Update: Abu Dhabi’s Twofour54 Ibtikar funds online gaming companies Tahadi and Jawaker in excess of $US 2.5 million
Twofour54 ibtikar, twofour54’s financing and support arm, has today announced new venture capital investment deals with two of the region’s Arabic online games companies, Tahadi Games and Jawaker.
Established in 2008 and part of Jabbar who is founded by the previous owners of Maktoob.com, the region’s biggest Arabic language portal, which was purchased by Yahoo in 2009, Tahadi aims to be the region’s leading online games publisher for client and browser based massive multiplayer online (MMO) games that target the Middle East.
A press release by twofour54 says total user registrations are increasing at roughly 100% per annum for both companies. Investment from twofour54 ibtikar will not only see the companies have access to the capital required to grow, but it will also see them provided with the active support necessary to capture revenue and profit opportunities from within the twofour54 ecosystem and beyond. The press release does not say how much investment did twofrou54 made in both companies.
We have emailed folks at twofour54 asking for more details and we will update you here with more information once we get them.
Wayne Borg deputy CEO & Chief Operating Officer replied to us, he said the combined value of both transactions is in excess of $US2.5M and that is not their first investment as they invested in other entities including T-break. he also added:
- “Both companies will be based at twofour54 and we expect in excess of 50 new jobs created by them . We encourage entities to be based in Abu Dhabi to be part of the twofour54 ecosystem and leverage the world class facilities, talent pool and community of regional and international media companies and connections.”
- “We will continue to look for investment opportunities that align strategically to twofour54’s purpose. Talent development, creative companies that support twofour54 vision of creating a centre of excellence for Arabic content and creating job opportunities.”