Merak Capital Launches SAR 306 Million Fund through Exel By Merak Accelerator to Support Gaming Startups
Merak Capital Launches Gaming Fund and Accelerator for Gaming Startups
Exel By Merak Supports Next Generation Gaming Entrepreneurs
Riyadh,: Lilaty Magazine
Merak Capital, a leading technology-focused investment firm, launched its 306 million Saudi Riyals gaming fund and gaming accelerator, aimed at empowering the next generation of gaming startups.
The launch event, held on November 17, 2024, at VOV Gaming Centre in Riyadh, showcased the impactful potential of this groundbreaking initiative.
Exel By Merak will help early-stage startups within the gaming ecosystem scale and thrive on a global level. By targeting game development studios, gaming technologies, publishing platforms, and other innovative services related to gaming, the accelerator offers a holistic approach to support emerging businesses.
The accelerator combines equity investment, mentorship, legal and relocation assistance, and access to crucial tools and resources.
This comprehensive support aims to position startups for success in the international market while establishing Saudi Arabia as a premier global hub for gaming innovation.
In the first batch of the accelerator, Merak aims to invest in 15 to 20 gaming startups, with a focus on both local and international opportunities relocating to the Kingdom.
As part of its accelerator program, companies will aim to develop at least 15 commercially viable and monetizable games, contributing to the growth of the gaming sector, making Saudi Arabia a global gaming hub.
“Exel By Merak and its gaming accelerator program is a testament to Merak Capital’s commitment to building a vibrant gaming ecosystem in Saudi Arabia,” said Abdullah Altamami, Founder and CEO of Merak Capital.
He added: “At Merak, we leverage our industry expertise and global network to provide selected startups not only with equity investment but also with the tailored resources and strategic support essential for their success.
By offering mentorship from world-class experts, support services from gaming industry experts, and access to a leverageable network, we aim to empower these startups to drive innovation and establish Saudi Arabia as a global hub for gaming excellence.”
Faisal Sedrani, Vice President and Leader of Exel By Merak, said: “Our accelerator is designed to offer financial support and help entrepreneurs tap into a network of industry experts, empowering them to transform their games into sustainable gaming companies.
The first batch of the accelerator will aim to create more than 120 jobs in the Saudi gaming industry, and the graduates are envisioned to contribute more than 100 million Saudi Riyals to the Saudi GDP, which will increase significantly in the planned next 3 accelerator batches”
The accelerator’s structure includes a short virtual bootcamp followed by a 14-16 week core accelerator program, with a demo day and post-program support to ensure long-term growth.
Both Saudi-based and relocated international startups ready to take their gaming business to the next level and get funding are invited to apply to the accelerator.
The gaming industry continues to boom globally, with an estimated 3.32 billion gamers worldwide in 2024, and a global gaming market projected to reach US$665.77 billion by 2030. As the gaming sector grows, the demand for innovation and investment accelerates, making initiatives like the gaming accelerator crucial for fostering global competitiveness and pushing the industry forward.
Saudi Arabia is home to over 24 million gamers, representing roughly 67% of the population, reflecting the immense potential of the gaming market in the Kingdom. The average spend of Saudi Gamers is more than 1.4x of US gamers and more than 2.9x of average MENA gamers.
Merak Capital, which has rapidly expanded its portfolio in sectors such as transportation, sustainable agriculture, and e-commerce, is focused on investing in technology-driven initiatives that support national development goals. The firm’s strategic investments are designed to drive digital transformation and unlock new opportunities across various industries.
