Dubai-based start-up investor Wamda has led a $3.5 million funding round in games developer Tamatem.
The round also included Saudi Arabia’s Modern Electronics and the UK’s North Base Media, Wamda said in a statement.
Founded in 2013 by Hussam Hammo, Jordan-based Tamatem initially focused on developing mobile games and has since grown to become the leading mobile games publisher in the Arabic-speaking market.
The Middle East and North Africa (MENA) region is home to the world’s most active gaming community, with the region hosting some 587 million online gamers in 2017, according to Newzoo.
The size of the mobile games market across the Middle East and North Africa is poised to reach $2.3 billion in 2020, according to Statista, but the market remains severely underserved, creating a major opportunity for Tamatem to invest in culturally relevant mobile games, Wamda added.
Tamatem will also be launching an investment and acquisitions fund, targeted at supporting independent developers and studios. The fund will allow the developers to grow their titles and operations while maintaining their independence.
“Tamatem has cemented its presence as a leader in MENAs gaming market, a space driven by strong consumer demand for localised global titles and culturally relevant content. The launch of its fund offers an opportunity to further develop the gaming industry in the region, where Tamatem is uniquely positioned to build strong partnerships with local and regional developers,” said Fadi Ghandour, executive chairman of Wamda.
Hammo added: “Many start-ups in the Middle East feel their market potential is limited to just this region. We are excited to see businesses think beyond those boundaries and I am proud that the team at Tamatem is now also looking beyond the Arabic-speaking market.
“I believe this latest round of funding will allow us to truly deliver on our vision of becoming the top mobile games publisher for every underserved emerging market in the world.”
In addition to launching its own fund, Tamatem said it will use the round to expand its reach to new markets and increase marketing on current titles. The company will also publish titles in Turkey, South East Asia, Latin America and Eastern Europe. To date, Tamatem has published over 40 different games on iOS and Android.
Tamatem previously raised a $2.5 million Series A round in 2018.
Source:https://www.arabianbusiness.com/banking-finance/440387-dubais-wamda-leads-35m-funding-in-games-developer-tamatem