- SRMG’s new venture capital arm focuses on supporting content creation and digital media platforms, as well as investing in media enablers and tools and immersive and interactive entertainment.
- Inaugural investments in disruptive regional production house Telfaz11 and immersive video platform VUZ will help foster groundbreaking local content and entrepreneurship.
- The use and adoption of cutting-edge technologies will enrich SRMG’s content offerings, further elevating the products and services provided to the Group's clients and audiences, both locally and internationally.
Riyadh – SRMG, a global integrated media group, today announced the launch of its corporate venture capital arm, SRMG Ventures. In line with SRMG’s transformative growth strategy, SRMG Ventures will invest in early-stage companies and technologies within the core target areas: media creators, digital media, media enablers and tools, including generative AI, as well as immersive and interactive entertainment. SRMG Ventures will initially target investments from the seed to Series B stage.
SRMG Ventures will enable SRMG to back and empower regional talent and entrepreneurs, acting as a catalyst for further growth of the rapidly evolving media industry in the region. SRMG Ventures will provide SRMG with direct access to innovative technologies, as well as new media talent and content creators, that will continue to enhance SRMG’s own media portfolio and drive forward the future of media. The new corporate venture capital arm will additionally help SRMG penetrate new markets and further diversify its business offering, whilst generating tangible financial returns.
SRMG Ventures has also announced inaugural investments and partnerships with two fast-growing companies:
- Telfaz11; a Saudi-based creative media studio specializing in locally relevant entertainment content, and producer of the box office hit “Sattar” and feature film “Alkhallat+” which was one of the top ten most watched movies in Saudi Arabia on Netflix.
- VUZ, a leading VR-enabled social media app that allows users to engage with 360o videos enabling a new level of immersive realism.
Jomana R. Al Rashid, CEO, SRMG said: “We are excited to continue to lead and support the growth of the dynamic and fast-growing media and content industry in Saudi Arabia and beyond. Our new venture capital arm, SRMG Ventures, will enable us to discover and nurture new talent and content creators, and leverage the latest advances in virtual reality and artificial intelligence. The adoption of cutting-edge technologies will invigorate SRMG’s products and services, further elevating content offerings and experiences for our local and global audiences. Our first investments in two leading companies, one local and one regional, led by exceptional creatives from the Arab world, mark the beginning of this thrilling endeavor.”
The announcement comes at an important moment for the MENA media and venture capital sectors. The MENA media and entertainment sector is expected to grow at 9% to exceed $20 billion by 2026, outpacing global growth.1 In addition, the MENA region, and Saudi Arabia in particular, is experiencing a vibrant entrepreneurial ecosystem, with venture capital funding crossing the US$3bn mark in 2022, an annual rise of 8.3%, with Saudi Arabia startups securing US$987m in 2022, a 72% increase compared to 2021.2
-Ends-
About SRMG
SRMG is a global integrated media group. With a 50+ year legacy responsible for many regional firsts, SRMG has built a portfolio of over 30 outlets – including Asharq Al-Awsat, Asharq Network which includes Asharq News and Asharq Business with Bloomberg, Asharq Discovery, Arab News, Independent Arabia, Sayidaty and Hia, and more.
Through its diversified platforms, SRMG brings quality news and information to an audience of millions across 4 continents and in 7 languages. SRMG provides access to the biggest stories and events, and offers diversified coverage including exclusive news and in-depth analysis in an innovative way to help convey all regional and global events. A champion of regional creativity, ideas and innovation, SRMG has now expanded beyond media - diversifying its business to include book publishing, events and experiences, research and advisory, content production and more. Leveraging its experience and knowledge of the region - and supported by global talent and partners - SRMG aims to unlock the possibilities of the future.
For more information, please visit: https://www.srmg.com
About SRMG Ventures
SRMG Ventures is the venture capital arm of SRMG, a global media group from the Middle East, and is a leading investor in pioneering early-stage media and technology companies. SRMG Ventures’ strategy centers around the media creators, digital media, media enablers and tools, as well as immersive and interactive entertainment. SRMG Ventures works closely with their portfolio companies to provide critical resources and support, including connecting with industry leaders, providing strategic advice, and helping navigate the dynamic media industry landscape. SRMG Ventures is dedicated to fostering partnerships with passionate and driven entrepreneurs who are shaping the future of media. With a keen focus on early-stage companies at the forefront of innovation, SRMG Ventures is committed to playing a pivotal role in building the next generation of media companies.
For more information, please visit: https://www.srmg.vc
Source:
