Saudi Arabia’s technology start-up HyperSpace has raised $55 million in a new funding round as the company aims to expand its footprint globally and boost its existing offerings.
The new round, which is a mixture of equity and debt financing, was led by New York-based venture capital fund Galaxy Interactive. It also had the participation of Saudi entertainment initiative Riyadh Season, Sega Ventures and Apis Venture Partners.
Founded in January 2021, Riyadh-headquartered HyperSpace is a multi-brand entertainment attractions developer that develops parks and proprietary technology to shape the future of physical-to-digital experiences.
The company’s debut entertainment attraction, AYA, is located at Wafi Mall in Dubai. It is a digital immersive experience consisting of 12 zones across 40,000 square feet, and it has sold more than 480,000 tickets in its first nine months of operation, the company said.
“This investment validates our vision to build the future of physical-to-digital entertainment experiences,” said Alexander Heller, HyperSpace’s co-founder and chief executive.
“With the support of our investors, we will continue to innovate and expand our reach, bringing our unique attractions to new audiences around the world, while building generational brands and IP [intellectual property].”
HyperSpace said it plans to open two new larger parks in the coming six months: House of Hype at Riyadh Boulevard and House of Hype at Dubai Mall.
It will also use the injection of new capital to further expand internationally, including entering the US market.
House of Hype, which will be opened in the kingdom next month, aims to be the “world's most innovative” and engaging entertainment park, erasing the line between physical and digital worlds entirely, HyperSpace said.
The business will also invest in its proprietary technology platform, expand further into artificial intelligence-driven applications and invest in IP development as it further expands.
“HyperSpace is at the forefront of a new era of entertainment … the company’s team of world-class creatives and technologists is building the most innovative and engaging entertainment experiences on the planet,” said Sam Englebardt, co-founder and managing partner of Galaxy Interactive.
Start-ups in the wider Middle East and North Africa raised $643 million in late-stage funding during the first half of this year, outpacing the global average, start-up data platform Magnitt said in its latest industry report in September.
Saudi Arabia led the Mena region in attracting the highest number of venture capital investment deals for its start-ups in the first quarter of 2023, according to Magnitt.
It also led the region in terms in terms of deal value.
The kingdom was the most funded for start-ups in the three months to March, attracting $359 million out of the total $818 million capital for the Mena region, the report said.
Overall, venture capital funding for start-ups in Saudi Arabia rose by 72 per cent annually to $987 million from 144 deals in 2022, Magnitt data showed.
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If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
Key facilities
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- Premier League-standard football pitch
- 400m Olympic running track
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- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
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A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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KILLING OF QASSEM SULEIMANI
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KILLING OF QASSEM SULEIMANI
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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