Exel by Merak
Exel by Merak is a Riyadh-based innovation platform and gaming accelerator, subsidiary of Merak Capital, that runs a 16-week cohort program deploying up to $300,000 per early-stage gaming startup through the $80M Merak Gaming Fund under Saudi Vision 2030.
- Company typePrivate
- Founded2024
- HeadquartersRiyadh, Saudi Arabia
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Exel by Merak does
Exel by Merak is a Riyadh-based innovation platform and wholly-owned subsidiary of Merak Capital, structured as a Saudi LLC (CR 1009107218). Founded in 2024, it designs and delivers structured innovation programs — accelerators, incubation, hackathons, open innovation platforms, and corporate innovation programs — primarily targeting early-stage startups. Its flagship is the Exel Gaming Accelerator, a 16-week in-person program that provides selected startups up to $300,000 per company ($150,000 cash and $150,000 in strategic in-kind support), connecting them with mentors, investors, publishers, and corporate resources. Two cohorts have run by early 2026 with 17 MENA startups each (cumulative $10.2M deployed via the $80M Merak Gaming Fund), and Cohort 3 applications opened in April 2026.
The platform operates as the delivery arm of the Merak Gaming Fund — an $80M investment vehicle under the Gaming and Esports Sector Financing Program overseen by the National Development Fund in partnership with the Social Development Bank and the Saudi Esports Federation, aligned with Saudi Vision 2030. Exel's revenue mechanics are professional services over a fund structure: capital and in-kind support for equity or program participation, complemented by corporate innovation and open innovation programs delivered to partners including Microsoft, AWS, Huawei, SAVVY, IGNITE, the Ministry of Communications, and the Ministry of Investment. Its go-to-market is event-driven (open application → selection → in-person 16-week program in Riyadh → Demo Day) with an enterprise field-sales overlay targeting international startups via the Saudi Bridge partnership.
The leadership team is small (1-10 employees) but operationally embedded with Merak Capital: Faisal Sedrani serves as CEO since February 2026 after leading Exel's establishment as VP of Innovation Platform at Merak Capital, with Abdullah Altamami and Othman Alhokail (founders of Merak Capital) acting as Chairman and Vice Chairman. The portfolio spans mobile gaming, PC, VR, narrative IP, and football/fantasy apps from MENA and international founders, supported by 45+ global mentors. Cumulative outcomes to date include 5,000+ applications from 74+ countries, 500 jobs created across portfolio companies, and approximately $1.2M in early revenue generated by participating studios.
Exel by Merak firmographics
Firmographics- Name
- Exel by Merak
- Legal name
- Exel by Merak Company
- Website
- https://exelbymerak.com
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Exel by Merak is a Riyadh-based innovation platform and gaming accelerator, subsidiary of Merak Capital, that runs a 16-week cohort program deploying up to $300,000 per early-stage gaming startup through the $80M Merak Gaming Fund under Saudi Vision 2030.
- Ownership category
- akta.pro rank
Exel by Merak industry classification
Industry- Product category
- Startup Accelerator and Innovation Services
- akta.pro primary industry
- Accelerators & Incubators (Investor-Operated) (FSANAAAM)
- akta.pro secondary industry
- Corporate Accelerators & Startup Programs (FSANAHAD)
Keywords
Where Exel by Merak is headquartered
LocationHeadquarters
- HQ city
- Riyadh
- HQ country
- Saudi Arabia
- HQ region
- Middle East
Offices2 records
Markets served
Exel by Merak business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel
Revenue model
- Gaming Accelerator Program: Exel operates the gaming accelerator as part of Merak Gaming Fund (MGF), an $80 million investment fund under the Gaming and Esports Sector Financing Program. The accelerator provides investment and support to selected gaming startups in exchange for equity or program participation fees.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | One time/ perpetual license | Gaming Accelerator - Full Program Investment |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels6 records
Exel by Merak product offering
Product offeringCore offering
Exel by Merak operates a structured gaming accelerator program that provides selected startups with up to $300,000 in combined cash and in-kind support per company, along with mentorship, corporate resources, and industry access over a 16-week in-person program in Riyadh. Beyond its flagship gaming accelerator, Exel delivers incubation programs, corporate innovation programs, open innovation platforms, hackathons, and learning/capability-building workshops for founders, corporates, and government stakeholders. The company functions as the innovation and accelerator arm of Merak Capital, backed by an $80 million Merak Gaming Fund.
Product overview
Exel by Merak is an innovation platform company that delivers structured accelerator programs, incubation, hackathons, and capability building for founders, corporates, and government stakeholders. The company operates primarily as a multi-sector innovation company backed by Merak Capital. Its flagship product is the Exel Gaming Accelerator, a 16-week in-person program that has supported three cohorts of early-stage gaming startups. Beyond gaming, the platform offers Incubation and Early Stage Support, Corporate Innovation Programs, Open Innovation Platforms, and Learning & Capability Building services. The gaming accelerator provides up to $300K per startup (split between $150K cash and $150K in-kind support) and connects founders to global mentors, investors, and publishers. The company aligns with Saudi Arabia's Vision 2030 to position the Kingdom as a global epicenter of innovation.
Differentiator
Problem solved
Functional benefit
Brands
- Exel Gaming Accelerator: 16-week in-person accelerator program supporting early-stage gaming startups with capital, mentorship, and industry access.
Products and services
- Exel Gaming Accelerator A 16-week in-person accelerator program supporting early-stage gaming startups with milestone-driven structured support across product, market, and execution. Offers up to $150,000 in cash and $150,000 in strategic in-kind support, including mentorship, networking access to global investors and publishers, and legal, HR, and marketing support. Designed for startups looking to enter and grow within the Saudi gaming market.
- Incubation and Early Stage Support Incubation programs focused on early validation, product development, and foundational capability building to help startups strengthen their core before scaling. The program helps founders turn strong ideas into viable businesses through early validation, product direction, and market fit support.
- Corporate Innovation Programs End-to-end design and execution of corporate innovation programs including startup programs, hackathons, and innovation challenges that enable problem-solving, talent discovery, and rapid solution development for corporate and government partners.
- Open Innovation Platforms Design and delivery of open innovation initiatives that connect startups, corporates, investors, and ecosystem partners to drive collaboration and long-term value creation through shared challenges and opportunities.
- Learning and Capability Building Targeted learning programs, workshops, and expert-led sessions designed to build founder, team, and organizational capabilities aligned with real-world innovation needs, covering strategy, product, and execution.
- Hackathons and Challenge-Based Innovation High-energy programs bringing together founders, builders, and partners to solve real-world problems. These programs encourage rapid experimentation, collaboration, and creative thinking, turning ideas into tangible prototypes.
Quantifiable outcome
- 35 startups selected and funded $300,000 each across Cohorts 1 and 2
- +5 more outcomes
Companies that use Exel by Merak
Customer profileNamed customers10 records
Segments3 records
Ideal customer profiles4 records
Exel by Merak technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Exel by Merak partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- Saudi BridgecoreExel by Merak and Saudi Bridge signed a cooperation agreement to support international startups entering the Saudi Arabian digital gaming market. The partnership aims to attract investment, support knowledge transfer, and enhance Saudi Arabia's position as a global gaming hub, aligning with Saudi Vision 2030.
- Saudi Esports FederationcorePartner in the Gaming and Esports Sector Financing Program supporting the National Gaming and Esports Strategy and Ignite Digital Content Program.
- IGNITEcoreIGNITE Digital Content Program funding supports gaming studios, creators, and emerging creative industries with funding and strategic initiatives.
- True GamingminorSaudi gaming media and community platform creating content, events, and connections between gamers and creators.
- OYODminorOffering intuitive cloud-based financial management tools that empower growing businesses.
- AI FaisalminorDeveloping top-tier talent through industry-aligned programs with a strong focus on innovation.
- Ministry of InvestmentcoreFacilitating international investment and business setup in the Kingdom.
- Ministry of CommunicationscoreDriving the Kingdom's digital future by advancing national technology initiatives and enabling sector-wide progress.
Scale indicators11 records
Recent moves7 records
Expansion highlights6 records
Exel by Merak competitors and assessment
Company assessmentBroad incumbents
- Techstars: Techstars is a global accelerator network running 50+ programs worldwide. It is a broad incumbent peer to Exel because both deliver structured 12-16 week cohort accelerators with mentorship, demo days, and seed capital — and Techstars has historically expanded into MENA-aligned verticals through partnerships.
- Station F: Station F is the world's largest startup campus, based in Paris, running partner-led accelerator programs for multiple verticals including gaming. It is a broad incumbent peer because it shares Exel's model of corporate-sponsored, vertical-specific accelerator programs housed within a single platform operator.
- Plug & Play Tech Center: Plug & Play is a global accelerator and venture platform with a MENA presence (Plug & Play MENA based in Abu Dhabi/Dubai). It is a broad incumbent peer because it runs multi-vertical accelerator cohorts, partners with large corporates and governments, and connects startups to a global investor network — overlapping with Exel's accelerator, corporate innovation, and Demo Day motion.
- 500 Global: 500 Global (formerly 500 Startups) is a global venture firm and accelerator running cohort programs and growth programs in over 80 countries. It is a broad incumbent peer to Exel because both invest operator-style into early-stage founders, leverage large mentor networks, and use cohort-based demo days to surface startups to investors.
Regional players
- Turn8: Turn8 is a Dubai-based corporate-backed accelerator (linked to Aramex/DP World ecosystem) that ran cohort programs for early-stage startups in MENA. It is a regional peer to Exel because it operated a comparable investor-backed accelerator in the Gulf targeting founders seeking market entry to the UAE/Saudi digital economy.
- Raed Ventures: Raed Ventures is a Saudi-focused early-stage venture capital firm that runs founder development programs alongside its investments. It is a regional peer to Exel because both are Saudi-rooted, fund-aligned platforms supporting MENA founders with capital and capability building — though Raed's primary vehicle is direct investing rather than cohort accelerators.
Direct peers
- Tuwaiq Academy: Tuwaiq Academy is a Saudi-based technology training and accelerator program run by the Misk Foundation. It is a direct peer to Exel because both operate cohort-based tech/gaming bootcamps in Saudi Arabia, target Saudi founders, and are aligned with national talent development and Vision 2030 objectives.
- Flat6Labs: Flat6Labs is one of the largest MENA-focused seed accelerators, running cohort programs across North Africa and the Levant with institutional and corporate backing. It is a direct peer to Exel because both are regionally anchored, investor-operated accelerators that deploy early-stage capital and structured mentorship to MENA founders.
- Astro Labs: Astro Labs is a MENA-based innovation hub and corporate startup accelerator operating programs across the UAE and wider region. It is directly comparable to Exel by Merak because both deliver structured accelerator/incubation programs for early-stage startups, target international founders seeking regional entry, and partner with corporates and government entities to run cohort-based programs in MENA.
Others
- MAGNiTT: MAGNiTT is a MENA-focused startup data platform and deal-origination network connecting founders, investors, and corporates. It is an ecosystem-enabler peer to Exel because both sit at the intersection of MENA startup activity, government vision programs, and the flow of capital between Saudi/UAE founders and global investors.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Exel by Merak social profiles
Digital presenceExel by Merak financial estimates
Financial estimateRevenue estimate
Valuation estimate
Exel by Merak leadership team
Management profileNumber of profiles
Profiles4 records
Exel by Merak funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Exel by Merak M&A and investment
M&A and investmentM&A
Investments35 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Exel by Merak
What does Exel by Merak do?
Exel by Merak operates a structured gaming accelerator program that provides selected startups with up to $300,000 in combined cash and in-kind support per company, along with mentorship, corporate resources, and industry access over a 16-week in-person program in Riyadh. Beyond its flagship gaming accelerator, Exel delivers incubation programs, corporate innovation programs, open innovation platforms, hackathons, and learning/capability-building workshops for founders, corporates, and government stakeholders. The company functions as the innovation and accelerator arm of Merak Capital, backed by an $80 million Merak Gaming Fund.
Is Exel by Merak a public or private company?
Exel by Merak is a private company. It is classified as corporate owned and is currently operating.
When was Exel by Merak founded?
Exel by Merak was founded in 2024. It employs 1 to 10 people.
Where is Exel by Merak based?
Exel by Merak is headquartered in Riyadh, Saudi Arabia, in the Middle East region.
How does Exel by Merak make money?
One revenue line is on record: gaming Accelerator Program.
Who are Exel by Merak's main competitors?
Broad incumbents on record are Techstars, Station F, Plug & Play Tech Center and 500 Global. Regional players are Turn8 and Raed Ventures. Direct peers are Tuwaiq Academy, Flat6Labs and Astro Labs. MAGNiTT is listed as an others.
Does Exel by Merak have an API?
No public API is recorded for Exel by Merak.
What industry is Exel by Merak in?
Exel by Merak's product category is Startup Accelerator and Innovation Services. Its primary akta.pro industry code is FSANAAAM, Accelerators & Incubators (Investor-Operated), with a secondary code of FSANAHAD, Corporate Accelerators & Startup Programs.