‘VO’ acquires majority stake in Kuwait’s ‘Duwaween Games’

VO, the first Kuwait-based integrated youth platform for incubating young talent, has signed an agreement to acquire a majority stake in ‘Duwaween Games’, a Kuwaiti games mobile app that was recently valued at 3, $ 6 million in its first round of financing (Series A).

Founded by Her Excellency Sheikha Ohoud Salem Al Ali Al Sabah in collaboration with Ms. Riham Al Ayyar. Aimed at supporting Kuwaiti entrepreneurs and young talent.

VO Kuwait announced that the mobile application has great potential to rapidly integrate the digital entertainment industry due to its unique high-tech setup which digitizes traditional Arab games and presents them to today’s younger population. .

Series A financing

This historic acquisition is a strategic decision by VO Kuwait to allow Duwaween to succeed and consolidate its position in the market thanks to an ambitious plan that targets various markets in the region and diversifies the cultural games presented in the application. .

The deal was one of the largest and initial investments in the smart mobile app, as VO Kuwait’s role will go beyond the role of traditional investor. In view of the magnificent success that VO Kuwait has had since its launch in 2021, VO will also provide strategic business and advisory support to Duwaween to transfer its expertise in the field and contribute to the evolution of the application.

Launched in 2019 by Kuwait Net, an IT innovation company, Duwaween Games was released to the market as “Koot Posta”. Since then, the application has undergone a series of developments and has evolved through a fruitful partnership that has been carried out between Kuwait Net and a Kuwaiti entrepreneur, Mr. Dawood Maarafie.

Following this partnership, the smart mobile application has entered the Saudi market through various traditional games such as ‘Al Balout’ and ‘Hand Game’. As a result, Duwaween quickly gained demand from young Arab users as well as women in the Gulf market.

Strategic incubation and business support

“Approached by many ideas and potential entrepreneurs, Duwaween Games definitely caught our attention given its great potential to cross the different markets in the region and the obvious success it has enjoyed in recent years. Among other initiatives acquired by VO, we hope that our partnership with Duwaween will result in a dramatic evolution of its market presence and we look forward to contributing to its next stage of growth ”, said Ms. Riham Al Ayyar, CEO of VO, while commenting on the matter.

In her statement, Ms. Al Ayyar highlighted VO Kuwait’s commitment to supporting young talent and potential startups signaling a growing size of successes like Duwaween. She also explained that the acquisition came after a thorough study of Duwaween’s business plan and added, “We are joining forces with Kuwait Net to execute the application’s innovation and expansion plan. . Our goal is to integrate markets beyond Kuwait and fill a market gap by bringing an Arab ingredient into this profitable industry. Thanks to Duwaween’s rapid success, the need for Arab users to join digital platforms that reflect their cultural and Arabic heritage in digital games was clear and our partnership came in response to that need.

Future plans and developments

Representing the app’s shareholders and Kuwait Net, Mr. Dawood Maarafie, a Kuwaiti entrepreneur and one of the major shareholders of Duwaween Games, praised VO Kuwait’s efforts to support Duwaween and its interest in revolutionizing the smart mobile app. in its next stage of activity. and market growth. Mr. Maarafie also expressed his gratitude to Kuwait Net, the founding actor in the implementation and success of the app over the past years.

In his statement, Mr. Maarafie said: “The next phase of Duwaween will see a huge change in its business journey. We are confident that the partnership between Kuwait Net and VO Kuwait will drive the app to another level of market success and growth. The application has shown great potential since 2019, in a few years we have been able to integrate various markets and gain a diverse range of users. Having VO on board will certainly support our ambitious plans to lead in various markets and become the premier Arab digital game application in our region. “

He also revealed that there are currently key developments regarding the app in view of the upcoming holy month of Ramadan, a peak period for users of the app. In addition, the app’s shareholders are planning another round of investment to expand the app’s shareholder base and achieve its business and expansion plan.

Source link

Comments are closed.