Merak Capital Research
Investment Thesis
Merak Capital is a Riyadh-based, partner-owned, multi-strategy investment institution founded in 2020 (some third-party trackers cite 2018) and licensed by Saudi Arabia's Capital Market Authority (license #18194-32). Its stated mission is to steward capital with discipline and conviction, investing in innovative enterprises that create enduring value for its investors, partners, and the broader economy. Within its Venture Capital strategy, Merak backs founders building technology solutions for Saudi Arabia's digital transformation, aiming to convert early traction into resilient growth through disciplined capital paired with operational expertise. The firm positions itself as building toward becoming a globally recognized investment institution, built from Saudi Arabia, operating at the highest international standards. As of October 31, 2025, the firm reports 3B+ in assets under management across 50+ portfolio companies and 10+ active funds spanning venture capital, private equity, credit, real assets, and special projects.
Sector Focus
The venture arm concentrates on:
- Enterprise applications and B2B software
- Fintech infrastructure and digital lending
- Healthcare technology, including AI-powered clinical decision support
- Industrial and field services software
- Supply chain and logistics
- Cybersecurity
- Developer tools
- Gaming studios, publishers, and gaming platforms (via a dedicated Gaming Fund)
Stage Focus
Merak's venture strategy targets early-stage ventures positioned for category leadership, with a preference for companies exhibiting recurring or repeat revenue, strong retention, and scalable distribution. Disclosed deals span pre-seed/seed (Khosouf Studio, SAR 2.2M; FLOATY Studio, $1M; Doo, $1.7M; HakeemX Technologies/Hakeem Health, $1.65M) through much larger growth-stage checks executed at the firm level (Arsann, SAR 100M; DSShield, SAR 203M), reflecting Merak's broader multi-strategy structure where venture, growth, and private equity capital can combine behind a single portfolio company over time.
Check Size
Disclosed venture-stage checks range from roughly $600K-$1M at seed to $23.5M+ for larger digital-financing rounds (Arib), with firm-level strategic investments reaching SAR 100M-203M (~$27M-$54M) when private equity or credit capital is layered in alongside venture capital. Total capital deployed across the Venture Capital strategy is cited at SAR 75M+ (Merak Technology Venture Fund I), plus an $80M dedicated Merak Gaming Fund.
Lead Tendency
Merak consistently describes itself as leading or being the primary investor across its disclosed deals: it led Arib's $23.5M round, HakeemX Technologies' $1.65M round, Doo's $1.7M round, Khosouf Studio's SAR 2.2M seed and FLOATY Studio's $1M seed (both via its Gaming Fund), the SAR 203M DSShield investment, and the SAR 100M Arsann investment.
Recent Activity
Merak has been actively deploying through 2025-2026:
- July 2026: Merak Gaming Fund led a $1M seed investment in FLOATY Studio, a Riyadh-based mobile game studio
- May 2026: Led Arib's $23.5M round (digital financing/loan brokerage platform)
- May 2026: Led HakeemX Technologies' (Hakeem Health) $1.65M round, with participation from Sanabil 500
- January 2026: Gaming Fund led a SAR 2.2M seed in Khosouf Studio (UAE-based game developer relocating to Saudi Arabia)
- December 2025: Invested SAR 203M in DSShield, a national cybersecurity platform
- November 2025: Invested SAR 100M in Arsann, a smart-parking and mobility infrastructure company
- October 2025: Led a $1.7M round in Doo, an Arabic-first agentic AI customer experience platform
Outside of new checks, the firm has been visibly active in the Saudi ecosystem: it marked the opening of portfolio company Jisr's new Riyadh headquarters (June 2026), participated in a creative-capital discussion at Kilmitain (June 2026), and supported the next generation of Saudi game creators at an event at the National Museum (July 2026).
The firm also runs sector-dedicated vehicles: the Merak Technology Venture Fund I (MTVF I, SAR 131.25M, launched 2021), the Merak Gaming Fund (MGF, SAR 306M/$80M, launched late 2024 with backing from the Saudi National Development Fund, augmented by the Exel Gaming Accelerator for pre-seed cultivation), and a Fashion Fund (SAR 300M, 2025) under its private equity strategy.
Portfolio Highlights
Merak's venture portfolio spans 40+ technology companies including Arib, Yalla Plus, Qoyod (cloud accounting SaaS), No Diet, Syaaraat (Arib's auto-financing platform), ByNow, Magnitt (MENA startup data platform), Phys, DaFluffs Games, and Starvania, alongside a broad cluster of Saudi/MENA gaming studios (Classy Games, Rojeh Games, Symmetric Studios, Evolite Studio, Astravalle Studio, Hys Games, Fahy Studios, Liva Interactive, Dreaming Door Studios, Khosouf Studio, Qwacks, FLOATY Studio) reflecting the firm's concentrated bet on the Kingdom's gaming ecosystem under Vision 2030. Broader firm-level (multi-strategy) portfolio companies include Jisr (HR/payroll SaaS), DSShield (cybersecurity), Arsann (smart mobility infrastructure), BitOasis (crypto/fintech), HyperPay (payments), and Lawazem (supply chain).
Team
- Abdullah Altamami - Founder and CEO; previously founded iNet Fund (2014) and co-founded HyperPay
- Othman Alhokail - Founder and Managing Partner; 18 years of investment/operations experience; founder and director of KCC
- Abdulrahman Bin Mutrib - Partner and Chairman of the Board
- Amr AlJallal - Partner and Board Member
- Mohannad Alfayez - Partner and Head of Capital Formation
- Sarah Ghazal - Chief Operating Officer
- Abdulelah Alshareef - Principal, Venture Capital
- Rema Alyahya - Principal, Venture Capital
- Abdlaziz Alsaid - Principal, Private Equity (publicly represents the firm on cybersecurity/DSShield commentary)
Decision Process
Not explicitly disclosed, but the firm's structure (Founder/CEO, Managing Partner, Board, and dedicated Principals per strategy including two VC-specific Principals) points to a partnership-style investment process rather than a solo-GP model.
Founder Preferences
Merak favors founders building category-defining companies with recurring or repeat revenue, strong retention, and scalable distribution, particularly those addressing Saudi Arabia's digital-transformation and Vision 2030-aligned sectors (gaming, fintech, healthtech, cybersecurity).
Geographic Focus
Saudi Arabia is the primary market, with selective exposure to the broader MENA/GCC region only where it strengthens Saudi platforms, evidenced by investments in UAE-based Khosouf Studio explicitly tied to its relocation into the Saudi gaming ecosystem.