# Exel by Merak

> Exel by Merak is a VC fund in Riyadh backing Gaming and Video Games. See 35 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Riyadh, Saudi Arabia
- Total investments: 35
- Last investment: Feb 2026
- Lead investor: 100%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/exel-by-merak/
- Website: https://www.exelbymerak.com/

Exel by Merak is a VC fund in Riyadh focused on Gaming and Video Games. Exel is an innovation engine that fuels the growth of gaming entrepreneurs and organizations through specialized accelerator programs, gaming-focused projects, and strategic advice.

## Contacts

5 contacts available for Exel by Merak. Shizune tracks 1 team members at Exel by Merak. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/exel-by-merak?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Seed | $300k–$300k |
| Pre-Seed | $293k–$300k |
| Venture - Series Unknown | $300k–$300k |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Gaming | 15 | 43% |
| Video Games | 11 | 31% |
| Online Games | 6 | 17% |
| PC Games | 3 | 9% |
| Mobile Apps | 3 | 9% |

13 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Pre-Seed | 11 | 31% |
| Seed | 9 | 26% |
| Venture - Series Unknown | 3 | 9% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Saudi Arabia | 12 | 34% |
| Egypt | 2 | 6% |
| United Kingdom | 2 | 6% |
| Oman | 1 | 3% |
| Canada | 1 | 3% |

8 countries tracked in total.

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Miguel Oliveira | Mentor | 0 | https://shizune.co/investors/profile/miguel-oliveira-8b15 |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Inventix Games | Inventix Games is a mobile game development firm that creates immersive and engaging experiences for gamers worldwide. | $300K | Seed | Feb 13, 2026 |  |
| Playback Games | Playback Games is a game development studio specialising in arcade-style mobile games. | $300K | Seed | Feb 13, 2026 |  |
| Dynamic Box | Dynamic Box is a game development studio, working on both own titles, as well as providing outsource services. | $300K | Seed | Feb 13, 2026 |  |
| Evlnu GameWorks | Evlnu GameWorks is an independent company that creates enjoyable, memorable games with a focus on co-op play and gameplay-first design. | $300K | Seed | Feb 13, 2026 |  |
| Limeless Studio | Limeless Studio is a game development studio dedicated to creating amazing gaming experiences. | $300K | Seed | Feb 13, 2026 |  |
| Luma Play | Luma Play focused on creating and releasing PC and console-style video games, which are mostly distributed through platforms like Steam. | $300K | Seed | Feb 13, 2026 |  |
| Kiddo Education | Kiddo Education is the developer of a mobile-first puzzle game firm that aims to eliminate math anxiety through exploration-based gaming. | $300K | Seed | Feb 13, 2026 |  |
| SwordPlay Studios | SwordPlay Studios is a game and story creation studio that creates narrative-driven, emotionally evocative experiences set in culturally rich environments. | $300K | Seed | Feb 13, 2026 |  |
| Sandouq | Sandouq focuses on creating delightful gaming experiences branded as "Sandouq". | $300K | Seed | Feb 13, 2026 |  |
| Innovavera | Innovavera's objective is to alter the gaming landscape by integrating it with rich cultural narratives | $300K | Seed | Feb 13, 2026 |  |

10 of 35 investments shown.

## Co-investors
- [GameFounders](https://shizune.co/investors/profile/gamefounders) — VC Fund, 1 deal together
- [Merak Capital](https://shizune.co/investors/profile/merak-capital) — VC Fund, 1 deal together

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## Featured in investor lists
- [Gaming Investors in Middle East](https://shizune.co/investors/gaming-investors-middle-east)
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## FAQ

### What does Exel by Merak invest in?

Exel by Merak invests primarily in Gaming, Video Games and Online Games startups, most often at Pre-Seed and Seed stage. Most of the 35 investments tracked by Shizune back companies in Saudi Arabia. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Exel by Merak's check size?

Exel by Merak typically joins rounds of $300k–$300k at Seed, $293k–$300k at Pre-Seed and $300k–$300k at Venture - Series Unknown. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Exel by Merak participates in.

### How do I contact Exel by Merak?

Public channels for Exel by Merak include LinkedIn and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at Exel by Merak?

The team at Exel by Merak includes Miguel Oliveira (Mentor). The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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