Funding activity in the Gulf region remained subdued in the first week of April with only a handful of companies led by gaming platform Savvy Games Group striking deals.
Saudi Arabia's Savvy this week acquired California-based game developer and publisher Scopely for $4.9 billion. Savvy is owned by the Public Investment Fund (PIF), the kingdom's sovereign wealth fund.
The acquisition of Scopely, whose free-to-play franchises include “Star Trek Fleet Command” and “Stumble Guys”, will help Savvy widen its product portfolio and expand its footprint across North America, Europe, and Asia. It will also bring on board development capabilities, publishing infrastructure, and differentiated technology to the Savvy ecosystem.
Savvy was launched in January 2022 and is chaired by Mohammed Bin Salman, the Saudi Crown Prince, Deputy Prime Minister and PIF chairman.
Total Growth Platform
Saudi Arabia’s Total Growth Platform (TGP), a tech-focused venture capital fund, has received an investment of an undisclosed amount from Riyadh Valley Company, the investment arm of King Saud University.
TGP was launched by Saudi venture capital firm STV in February with over $150 million in initial committments. TGP aims to fuel growth of regional tech ventures through both equity and debt financing. STV is one of the top technology VC firms in the Middle East and North Africa region.
Cashew
Saudi company Shaker Group has picked up a 10% stake in the UAE-based fintech startup Cashew for an undisclosed amount.
Cashew is a buy-now-pay-later (BNPL) fintech firm. It was founded in 2019 by Ammar Afif and Ibtissam Ouassif. It offers its services in the UAE and Saudi Arabia through an app and a web-based platform.
Cashew aims to use the funding to enhance the digital infrastructure and meet the demand for digital lending solutions in the region. Previously, it raised $10 million from the UAE’s Mashreq, the Dubai bank controlled by the Al Ghurair family.
Shaker Group aims to strengthen its e-commerce and retail platforms with the deal. Shaker Group, founded in 1950, is an importer, manufacturer and distributor of air conditioners and home appliances.