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SRMG announced SRMG Ventures launch to invest in media industry

by WAYA Staff - Mar 30, 2023
SRMG announced SRMG Ventures launch to invest in media industry

Saudi-based media group SRMG has launched a new venture capital, SRMG Ventures, that will fund entrepeneurs and companies working in the media industry, according to news reports.

SRMG Ventures will initially target investments from the Seed to the Series B stage.

The newly-launched VC will invest in early-stage companies and technologies within the core areas: media creators, digital media, media enablers and tools, including generative AI, as well as immersive and interactive entertainment.

The firm announced two initial investment in regional startups Saudi Arabia-based Telfaz11 and UAE-based VUZ.

Telfaz11 isa Saudi-based creative media studio specializing in Saudi entertainment content, while VUZ is a leading VR-enabled social media app.

The MENA media and entertainment sector is expected to grow at 9% to exceed $20 billion by 2026, outpacing global growth, according to news reports.

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