Saudi-Arabia based media group SRMG launches corporate VC arm
Summary
The corporate VC arm will back early-stage companies that are centred around digital media, media creation, media enablers, and tools, comprising generative artificial intelligence, immersive and interactive entertainment, said a statement shared by Wamda.Initially, the VC arm will target investments from seed to Series B stage, the statement read.The aim is to support and empower regional talent and entrepreneurs. With SRMG Ventures, SRMG will be provided with direct access to innovative technologies, new media talent as well as content creators. SRMG will also look to expand its media portfolio, facilitate its penetration into newer markets, and diversify its business offerings, said the statement.The VC firm has aannounced inaugural investments and collaborations with Saudi Arabia-based Telfaz11 and US-based VUZ.Telfaz11 is a creative media studio that specialises in locally relevant entertainment content. VUZ is a virtual reality-enabled social media application that facilitates users to engage with 360-degree videos to provide immersive realism.