Riyadh, Saudi Arabia – Merak Capital, a prominent technology-focused investment firm, has unveiled its SAR 306 million gaming fund and accelerator, Exel by Merak, to drive the growth of gaming startups and position Saudi Arabia as a global hub for gaming innovation.
The launch event, held on November 17, 2024, at the VOV Gaming Centre in Riyadh, brought together industry leaders, entrepreneurs, and gaming enthusiasts to celebrate this groundbreaking initiative. The program is designed to empower early-stage startups within the gaming ecosystem, offering comprehensive support to help them scale globally.
A Comprehensive Approach to Gaming Innovation
Exel by Merak targets game development studios, gaming technologies, publishing platforms, and other innovative services. The accelerator provides equity investment, mentorship, legal and relocation assistance, and access to vital tools and resources. This holistic approach aims to foster the development of globally competitive gaming startups while contributing to Saudi Arabia’s growing prominence in the gaming sector.
“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. “We leverage our industry expertise and global network to provide startups not only with funding but also with tailored resources and strategic support essential for their success.”
Driving Economic Growth and Job Creation
The first cohort of Exel by Merak aims to invest in 15-20 startups, including local companies and international ventures relocating to the Kingdom. Participants are expected to develop at least 15 commercially viable games, creating more than 120 jobs in the Saudi gaming industry and contributing over SAR 100 million to Saudi Arabia’s GDP in its inaugural phase.
“Our accelerator is designed to help entrepreneurs transform their games into sustainable gaming companies,” said Faisal Sedrani, Vice President and Leader of Exel by Merak. “With the first batch, we aim to drive significant economic impact, which will scale further across the planned next three accelerator cohorts.”
Program Highlights
The accelerator begins with a short virtual bootcamp, followed by a 14-16 week core program that includes mentorship, access to a global network of gaming experts, and a demo day to showcase projects to potential investors. Startups also benefit from post-program support to ensure long-term success.
Both Saudi-based and international startups ready to elevate their gaming ventures are encouraged to apply. The program offers unmatched opportunities for funding and growth in the burgeoning gaming market.
Saudi Arabia: A Thriving Gaming Market
Saudi Arabia, home to over 24 million gamers—67% of its population—presents a lucrative market for the gaming industry. Saudi gamers spend 1.4 times more than U.S. gamers and nearly 3 times more than the average MENA gamer. With the global gaming market projected to reach $665.77 billion by 2030 and over 3.32 billion gamers worldwide, the sector’s potential for innovation and growth is immense.
Merak Capital’s Vision for Digital Transformation
Merak Capital has rapidly expanded its portfolio across sectors including transportation, sustainable agriculture, and e-commerce. By investing in technology-driven initiatives, the firm aligns with Saudi Arabia’s national development goals, driving digital transformation and unlocking new growth opportunities.
About Merak Capital
Merak Capital is a leading investment firm focused on technology opportunities across multiple stages and industries. By leveraging deep technological expertise and market insights, the firm partners with innovators to drive transformative change and unlock new markets globally.
For more information, visit Merak Capital’s website.
