Saudi-based Merak Capital launches Exel By Merak worth SAR 306 million to empower Gaming Startups as Global Leaders
Riyadh, Saudi Arabia — Merak Capital, a leading technology-focused investment firm, has officially launched Exel by Merak, a SAR 306 million gaming fund and accelerator aimed at driving the growth of gaming startups and positioning Saudi Arabia as a global leader in gaming innovation.
The launch event, held on November 17, 2024, at the VOV Gaming Centre in Riyadh, brought together prominent industry leaders, entrepreneurs, and gaming enthusiasts. The event celebrated this new initiative designed to empower early-stage gaming startups, offering them the resources and support needed to scale globally.
A Holistic Approach to Gaming Innovation
Exel by Merak is set to support game development studios, gaming technologies, publishing platforms, and other innovative services. The accelerator offers equity investment, mentorship, legal and relocation assistance, and access to essential tools and resources. This comprehensive approach is designed to help gaming startups become globally competitive while advancing Saudi Arabia’s position as a key player in the gaming industry.
“Exel by Merak and its accelerator program reflect Merak Capital’s dedication to fostering a vibrant gaming ecosystem in Saudi Arabia,” said Abdullah Altamami, Founder and CEO of Merak Capital. “Through our industry expertise and global network, we provide startups with not only funding but also customized resources and strategic support essential for their growth.”
Driving Economic Growth and Job Creation
In its first phase, Exel by Merak aims to invest in 15-20 startups, including both local ventures and international companies relocating to Saudi Arabia. The program expects participants to develop at least 15 commercially viable games, resulting in the creation of over 120 jobs and contributing more than SAR 100 million to Saudi Arabia’s GDP.
“Our accelerator is designed to help entrepreneurs turn their game concepts into sustainable businesses,” said Faisal Sedrani, Vice President and Leader of Exel by Merak. “With our first cohort, we plan to make a significant economic impact, and this will only grow in the upcoming cohorts.”
Program Features
The accelerator program begins with a short virtual bootcamp followed by a core 14-16 week program. Startups will receive mentorship, access to a global network of gaming experts, and the opportunity to present their projects during a demo day to potential investors. Post-program support ensures long-term success for participants.
Saudi-based and international startups looking to elevate their gaming ventures are encouraged to apply, with significant funding and growth opportunities available in Saudi Arabia’s booming gaming market.
Saudi Arabia’s Thriving Gaming Market
Saudi Arabia boasts over 24 million gamers, representing 67% of its population, making it an attractive market for the gaming industry. Saudi gamers spend 1.4 times more than U.S. gamers and nearly three times more than the average gamer in the MENA region. With the global gaming market projected to reach $665.77 billion by 2030 and over 3.32 billion gamers worldwide, the sector presents vast opportunities for innovation and expansion.
Merak Capital’s Vision for Digital Transformation
Merak Capital has rapidly expanded its portfolio across multiple sectors, including transportation, sustainable agriculture, and e-commerce. By focusing on 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 specializing in technology-driven opportunities across various industries. By leveraging deep technological expertise and market insights, Merak Capital partners with innovators to drive transformative change and unlock new markets globally.
