA region, with plans for further investments in South East Asia and Europe.
The funding comes amid rapid growth in MENA’s video games and esports sector, with the local games industry generating $7.2 billion in revenue in 2023, according to Newzoo estimates.
A unified vision
“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,” said UMX CEO and founder Ali Alharbi.
“This collaboration will not only accelerate our expansion but also empower us with advanced tools and expertise. In partnership with Jetapult we are committed to setting new benchmarks and establishing a solid foundation for nurturing and expanding Saudi Arabia’s gaming talent.”
Jetapult CEO and co-founder Sharan Tulsiani added: “Jetapult’s investment in UMX goes beyond providing capital; we bring a wealth of proven gaming expertise and cutting-edge technology to this partnership.
“Sharing a unified vision with Ali, this collaboration will not only unlock UMX’s global potential but also contribute to the growth of local talent and enhance gaming experiences across the Middle East’s vibrant development ecosystem.”
UMX Studio has been developing mobile games since 2014. We recently interviewed its CEO to learn more about the company’s upcoming titles and opportunities for the games industry in MENA.
