Saudi Arabia Invests in Digital Theme Park Start-Up HyperSpace
Summary
The government-backed entertainment initiative, Riyadh Season, has provided the majority of the $55 million debt and equity raised by HyperSpace, a start-up that designs digital theme parks within shopping centers. Led by Turki al-Sheikh, Riyadh Season aims to bring a cool factor to shopping centers and create a more experience-driven environment to attract consumers.The kingdom is actively seeking to reduce its reliance on oil revenues and is investing in various sectors, including electric vehicle production, sports teams, and tourism. Since opening in Dubai nine months ago, nearly half a million enthusiasts have flocked to HyperSpaces park, attracted by its 40,000-square-foot space and immersive experiences. The company plans to expand its operations in Saudi Arabia, as well as to the United States, with a focus on attracting consumers back to shopping malls. In an era of online shopping dominance, HyperSpace sees potential in location-based entertainment spaces and their role in the future of the retail ecosystem.The latest funding round for HyperSpace was led by Galaxy Interactive, a New York-based venture capital firm focused on gaming, and included participation from other international investors.
Funding
Review available funding amount, funding date, investors, and linked company information related to Saudi Arabia Invests in Digital Theme Park Start-Up HyperSpace in the interactive ISVWorld profile.