KSA’s Impact46 Invests Over US$6 Million In 5 MENA Gaming Studios

Saudi Arabia-based venture capital (VC) firm Impact46 has invested more than SAR25 million (US$6.66 million) in five gaming studios—Fahy, NJD, Game Cooks, Starvania, and Alpaka—through its SAR150 million ($39.97 million) gaming fund that was launched in March 2024.  

The fund is part of the firm’s broader push to support founders developing digital content and gaming in the region, and it builds on earlier 2025 investments in Spoilz and Spekter Games. Together, these nine companies are contributing to the growth of the MENA gaming industry, as well as shaping how content is developed and distributed. 

Founded by Abdulaziz Alomran in Riyadh in 2019, Impact46 is a Riyadh-based asset management firm specializing in venture capital, and it is one of the first in Saudi Arabia to be authorized by the Capital Market Authority (CMA). The firm invests primarily in tech startups, with most of its portfolio made up of Saudi-based ventures. 

Speaking with Inc. Arabia, Eric Husny, a delegated representative of the Impact46 team leading the gaming fund efforts, said that, while the studios that Impact46 has invested in may vary widely in style from fantasy console worlds to hybrid-casual mobile hits, they share one common thread.

“At our core, we invest in strong founders with a clear creative vision and a well-defined thesis for what they want to build and the game loops they're exploring,” Husny explained. “Beyond creativity, we look for a deep awareness of the business complexities behind making a game successful—from publishing strategy to monetization design and long-term viability. We also value the capacity to execute at a high technical level and bring products to market efficiently, which is often where promising ideas succeed or fail. Lean teams leveraging emerging tools, notably artificial intelligence (AI), go a long way towards achieving that. That’s why repeat founders or experienced teams often have an edge: they combine business experience, technical execution, and creative excellence with the adaptability and discipline needed to take a studio from the MENA to the global stage."

The five newly funded studios clearly reflect the philosophy that Husny has espoused. Fahy is a KSA-based mobile game development studio, with its team laser-focused on the hybrid-casual space, aiming to create games that are accessible and enjoyable for everyone while still offering a rewarding and engaging experience. NJD Games, also based in Saudi Arabia, focuses on enjoyable mobile player experiences, while Game Cooks, now headquartered in Riyadh, has developed 22 original virtual reality (VR), mobile, and personal computer (PC) titles, including its first PC VR game, VINDICTA, released on SteamVR, Oculus Home, and Viveport. Meanwhile, Starvania is a Saudi indie studio crafting original fantasy universes for PC and console, and Alpaka produces and publishes hybrid-casual games in the action genre.

With Impact46 focusing on MENA-based studios, Husny sees a clear regional advantage for them to produce content that speaks directly to local audiences while maintaining global appeal. “The MENA offers a unique opportunity for local founders to create 'MENA-native' products; games with storylines, characters, and themes that resonate culturally, while still appealing to global audiences,” he said. “This cultural alignment gives local studios a natural edge, especially as localization remains a major barrier for international publishers in terms of nuance, user experience (UX), and player engagement. The GCC, in particular, boasts one of the highest average revenue per user (ARPU) potentials in the world, and with the market still far from saturation, well-executed titles can achieve breakout success here faster than in more mature regions."

Now, as the ecosystem matures, Husny believes that the region will see more gaming studios emerging that will cater to international audiences as well. “The next step for the ecosystem is building the operational efficiency and publishing expertise needed to rival leading gaming studios," he noted. "As new and emerging studios go through repeated launches, iterate relentlessly, and absorb market feedback, they’ll close that gap, allowing them to eventually transform local hits into international franchises. Learning from successful studios (whether regional or international) will be key to accelerating this process and creating local success stories.” 

Beyond talent and creativity, Impact46’s portfolio strategy aligns with Saudi Arabia’s broader ambitions to expand its gaming and interactive entertainment sector under the national gaming and esports strategy as well as the country's Vision 2030. This includes national enablers such as the National Development Fund, Social Development Fund, CODE by the Ministry of Communication and Information Technology, and the Saudi Esports Federation—alongside initiatives by the Esports World Cup Foundation and Savvy Games Group—all of which are key to supporting the Kingdom’s aim to become a hub for the region’s gaming sector. 

For founders hoping to secure backing in this climate, Husny said that they need to ensure that they can prove both creative vision and commercial viability early on. “It’s a tough environment," he declared. "Gaming investment is well below the peaks of the pandemic years, meaning it's certainly a buyer's market and tangible traction will be king. Show demand for your game early, whether through alpha or beta launches, community engagement, or strong early gameplay and monetization metrics. Pair that with a clear creative thesis: what you’re building, why it’s right for today’s market, and how you’ll make it commercially viable. And remember, the business side matters as much as the creative: understand your monetization model, player acquisition strategy, development approach, and long-term roadmap to build confidence and show the investor you’re aware of the road ahead.”