Fundraising Fox

Merak Capital

Institutional investor

Riyadh · Seed–Late Stage · 21 people tracked

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Investment thesis

Merak Capital is a fully independent, partner-owned multi-strategy investment institution operating across private markets. It partners with founders, management teams, and institutional investors to build enduring enterprises, emphasizing disciplined and conviction-driven investing. The firm's fund structures aim to combine innovation with regulatory compliance and alignment with investor interests. Merak stresses excellence in governance, transparency, and long-term performance across diverse strategies. Its team brings together investment, operational, and strategic experience, working within a culture of collaboration, discipline, and innovation to accelerate portfolio performance and scale transformative businesses. The platform operates under full compliance with local, regional, and international regulations.

Source: firm website, verified Aug 3, 2026.

Stage
Seed–Late Stage
Check
$293K – $30M
HQ
Riyadh, SA
Instruments
Equity
Founded
2020
AUM
$3B
Tracked investments
43

Team · 21 people

from the firm's website & public directories
Ammar Khalid Azhari· Director, Technologyin
Hussam Al Ghamdi· Chief of Staffin

What they invest in

from 10 of 43 portfolio companies

Data & Infrastructure ×4SaaS ×4AI & Machine Learning ×3Enterprise Software ×3Gaming ×3Marketing Tech ×2Cloud Computing ×1Crypto & Web3 ×1

HQs:Saudi Arabia×6United Arab Emirates×2United States×2

Investments · 43 tracked

founders shown can be your intro path
Jisrjisr.netin𝕏Jan 2025 · $30M✓ verified

Jisr builds HR, talent, and expense management software for HR and finance teams, covering payroll, attendance, employee records, performance reviews, and compliance with local labor and social insurance regulations.

FintechHR TechSaaSRiyadh, SA

Arib

Saudi fintech operating a digital financing marketplace that connects consumers and businesses with banks and licensed lenders.

Arsann

Private equity investment (SAR 100 million).

Ashpoweredbyash.comin

Ash provides an end-to-end platform for at-home and in-person health testing, connecting organizations to a network of CLIA-/CAP-certified labs and licensed providers through a single integration.

Digital HealthHealthtechInsurTechMedical DevicesSaaSWellness & FitnessSilicon Valley, US

David Stein(Chief Executive Officer)Kyle Waters(Chief Product Officer)Mio AkasakoNicolas SempereMatt Benton(Chief Financial Officer)

Co-investors500 GlobalDorm RoomMerus CapitalImpact46Plug and Play Ventures

Astravalle Studio

AstraValle Studio is an independent video game developer building Nrem, a 2D side-scrolling puzzle platformer.

Bitoasisbitoasis.netAcquired

BitOasis is a Dubai-based crypto asset exchange and virtual asset broker-dealer serving the Middle East and North Africa.

Ola Doudin(Founder)in

Co-investorsBuilders + BackersDigital Currency GroupFinbergJabbar Internet GroupPantera CapitalWamda Capital

Bynow

Saudi B2B fintech offering buy-now-pay-later and payment automation tools for businesses and SMEs.

Classy Games

Remote-first indie game studio building low-barrier, short-session games, with bases in Northern Ireland, the UAE and Saudi Arabia.

Convertedin

Egyptian martech startup operating a marketing operating system for e-commerce brands in MENA and Latin America.

Copa Fantasycopafantasy.com

Saudi-based, Arabic-first fantasy football and predictor games platform covering the Saudi, English, Spanish and Champions Leagues.

Dafluffs Games

Saudi-based, remote-first mobile game studio building gameplay-first titles, starting with action roguelite Dungeon Blast.

Denarii Cash

UAE-based fintech operating a mobile wallet and remittance app for overseas Filipino workers sending money home.

Doo

Riyadh-based DOO builds an AI customer experience platform for enterprise support in Arabic dialects across the GCC.

Dreaming Door Studios

Detroit-founded independent game studio making narrative-driven titles, known for the dragon life-sim Golden Treasure: The Great Green.

Dsshielddsshield.comin𝕏

DSShield is a Saudi cybersecurity and digital transformation company offering services across cybersecurity, OT/xIoT, data infrastructure and cloud, managed services, and GRC.

Cloud ComputingCybersecurityData & InfrastructureEnterprise SoftwareRiyadh, SA

Eshi

Ethiopian on-demand delivery platform offering app- and call-centre-ordered last-mile deliveries with real-time tracking.

Evolite Studioevolite-studio.comin𝕏

Evolite Studio is a game development studio that builds original games with an Arabic cultural flavor.

Gaming

Co-investorsExel by Merak

Fahy Studios

Riyadh-based game studio Fahy Studios develops hybrid-casual mobile games for global audiences.

Fitnot

Egyptian indie game studio building Arabic culturally-inspired titles across mobile and PC.

Hyena Hon

Two-person Lebanese indie game studio making arcade and party games, including the two-player title CRUSH!.

Hyperpay

HyperPay is a MENA payment gateway offering merchants payment processing, fraud management, instalments and invoicing tools.

Hys Games

Riyadh-based game development studio, originally founded in Yemen, building a vehicle combat title for PC and console.

Lawazem

Saudi B2B marketplace for operational procurement of office supplies, groceries, cleaning materials and related services.

Liva Interactive

Tunisian development studio building mobile games, custom apps and marketplaces for clients.

Loyyalloyyal.comin𝕏

Loyyal uses blockchain and smart contract technology to build a Blockchain-as-a-Service platform for creating, rewarding, and managing loyalty and incentive programs.

Crypto & Web3Marketing TechSaaSDubai, AE

Ashish Kumar Singh(Chief Executive Officer)

Co-investorsHayaat GroupMonex GroupUnblock Ventures

Magnittmagnitt.comin

Magnitt, based in the United Arab Emirates, operates a subscription financial data platform covering startups and investment activity.

Data & Infrastructure

Dana AljawderPhilip Bahoshy

Co-investors500 GlobalEQ2 VenturesHALA Ventures

Master Worksmaster-works.sain𝕏

Master Works is a company presenting its leadership and board team; the page lists executives and board members but does not describe the company's products or services.

AI & Machine LearningData & InfrastructureEnterprise SoftwareSaaSSector Agnostic

HaniBandarMeshari AlRashed(Chief Executive Officer)Mostafa Mohamed(Chief Financial Officer)Mohammad Al-Harbi(Chief Shared Services Officer)

Masterworks

Art investment platform that securitizes blue-chip paintings and sells fractional shares to retail investors.

Nabt

Saudi agritech operating a B2B marketplace and cold-chain fulfilment network linking farmers directly with business buyers.

No Diet

no.Diet is a subscription app offering personalized Mediterranean-diet meal plans, recipes, workouts and wellness challenges.

Phys
Qoyodqoyod.com

Saudi cloud accounting, POS and ZATCA-certified e-invoicing platform for SMEs, founded in Riyadh in 2016.

Co-investorsCedar Mundi Ventures

Rojeh Games

Indie game studio making hand-drawn, pixel-art mobile games with original characters and cozy themes.

Sheba Joy

Riyadh-based mobile game studio building casual and social titles such as Town Stars and Ludo Chat.

Shift

Private equity investment (SAR 310.8 million).

Spoilzspoilzgames.comin𝕏

Spoilz Games is a Saudi gaming studio that develops games and works on AI tools for 3D content production.

AI & Machine LearningGaming

Starvaniastarvania.comin𝕏

Starvania is an indie game development studio creating fantasy-themed video games, including "Bahamut and the Waqwaq Tree," a 2D adventure game inspired by Arabian and Middle Eastern mythology.

GamingMedia & EntertainmentRiyadh, SA

Meaad Aflah(Co-founder & CEO)inMuslih Alzahrani(Co-founder & Creative Director)

Co-investorsImpact46

Studiotrystudio.aiin𝕏

Studio builds simulated "societies" that model consumer cohorts of a market and runs a company's proposed decisions—such as price changes, product placements, or promotions—through them to forecast outcomes before launch.

AI & Machine LearningData & InfrastructureEnterprise SoftwareMarketing TechSan Francisco, US

Cameron Malloy(Founder)inNikita Mullangi(Founder)in

Co-investorsY CombinatorImpact46

Superbullet

Riyadh-based Roblox game studio building SuperbulletAI, a Roblox Lua-specialised LLM and code editor for rapid game creation.

Syaaraat

Syaaraat is a Saudi platform by fintech Arib that compares auto financing offers from banks and financing companies.

Symmetric Studios

Riyadh-based mobile game studio founded in 2024 and backed by Merak Capital.

Twenty Ninety Creative

Indie game development studio founded in Toronto in 2022, building action-adventure titles inspired by 1990s games.

Yalla Plus

Riyadh-based hospitality technology company offering an integrated POS platform for restaurants and cafes.

Portfolio news

latest coverage across their companies

Frequently asked questions

How many investments has Merak Capital made?
Merak Capital has 41 tracked investments, including 1 dated in the last 24 months.
What stage does Merak Capital invest at?
Merak Capital invests at the Seed, Series A, Series B, Growth, Late Stage stages.
What is Merak Capital's typical check size?
Merak Capital typically writes checks of $293K – $30M.
What sectors does Merak Capital focus on?
Merak Capital focuses on Consumer, Data & Infrastructure, Enterprise Software, Gaming, Sector Agnostic.
Where is Merak Capital located?
Merak Capital is headquartered in Riyadh, SA.
Who does Merak Capital co-invest with?
Merak Capital most often shares deals with Digital Currency Group, Finberg, Jabbar Internet Group, among 10 tracked co-investors.

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