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Jordan-based BithTV, a crowd content platform for Arab gamers has successfully raised $205K in its latest funding round. The Seed round was led by existing investor Oasis500, with participation from BeyondCapital and various Angel Investors including family offices and individuals investors from BeyondCapital’s Angel Network (BCAN).
Launched in 2020, BithTV offers a content platform for Arab gamers to showcase their talents through clip-sharing and integrated livestreams. The platform, which was initially released as a website to attract content creators, plans to release its mobile app in Q3 of 2021 in an attempt to capitalize on its growing viewership, which has seen a 35% month-over-month growth rate since launching in December.
The Jordanian VC ecosystem has shown steady growth and recovery as observed in MAGNiTT's MENA H1 2021 Venture Investment Report. After a remarkable 205% growth in VC funding in H1 2021 YoY, the Jordanian ecosystem maintains its position as the 4th most backed geography in MENA accounting for 4% of total funds raised in MENA in the first half of the year.
Prior to BithTV, the company was formerly known as DigitaSport, a SaaS startup that decided to pivot from the traditional sports industry towards the end of 2020 as a result of COVID, to focus its efforts instead on the gaming and esports market in MENA. “It was a difficult decision but the best decision we’ve made. We are lucky to have a resilient team and a set of partners who have shown us nothing but support throughout the transition phase”, Founder & CEO Omar Dweik highlighted.
Investors not only found potential in the MENA’s growing gaming market, but they also understood the longevity of this gaming startup’s vision as Tamer Al-Salah, BeyondCapital’s Managing Director commented “BithTV’s internal team dynamic along with the growing industry they operate in encouraged a well-rounded investment attracting capital from both programs.” Tamer has led the effort in securing the round for the company through the Scout program and BCAN, yet the core effort remains to BithTV’s initial investors Oasis500. Luma Fawaz, Oasis500 CEO commented “We are thrilled to work with a stellar team with great leadership. Oasis500 is proud to be a part of BithTV's successful journey.”
The tech-savvy gaming startup plans to utilize its newly acquired funds to continue expanding across the MENA region and build tools for Arab gaming content creators. BithTV aims to double down its efforts on scouting and onboarding undiscovered gaming talents in the MENA region, while also working on introducing new tools that can help simplify the content creation process for Arab gamers. Omar Dweik concluded “We are beyond happy to have secured our Seed round from Jordanian investors. Their faith in us is a key driver that will allow us to grow both sides of the Arabic gaming content market; the creators and the viewers”.
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