Saudi VC firm Impact46 has deployed more than $6.6 million into five gaming studios; Fahy, NJD, Game Cooks, Starvania, and Alpaka, from its $40 million Gaming Fund launched in March 2024.
The new cheques follow 2025 investments in Spoilz and Spekter Games, bringing the firm’s active gaming portfolio to seven companies.
The bets span mobile, PC, console, VR, and hybrid-casual development, with a focus on culturally localised content that can travel globally.
Fahy Studios in Riyadh is building hybrid-casual mobile titles and is part of NEOM’s LevelUp accelerator.
NJD is another Saudi mobile studio.
Game Cooks, originally in Beirut and San Francisco with more than 22 shipped titles, is expanding into Saudi Arabia.
Starvania is a Saudi indie studio founded by Meaad Aflah and Muslih Alzahrani developing PC and console fantasy games.
Alpaka Games in Istanbul builds hybrid-casual action games for mobile.
“We see gaming as more than a sector; it’s a language of youth, culture, and creation,” said Basmah Alsinaidi, Managing Partner at Impact46. “Through these investments, we’re backing builders who aren’t just launching games but creating the infrastructure, stories, and platforms that define the next era of content in the region.”
Founded in 2019 and among the first CMA-authorised VCs in Saudi Arabia, Impact46 has built a track record across Saudi tech with two IPOs, including Jahez and Rasan.
The firm’s latest gaming deployments signal a push to back studios that can produce regional IP while scaling into international markets.
