This article was published by Forbes on February 4, 2018. Written by Carla Sertin.
“At Wamda Capital we have been closely monitoring the evolution of the regional gaming market and believe there to be a very significant opportunity in further developing the space driven by strong consumer demand for access to global titles adapted for local preferences,” said Wamda Capital’s managing partner, Khaled Talhouni, in a statement on Wamda’s website announcing the funding round.
The statement also noted that the funds would go towards creating more deals with international game developers, increasing Tamatem’s MENA market share and expanding the startup’s team.
“This investment will help us localize better mobile games and will also allow us dig deeper into the Arab gaming market,” said Tamatem CEO Hussam Hammo.
The startup, which was founded in 2013, has published more than 40 games with a combined 50 million downloads within the MENA region. Although Tamatem started by developing its own games in-house, the majority of its business now comes from partnerships with game developers across the world to localize their games and introduce them to the region.
Mobile gaming is growing in the region, with revenue in the Middle East and Africa expected to hit $320 million in 2018, according to Statista.
Other investors include Discovery Nusantara Capital, Raed Ventures, Vision Venture Capital and Seed Equity Venture Partners, joining existing investors 500Startups, Kima Ventures, Arzan VC and Social Capital.