Weekly News Digest #16
# of announced deals
2
announced deals’ size
$16m
# of closed deals
2
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MERGERS & ACQUISITIONS
India-based social gaming and live streaming platform Eloelo has raised $13.5m in a Series B funding round led by Play Ventures, with participation from Courtside Ventures, Griffin, Lumikai Fund, Kalaari Capital, Rocket Capital, WaterBridge Ventures, and MIXI, Inc. The funds will be used to integrate generative AI into Eloelo’s social media platform and support international expansion, with a strong focus on the Indian diaspora markets across Asia and the Middle East. Eloelo currently reports an ARR of $23m with 1.5 million paying users. Since 2021, the company has raised $51m across four funding rounds, including a $22m round in Sep’23.
FUNDRAISING
The UK-based government investment organization, UK Games Fund, has reopened applications for two of its funding programs. The Content Fund will offer between $66k and $199k to support games that already have a working prototype. The Prototype Fund will provide up to $40k for early-stage concepts. Both funds will support projects on any platform. Submissions are open until the end of Mar’26 and will be accepted only from UK-based applicants.
South Korea-based PC & console games developer NEOWIZ(KRX: 095660) has launched Neowiz Quest, a program with a $115k prize pool for 10 finalists. The indie game development program is open to all indie developers, platforms, and teams, as long as their game is unreleased. Applications will be accepted until mid-Jan’26.
China has launched its first mini-game incubator hub in Wuhan, aiming to support the development of mini-games within major mobile applications, including Weixin/WeChat, Alipay, and Douyin (TikTok). The incubator has already attracted participation from over 70 gaming companies, including Tencent Holdings (SEHK: 700).
PUBLIC OFFERINGS
US-based PC & Console-focused racing game developer Motorsport Games(NASDAQ: MSGM) has raised $2.5m in a funding round involving certain institutional and accredited investors, including an affiliate of VR headset maker Pimax through the issuance of Class A common stock and a pre-funded warrant for additional shares. The funds will be used to improve the company’s cash position, support working capital and corporate expenses, and advance the development of future titles, including the VR racing simulator Le Mans Ultimate, scheduled for release in 2025. The company raised $1m in Jul’24 through a common stock issuance.
