Weekly News Digest #44

Hi all,

We are currently working on our Q1-Q3’22 Gaming Deals Activity Report, so there’s no featured news in this digest. However, you can still find all the relevant news of the past week in the Notable Transactions section below! Since the Report is on its way, make sure you follow us on Twitter, LinkedIn, and Telegram not to miss it.

We want to thank Hiro Capital and The Games Fund for supporting this digest.

 MERGERS & ACQUISITIONS

India and US-based media company QYOU Media (TSXV: QYOU; OTCQB: QYOUF) announced the acquisition of India-based mobile games developer Maxamtech Digital Ventures. The financial terms of the deal were not disclosed. The acquisition is supposed to provide an insight into the Indian mobile gaming market for QYOU, following its strategy of an increasing portfolio of direct-to-consumer products.

US-based tech giant Google (NASDAQ: GOOG) has reportedly purchased US-based AI avatar startup Alter for $100m. The company aims to boost its content development to compete with TikTok with this deal. The acquisition was completed about two months ago, but neither of the companies disclosed it to the public at that time.

VENTURE FINANCING

US-based games developer Crop Circle Games announced its public launch under the Prytania Media imprint. The company has already raised $25m from Transcend Fund and other strategic partners. The studio will focus on the development of games promoting cooperation, positivity, and community.

Turkey-based mobile games developer Manc has raised $50m in funding. The round was led by GEM Digital Limited. The funds will go towards the development and further implementation of the Mancium utility token — a cryptocurrency used to access digital services in their mobile game ecosystem.

A newly established US-based game developer Loric Games has raised $1.6m in Seed funding. The round was led by Hiro Capital. The funds will be used for the development of an unannounced co-op survival RPG.

US-based VR gaming startup ForeVR has raised $10m in Series A funding. The round was led by Lobby Capital, with participation from Bessemer Venture Partners, and Galaxy Interactive. The funds will go towards the development of Wii-like casual VR games portfolio.

Seychelles-based multiplayer real-time matching party game on the BSC chain Space Killannounced the completion of the Seed round of financing. UpHonest Capital, Welight Capital, Arpa Capital, and others have participated in this round. The exact amount of funding is not disclosed. The funds will be used for the development of the game and the expansion of partnerships. The game is operated by Invictus NFT Lab backed by Invictus Capital.

Finland-based multiplatform game developer Makea Games has raised $1.29 (€1.3m) in Pre-Seed funding. Play Ventures led the round, with participation from Business Finland, and others. The funds will be used for the development of the parkour game Supermoves — a debut title of the studio.

FUNDRAISING

Korea-based gaming solutions company GXC announced the launch of a venture fund worth nearly $40m+ to invest in startups, and developers in the gaming industry. The fund is called Round Ventures and will invest between $2m-$8m in companies that it will support.