In a landmark move for the MENA gaming industry, Jetapult, a global strategic investment company backed by Accel, has acquired a significant stake in UMX Studio, one of Saudi Arabia’s leading homegrown game development companies through an all-cash transaction of $4.5 million (about Rs 37.8 crore). The multi-million-dollar all-cash transaction marks Jetapult’s first investment in the region and paves the way for future ventures in Southeast Asia and Europe.
This strategic investment will provide UMX Studio not only with capital but also with Jetapult’s gaming expertise and cutting-edge technology. The partnership will enable UMX to expand its existing portfolio, reach new global audiences, and venture into new gaming genres.
Founded in 2014 by Mr. Ali Alharbi, UMX Studio has become a key player in Saudi Arabia’s gaming industry, developing high-quality mobile games with stunning graphics, engaging gameplay, and strong cultural resonance. UMX’s games have garnered over 70 million downloads worldwide, reflecting the studio’s success in creating content that aligns with Arabic values and culture.
Jetapult’s First Step into MENA
Jetapult’s co-founder and CEO, Sharan Tulsiani, emphasized the importance of this investment, stating: “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.”
A New Era for Saudi Gaming
Mr. Ali Alharbi, Founder of UMX Studio, shared his enthusiasm about the partnership: “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 gaming investments. 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.”
This deal comes at a time when the gaming and esports sectors in the MENA region are witnessing exponential growth, with Saudi Arabia positioning itself as a key player. The Saudi National Gaming and Esports entity aims to transform the Kingdom into a global gaming hub by 2030. According to PwC, Saudi Arabia accounted for 39% of the Middle East’s gaming revenue in 2024, generating approximately $7.2 billion and boasting a gaming population of 23.5 million, which represents 67% of its population.
The Future of UMX and Jetapult’s ‘Invest & Operate’ Model
Jetapult, co-founded by Sharan Tulsiani and Yash Baid, aims to empower game studios globally through a $100 million commitment over the next five years. The company’s pioneering “Invest & Operate” (I&O) model combines strategic capital with operational expertise to help studios achieve sustainable growth.
UMX has demonstrated consistent year-over-year growth in profitability, with its portfolio of mobile games regularly topping Apple and Google charts across the region. With Jetapult’s investment and expertise, UMX is set to accelerate its expansion while strengthening Saudi Arabia’s position as a hub for game development.
Mr. Barath Shankar Subramanian, Partner at Accel, highlighted the broader implications of this investment: “Jetapult’s investment in UMX Studio marks a significant milestone in expanding its presence in emerging markets like MENA, where gaming and game development are 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.”
About Jetapult:
Jetapult is a pioneering investment firm specializing in mobile game studios, offering long-term funding and comprehensive support throughout the game development and publishing lifecycle. Founded by industry veterans Sharan Tulsiani, former head of Google Play Games IN & ANZ, and Yash Baid, former Principal at 3one4 Capital, Jetapult is backed by prominent investors such as Accel Partners, Fireside, and JetSynthesys.
About UMX Studio:
UMX Studio is a Saudi Arabian game development company known for producing high-quality mobile games with a focus on realistic graphics, engaging gameplay, and cultural resonance for Arabic users. Since its inception in 2014, UMX’s games have amassed over 70 million downloads. The studio has offices in Riyadh, Dubai, Egypt, and India and is regularly featured by Apple and Google as a leading pioneer in regional gaming.
For more information, visit:
Jetapult: www.jetapult.co
UMX Studio: www.umxstudio.co
