TLDR:
- New VC fund Ixia Capital is focusing on opportunities in the UAE for igaming companies.
- The fund is operated by gaming and financing veterans and aims to launch over 25 startups in the next five years.
New venture capital (VC) fund Ixia Capital is looking to tap into the “very bright” future for igaming in the United Arab Emirates (UAE) via its $20m fund. The fund, operated by a handful of gaming and financing veterans, will focus on “high-growth” gambling companies at the seed to Series A stage. It expects to launch over 25 startups in the online gaming, web3 and crypto and blockchain spaces over the next five years. Marketwise, the fund is focused on opportunities in the soon to be regulated UAE.
“While it is unclear what the regulations will look like, this is one of the most promising regions and operators are already all geared up. The future of gambling in the UAE is indeed very bright,” Ixia Capital CEO and venture partner Mona Motwani told iGB.
In September, the General Commercial Gaming Regulatory Authority (GCGRA) was established in the UAE to establish a regulatory framework for national lottery and commercial gaming in the region. “The legal casino market is going to be a massive thing in the UAE,” Motwani said. “Even though Ixia is a global fund, our focus in phase one is particularly on the UAE, India and Africa because that is where our core expertise lies.”
Team members of Ixia Capital span gaming and funding backgrounds, with partners bringing expertise in government relations, tech development, private equity funding, and VC fund management. The fund’s US-based venture studio arm Ixia Studio has made various investments and is working towards launching projects in gaming, blockchain, and sports NFTs.
A June report by investment firm CBRE suggested that regulated gaming in the UAE could be forthcoming in the near-term, potentially cleaning up the currently accessible illegal or gray market online gaming providers in the region. Wynn Resorts is already developing an integrated resort in the Emirate of Ras Al Khaimah, set to be completed by 2027.
