Exel by Merak

Founded: 2024

Headquarters: Riyadh, Saudi Arabia

Type: Gaming accelerator and innovation platform

Parent: Merak Capital, a Saudi investment firm founded in 2018, licensed by the Capital Market Authority of Saudi Arabia

CEO: Faisal Sedrani, appointed to lead Exel's next growth phase as it expands into a multi-sector innovation company, alongside his role as VP of Innovation Platform at Merak Capital

Funding: Backed by Merak Capital's $80 million gaming fund, established in late 2024 with support from the National Development Fund, the Social Development Bank, and the Saudi Esports Federation

About: Exel by Merak is Saudi Arabia's gaming accelerator, launched in November 2024 to back early-stage game studios, publishing platforms, and adjacent services. It runs on a six phase structure: applications, a two-week virtual bootcamp, a filtering round, a 14-week in-person acceleration phase in Riyadh, Demo Day, and ongoing post-program support.

Selected startups receive up to $300,000 per team, split evenly between cash and strategic in-kind support such as mentorship and partner access. Sedrani has described the funding as catalytic rather than symbolic, meant to help studios hit milestones that unlock follow-on investment rather than fund a full production cycle.

Eligibility: Open to companies across the Middle East and Africa. International companies must relocate to Saudi Arabia for the in-person phase, with Exel supporting the relocation process. Local companies must hold a valid Commercial Registration. Studios need an MVP or vertical slice, a strong team, and demonstrated market potential. Part-time founders are not eligible.

Cohort track record: Cohort 1 ran in H1 2025 and backed 17 startups with $300,000 each, totalling $5.1 million in investment, chosen from over 300 applicants.

Cohort 2 ran in H2 2025, selecting 19 startups on the same funding structure, which together generated $1.2 million in early revenue and more than 2 million cumulative social impressions by Demo Day.

Cohort 3 launched its virtual bootcamp in June 2026 with 60 startups competing for a place in the in-person phase. A fourth cohort is planned for H1 2027.

Partner network: Exel has signed partnerships with Microsoft, Huawei Cloud, HP, the Royal Commission for Riyadh City, and Saudi Bridge, giving accelerator startups access to cloud infrastructure, hardware, mentorship, and support for international founders entering the Saudi market.

Portfolio: Startups that have gone through Exel or received direct Merak Capital investment include FitNot Games, DaFluffs Games, Sheba Joy, Holodot Game Studio, PackDev Games, Saer Games, Nimble Fox Games, Classy Games, Qwacks, Khosouf Studio, and Floaty.

Other programmes: In August 2026, Exel launched Exel Academy, a learning platform offering short, in-person Premium Gaming Classes in Riyadh covering studio leadership, AI for game development, and production and project management.

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Last updated: August 2026