Jordan Bevan
Jetapult, a global strategic investment company backed by Accel, has taken a significant stake in Saudi Arabia-based UMX Studio with a $4.5 million all-cash deal. The investment marks Jetapult’s first entry into the MENA region, reflecting its growing interest in expanding into emerging gaming markets. UMX Studio, one of Saudi Arabia’s pioneering game development companies, stands to gain substantial resources and expertise, which will fuel its expansion both locally and globally.
Founded by Ali Alharbi in 2014, UMX Studio is renowned for developing high-quality mobile games featuring captivating graphics and gameplay that appeal to a broad audience. To date, their games have accumulated over 70 million downloads worldwide. The studio has established itself as a key player in the region by creating culturally resonant Arabic content, making it an attractive partner for Jetapult as they seek to tap into the MENA gaming boom.
Jetapult’s $4.5 million investment is not just financial; it comes with strategic support aimed at accelerating UMX’s growth trajectory. This partnership will enable UMX to expand its portfolio, penetrate new genres, and reach global markets more effectively. The collaboration is part of Jetapult’s broader investment strategy, which spans emerging gaming markets in Southeast Asia, MENA, and Eastern Europe. The company is positioning itself to invest $100 million over the next five years in these regions.
Sharan Tulsiani, Jetapult’s Co-Founder and CEO, emphasized the strategic nature of the deal. “Our investment in UMX is more than just capital. We are bringing years of gaming expertise, cutting-edge technology, and a shared vision with Ali and his team. Together, we aim to unlock UMX’s global potential and support the Saudi gaming ecosystem’s growth,” said Tulsiani.
UMX Studio has long been at the forefront of Saudi Arabia’s gaming industry, which is undergoing rapid growth. The Kingdom is emerging as a central hub for gaming and esports, driven by initiatives such as the Saudi National Gaming and Esports entity’s push to become a global gaming leader by 2030. In 2023, gaming revenues in the MENA region hit $7.2 billion, with Saudi Arabia accounting for a significant portion, thanks to its 23.5 million gaming enthusiasts. UMX’s strong performance has been pivotal in this landscape, with its games frequently topping regional charts on both Apple and Google platforms.
According to Ali Alharbi, UMX’s Founder and CEO, Jetapult’s investment is a major milestone for both the company and the Saudi Arabian gaming sector. “This partnership with Jetapult will give us the resources, tools, and expertise to not only expand but also set new standards in the gaming industry. We’re excited about the future and what this means for the growth of local talent,” said Alharbi.
etapult’s co-founders, Sharan Tulsiani and Yash Baid, have developed a unique “Invest & Operate” (I&O) model, which combines financial investment with operational support. Backed by Accel Partners, Fireside, and JetSynthesys, Jetapult aims to foster sustainable growth for gaming studios by providing hands-on guidance in areas like scaling, monetization, and market expansion. This model sets Jetapult apart from other investment firms and was a key factor in Accel’s backing of the company.
Barath Shankar Subramanian, Partner at Accel, commented on the significance of the UMX deal: “Jetapult’s entry into the MENA region is a bold step toward expanding its footprint in emerging markets. Their innovative I&O model will be transformative not only for UMX but also for the broader gaming ecosystem.”
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