Timar Ventures invests in gaming company Maysalward Inc (MRD)
Amman, Jordan – September, 2011
Timar Ventures, an investment fund, has announced that in early September it had invested in Maysalward, a first and leading mobile developer and publisher of mobile games in the Middle East. Maysalward develops and publishes games for smart and feature phones including J2ME/Symbian, Apple iOS, Blackberry & Android. Maysalward has a library of more than 35 mobile and 20 online games.
Timar Ventures is a Turkey-based early-to-expansion stage venture capital fund and a pioneer of the venture capital investment model in emerging markets. TIMAR Ventures is chaired by Dr. Boulos Doany, the founding CEO of Oger Telecom, and is managed by Mehtap Mae Ozkan, the founder of Golden Horn Ventures, one of the first venture capital funds of its kind in Turkey.
Maysalward, is the first mobile gaming company in the Middle East, operating since 2003 in Jordan, with offices in Amman and Irbid. It has titles such as Trix, Tarneeb and Balote regional card games, which were in the top download charts over the past 5 years. Portfolio includes Tawla backgammon, street football, super arcanoid, word search and other casual and classic arcade games.
The Timar investment will help Maysalward focus on developing games over numerous App stores and expand its presence across several new markets. Nour Khrais, Founder of Maysalward stated, “ We had been waiting over the past period for the right investment partner to work with us in building our portfolio and assist in penetrating international markets. Our games are live on the Apple App Store, Nokia Ovi Store & BlackBerry App World.”
Mae Ozkan, the managing director of Timar Ventures, believes that the next big gaming title will come from our region and Maysalward is well-positioned to realize this objective. Commenting on the Timar investment, Mehtap Mae Ozkan said, “We are very excited about this investment in Maysalward. We believe in the leadership of its management, and the vision and talent of its founder, Nour Khrais, and we will support the company to achieve the next milestone”.
Dr. Boulos Doany said “we are especially proud that Timar has announced two investments in Jordan in last two weeks. We aim to invest in talent from the region, and the first focus is Turkey and Jordan. We are confident that Maysalward will become an international name in the next couple of years.“
Details of the deal were not disclosed.
About Timar Ventures
TIMAR Ventures is a pioneer in the Venture Capital investment model in emerging markets, following on from the success of Golden Horn Ventures. TIMAR Ventures is a $150 Million early-to-expansion stage venture capital fund investing globally.
TIMAR Ventures investment model is to invest in companies applying disruptive innovation in technology and business models to create category dominant players globally, as well as to invest in “replicate–and-innovate” model, which aims to replicate successful business models regionally, as imported from other successful deployments, in companies with a bet on next generation applications (business innovation) that target Turkey and the MENA region, in addition to Central Asian Republics, and Central Eastern Europe.
Dr. Boulos Doany is founding member and Chairman of TIMAR Ventures. Dr. Doany was CEO of Oger Telecom Limited (OTL), exiting in June 2011, after 12 years with the Oger Group. OTL exceeded 40 million customers in various countries including Turkey (Turk Telekom Group), South Africa(Cell C), Jordan, Lebanon and Saudi Arabia (Cyberia), in addition to a Central Eastern European wholesale business, covering operations in 19 countries (PanTel). OTL Group consolidated revenues grew to $8.7 billion in 2010, with overall group operating profit up to $1.55 billion, and around 36k group employees. Prior to joining the Oger Group, he was partner with Dar Al Handasah Consultants (Shair & Partners), where he served for around 14 years.
Mehtap Mae Ozkan is founding member and Managing Director of TIMAR Ventures. Mehtap also founded Golden Horn Ventures, which was the first institutional Venture Capital fund in Turkey. Golden Horn Ventures has made a substantial impact, investing in startups from Turkey, fast becoming global companies, including Grou.ps, Befunky, Yogurt 3D Engine and Yogurtistan.
Ziad Al-Masri – CEO & Partner – Maysalward R&D T: +962 7 95519109 – E: email@example.com
Nour Khrais – GM & Founder – Maysalward R&D T: +962 7 96499921 – E: firstname.lastname@example.org
Mehtap Mae Ozkan – Managing Director – Timar Ventures E: email@example.com