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Egyptian gaming startup acquires Tunisian rival Galactech

Esports and gaming is big business across the world Creative Commons/Flickr/acanvasoflight
Esports and gaming is big business across the world

Egyptian startup GBarena, an esports platform operating across the Middle East, has acquired Tunisian rival Galactech in a share swap valued at $15 million.

The deal comes as GBarena prepares to close its Series A funding later this year, with participation from investors in the US, Singapore and the Middle East and North Africa (Mena) region, according to a release from the company.

“With our acquisition of Galactech, we can now ensure that our users from North Africa will have access to identical features and content they have come to expect from us while providing them with extensive opportunities for growth and development within the esports community,” GBarena CEO Samer Wagdy, said.

Mena is the fastest-growing gaming market in the world, with an industry forecast to be worth $5 billion by 2025, an increase of 19 percent on 2019 figures, according to research from Redseer Consulting.

The sector is valued at $1.78 billion with 375 million gamers.

Wagdy added that further expansion plans include moving into the GCC market, particularly the UAE and Saudi Arabia, capitalising on the presence Galactech has in Riyadh, Dubai and Tunisia.

Founded in 2019, Galactech has established itself as a leader in North Africa, with over 200,000 active users.

GBarena chairman Ahmed Abou Doma said the acquisition will create “a regional powerhouse” in the thriving gaming industry.