Weekly News Digest #33
# of announced deals
5
announced deals’ size
$120.5m
# of closed deals
4
Hi all,
InvestGame team is pleased to present our Global Gaming Deals Activity Report for H1’23. Tough market conditions of the first half of 2023 caused gaming venture capitalists and enterprises to reassess their strategies, which coincided with the emergence of fresh market trends. You can read the full by entering your email into the form below.
We would like to express our gratitude to MGVC and Taylor Wessing for their support, as well as a special thank you to White Label PR agency for connecting us with top-tier media outlets.
We are also happy to announce that Taylor Wessing became our official partner. Together, we share a common mission to empower gaming businesses and gaming industry professionals, providing them with comprehensive support and invaluable insights.
We want to thank MGVC and Taylor Wessing for supporting this digest.
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MERGERS & ACQUISITIONS
US-based entertainment company Allied Gaming & Entertainment (NASDAQ: AGAE) has acquired a 40% equity stake in China-based mobile games developer Beijing Lianzhong Zhihe Technology for approximately $7m. Zhihe specialises in premium card and Mahjong casual games. The company was founded in Apr’22 and reached $10m in revenues by the end of the year. The deal is expected to enhance AGAE’s mobile gaming portfolio and financial performance. The transaction is set to close by Sep’23.
VENTURE FINANCING
US-based gaming and technology-focused private equity firm Haveli Investments has acquired a minority stake in Israel-based mobile game developer Candivore for approximately $100m. Candivore is primarily known for its casual mobile title Match Masters, a match-three game, that allows players to compete with each other. Haveli plans to support Candivore’s growth and expansion in the mobile gaming industry with this investment, leveraging its experienced team and network of partners.
Singapore-based Web3 Metaverse platform ZTX has raised $13m in a Seed funding round led by Jump Crypto, with participation from Collab+Currency, Parataxis, MZ Web3 Fund, and more. The company plans to leverage its user base, which was generated by Zepeto, a Web2 predecessor of ZTX, and strategic partnerships, including those with Gucci and Starbucks, to drive the adoption of Web3 technology.
Israel-based mobile games developer Snax Games has raised $0.5m from India-based gaming and sports media platform Nazara Technologies (NSE: NAZARA). In addition to the funding, Nazara has secured publishing rights for Snax’s games in India and the Middle East for a duration of five years on a revenue-sharing basis. Snax Games is currently developing its first title, an undisclosed casual mobile game.
FUNDRAISING
Singapore-based gaming early-stage VC fund Play Ventures has raised at least $78m for its third gaming venture fund, making a total of approximately $328m of funds raised so far. Play Ventures has made it to our VC top list, which can be found in our Global Gaming Deals Activity Report H1’23.
OTHER
Lightspeed Venture Partners and GamesBeat have announced the launch of Game Changers — an annual list of top gaming startups to showcase emerging, innovative gaming and interactive technology companies. You can nominate your startup via here.
