Exel by Merak Gaming Accelerator: Essential Insights for Studios in the MEA

Launched by investment firm Merak Capital in 2024 with an ambitious budget of around $82 million, Exel aims to nurture startups in game development, publishing, and related services. The program has already completed two cohorts, graduating numerous startups and reopening applications in April. However, many questions linger regarding equity, eligibility, and the specifics of what studios can expect in return for their commitment.

Exel is part of Saudi Arabia's broader Vision 2030 initiative, which seeks to position the Kingdom as a global gaming hub. The program plans to invest in 15 to 20 startups per cohort, with a goal of helping at least 15 of them produce commercially viable games. Selected teams will benefit not only from financial support but also from mentorship by industry veterans and access to a network of partners, including notable entities like Savvy, Huawei, the Saudi Esports Federation, and Microsoft.

The accelerator's structure comprises six distinct phases. It all begins with the call for applications, followed by a selection process that evaluates team strength, market potential, and scalability. Successful applicants then embark on a two-week virtual bootcamp focused on onboarding and strategic goal-setting, which can be balanced with existing job commitments. Following this, a filtering round determines which teams advance to the full-time accelerator phase in Riyadh.

During the 14-week program, teams must commit fully, with accommodations and travel support provided for those coming from outside the region. The culmination of this phase is Demo Day, where startups present their projects to a curated audience of investors and industry stakeholders. Even after the program's conclusion, support continues through Merak's network, offering mentorship and investment pathways.

Weekly life within the accelerator is structured and highly interactive. Founders engage with mentors and industry experts, participate in one-on-one feedback sessions, and attend workshops focused on operational skills and product development. Pitching is an ongoing activity, not just a one-time event at the end.

Eligibility criteria are clear: international studios must relocate for the in-person phase, while local companies need valid Commercial Registration (CR). All applicants must demonstrate a minimum viable product (MVP) or be in active development, along with a solid team portfolio and a commitment to full-time participation. The geographic scope of eligibility is wider than the MENA label suggests, welcoming applicants from over 70 countries, including African studios with significant potential for collaboration.

Exel has four cohorts planned, with Cohort 1 and Cohort 2 already completed. Applications for Cohort 3 are open until May 21, 2026, and the fourth is scheduled for H1 2027. Graduates of the program are expected to launch polished gaming products, develop a funding-ready pitch deck, and establish revenue growth and key partnerships.

AI integration is a core theme throughout the curriculum, influencing everything from development pipelines to commercialization strategies. Founders are encouraged to leverage AI knowledgeably and strategically.