Jetapult, a global strategic investment company in the gaming landscape, takes a major stake in Saudi Arabia-based UMXStudio. The company 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, expand its audiences across global markets, and build games in new genres.
This will be Jetapult’s first investment in the MENA region, with further investments planned in markets like South East Asia and Europe.
Jetapult’s team of global gaming experts, will help catalyse the studio’s capabilities to enhance user acquisition, scale monetization efforts, and adopt cutting-edge analytics and AI tools through their “Invest & Operate” (I&O) model.
Jetapult, co-founded by Sharan Tulsiani and Yash Baid, is backed by Accel Partners, Fireside and JetSynthesys, amongst 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.
UMX Studio founded by Ali Alharbi in 2014, is one of the first homegrown game development studios established in Saudi Arabia. The studio develops high-quality mobile games featuring stunning graphics, engaging gameplay, and suitability for all ages. Their games have garnered over 70 million downloads till date, and the company has shown consistent year-on-year growth, driven by a portfolio of games that consistently top the Apple and Google charts in the region.
The investment comes in the context of the exponential growth of the gaming and e-sports sector in the MENA region with Saudi Arabia representing 39% of the Middle East’s gaming revenue from consumer spending and is the fastest-growing market in the region, according to Sensor Tower, 2024.
Speaking on the occasion, Sharan Tulsiani, the Co-Founder and 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 with an aim to enhance gaming experiences across the Middle East’s emerging development ecosystem.”
Ali Alharbi – Founder UMX stated, “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 recognized leader in the gaming investments space. This collaboration will not only accelerate our expansion but also empower us with advanced tools and expertise.”
Rajan Navani, Chairman and MD, Jetsynthesys, said, “The people of India and Saudi Arabia have been trusted partners for trade in goods and global expertise for millennia. This strong legacy has been carried forward in the fastest-growing and digital-first market of gaming through Jetapult’s investment in UMX. This partnership of deep expertise and culture will bring together the gaming and eSports communities in both these youthful markets.”
Barath Shankar Subramanian – Partner, Accel, said, “Jetapult’s investment in UMX Studio marks a significant milestone in expanding its presence in emerging markets like MENA, where gaming and game development is rapidly gaining momentum. Jetapult’s unique ‘Invest & Operate’ model, which was the core of our investment thesis, has the potential to transform the global gaming ecosystem, enabling growth for gaming studios and the exploration of new gaming genres.”
Vinay Singh – Co-Founder & Partner, Fireside Ventures, said, “We invested in Jetapult with the vision to partner and nurture a global powerhouse of games. Their invest and operate model is a unique model that helps gaming companies exponentially with the benefits of a global platform. We believe the future of virtual consumption is closely inter-twined with games that will unlock the next phase of online communities and commerce. KSA is a very exciting geography which is poised for exponential growth both with the twin engines of domestic consumption and global development firing together. We believe the synergy of UMX Studio with Jetapult will help catalyse more innovation in the space.”
Jetapult is the pioneer of a novel Invest & Operate model that provides long-term funding and full-stack support for global mobile game studios across the life-cycle of game development and publishing. Founded by industry experts Sharan Tulsiani (former head of Google Play Games IN & ANZ) and Yash Baid (former Principal at 3one4 Capital), the company is backed by eminent investors like Accel Partners, Fireside, JetSynthesys, amongst others.
