twofour54, the commercial arm of the Media Zone Authority – Abu Dhabi, has announced that it is investing in Falafel Games, a designer and producer of Arabic Massive Multiplier Online (MMO) games targeting the MENA audience.
The current investment was concluded alongside MBC Ventures and Middle East Venture Partners (MEVP) bringing the total cash invested in the company to around US$2 million. This is the latest move by twofour54 to invest in early stage growth companies in the media and entertainment sector bringing its venture portfolio to 13 companies.
Commenting on the investment twofour54's Chief Executive Officer, Noura Al Kaabi said, "Our investment in Falafel Games provides further evidence of our commitment to create a thriving entrepreneurship ecosystem at twofour54. We want to support local talent and help start-ups fulfil their creative potential, which is vital to building and sustaining our media and entertainment industries." Founded in 2010, Falafel Games is a leading developer for regional MMO titles that are culturally relevant and speak to Arab audiences. The company's founders; Vince Ghossoub and Radwan Kasmiya, have extensive experience in game development both regionally and internationally. The company aspires to be the leading developer of Browser and Mobile MMO Games in both the Middle East and the Muslim World through highly relevant content.
It is the producer of "Knights of Glory" -the first Arabic MMOSG (Massive Multiplayer Online Strategy Game) with Arabic themes, winner of the Readers' Choice Awards for 2011, 2012 and 2013, and currently the best-selling browser MMO in the MENA- and boasts an impressive pipeline of future titles.
Twofour54 gaming sector is estimated to be worth more than US$1 billion in the Middle East and US$70 billion globally. Reports suggest that the Middle East is responsible for more than US$100 million in annual revenues from the online gaming industry.
Twofour54 is committed towards creating a thriving Arab entrepreneurial ecosystem across all media, entertainment and digital platforms. As an active investors in the industry, twofour54's current investment portfolio includes Tahadi Games, Falafel Games, Jawaker, SAE Institute, D1G, PopArabia, T-Break Media, Akhtaboot, Nibras, Istikana, as well as investments in specific content projects.
In addition to the above, twofour54's has also recently announced a partnership with accelerator, Flat6Labs, provides seed funding, strategic mentorship, workspace and direct support for start-ups through an expansive network of partners and entrepreneurial activities.
Source: WAM