Riyadh – Sharikat Mubasher: Merak Capital, a leading technology-focused investment firm, launched its SAR 306 million gaming fund and gaming accelerator 'Exel By Merak' , 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 according to the company’s press release.
Exel By Merak Accelerator 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 to relocate 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, and making Saudi Arabia a global gaming hub.
Abdullah Altamami, Founder and CEO of Merak Capital commented: "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. 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”