13 Nov — 19 Nov / 2023

Weekly News Digest #46


# of announced deals
announced deals’ size
# of closed deals

Global Gaming Deals Activity Report Q1-Q3’23


Global Deals Activity Report Q1q3 Cover

Global Gaming Deals Activity Report Q1-Q3’23

InvestGame team is pleased to present our Global Gaming Deals Activity Report for Q1-Q3’23. This report analyzes a significant shift in the gaming industry’s investment landscape, characterized by reduced dealmaking activity and a challenging environment for Early- and Late-stage investments.

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We would like to thank MGVC and Taylor Wessing for their support and a special thank you to the White Label PR agency for connecting us with top-tier media outlets.

We want to thank MGVC, Taylor Wessing, and Xsolla for supporting this digest.

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US-based games publisher Annapurna Interactive has acquired South Africa-based games developer 24 Bit Games for an undisclosed sum. The acquisition will allow 24 Bit Games to expand its team and enhance its technology tools, fostering growth for its upcoming titles, while Annapurna gains a “key development asset” for its future projects.

Lithuania-based mobile games developer Nordcurrent has acquired Sweden-based games developer River End Games for an undisclosed sum, expanding its focus from mobile to PC & Console gaming. Founded in 2020, River End Games is developing its first single-player game, the title of which is yet to be announced. The game will be released in 2025 and published by Nordcurrent Labs.


US-based collaborative 3D design tools developer Bezi has raised $13m in a Series A funding round led by Benchmark, with participation from Uncork CapitalDesigner Fund, and several other investors. The studio’s tools offer a user-friendly alternative to technical engines like Unity or Unreal. Bezi aims to simplify 3D asset creation and enhance no-code prototyping features.

US-based web3 game developer Bazooka Tango has raised $5m in a Series A funding round led by BITKRAFT. This is the second investment from the fund, with the first being a $2.5m Seed funding round in Mar’20. The studio is developing its first title, a multiplayer collectible tactics game, Shardbound. The funds will expand the team and enhance the Shardbound universe.

US-based tech company Artifact Lab has raised $2m in a Seed funding round led by RW3 Ventures and IOSG Ventures, with Raptor GroupCypher Capital, and HerculesDAO participation. Founded in 2023, Artifact Lab is developing a platform that allows users to get rewards and monetization for playing games. The raised funds will fuel further platform development, team expansion, and overall growth of the studio.

US-based AI tech company Layer AI has raised $1.8m in a Seed funding round from The Games Fund and other investors. The company is developing an AI-powered productivity tool for game art production, leveraging AI models and tools from OpenAI, Meta, Stability AI, and others. The sum will further enhance its tool and expand the team.

US-based web3 game developer EthXY has raised $1.6m in a Seed funding round from a16z CSS23 Accelerator ProgramOrange DAOPioneer FundWWVentures, and several angel investors. The funding will be spent further developing the studio’s eponymous Telegram-based web3 MMORPG.

Canada-based VR games developer Squido Studio has raised ~$1m (CAD1.5m) in a funding round led by the Canada Media Fund, with participation from Preview LabsLa Guilde de jeu vidéo du Québec, and several other investors. The studio is known for its 3D VR platformer game No More Rainbows. The funding will support the development of a new mixed-reality multiplayer game, the title of which is yet undisclosed.

Finland-based web3 and VR game developer Bloklab has raised $0.7m in a Seed funding round from Goldman Startups. The studio is developing LasMeta, a VR poker gaming metaverse. The funding will enhance the company’s business operations and further platform development.

Turkey-based educational games developer Tunga Games has raised ~$35k (₺1m) in a Seed funding round from Founder One. The investment aims to support the development of Tunga Games’ online educational games. The studio has created a list of mobile educational titles, including Math SkillsBilge Tunga, and Math Rocket.

Israel-based web3 game developer Fanton Fantasy Football has raised an undisclosed sum from TONcoin.Fund. The studio is developing an eponymous NFT fantasy sports game. TONcoin.Fund’s backing enables Fanton to introduce several new features, fostering innovation in the web3 domain and contributing to the growth of the TON ecosystem.


Japan-based financial company SBI Group has raised ~$659m (¥100B) to invest in web3 gaming startups and products in Japan. SBI plans to support up to 200 web3 gaming startups.

US-based gaming and digital entertainment VC fund Transcend Fund has raised ~$60m for its second fund to invest in Early-stage gaming companies and digital communities. The company raised $50m for its first fund in Apr’20.