Accel-backed Jetapult invests $4.5M in Saudi Arabian game studio UMX

UMX, a game studio based in Saudi Arabia, has raised $4.5 million from Jetapult, an investment company backed by Accel Partners.

Jetapult, an India-based global strategic investment company in the gaming landscape, said the investment was 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.

Ali Alharbi, founder of Riyadh-based UMX, said in a statement, “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.”

This will be Jetapult’s first investment in the (Middle East/North Africa) MENA region, with further investments planned in markets like Southeast 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.

Sharan Tulsiani (former head of Google Play Games in India and Australia/New Zealand) and Yash Baid (former principal at 3one4 Capital) founded Jetapult with backing from Accel Partners, Fireside and JetSynthesys, among 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.

Origins

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. While it has been around for a decade, this is the first time that the company has raised money.

Saudi Arabia is now a thriving market for esports and casual gamers. One of the gaps in the ecosystem was a lack of quality local game development capabilities to build culturally nuanced titles for the passionate gamers in the region. UMX has been addressing this and has built its company profitably, targeting Arabic users that seek resonating content like sand dune-bashing, car modification, along with their overall love of racing.

The company’s 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. UMX has 72 employees.

UMX studio has a history of building top-charting games on Google and Apple in the racing genre. The most notable being King of Steering, with a successful title named DriftX set to launch before Ramadan 2025. King Of Steering is the top-rated racing game in the MENA region – it has multiple game modes including multiplayer racing, free-roam drifting, and stunt driving. It’s MENA-domiciled maps and Arabic optimized social layers drive consumer satisfaction.

Climbing Sand Dune Offroad pioneered a more relaxed gameplay amenable to MENA audiences by allowing them to free-roam desert landscapes in off-road vehicles. It further allowed players to upgrade trucks, SUVs, and 4x4s in drag races, climbing sand dunes, and collect treasures with friends.

Jetapult’s view of MENA

The investment comes in the context of the exponential growth of the gaming and esports 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.

Jetapult said it is committed to UMX’s vision of fostering the Saudi Arabian market to become a hub for game development by harnessing Jetapult’s strategic expertise and UMX’s local talent and cultural nuance.

Tulsiani, CEO of Jetapult, said in a statement, “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.”

⁠Jetapult is an invest and operate company backed by VCs like Accel & Fireside and a strategic investor like Jetsynthesys. The company’s primary function is to invest and scale mobile gaming studios in emerging game development markets like India, MENA, SE Asia, Eastern Europe, and LATAM. It has been operational since 2023 with a commitment of $100 million into investing and scaling mobile gaming studios.

Barath Shankar Subramanian, partner at Accel, said in a statement, “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.”