Weekly News Digest #48
# of announced deals
announced deals’ size
# of closed deals
Last week was relatively modest regarding investment and M&A activity, so it’s been quite a while since we featured a proper analysis. You can learn about the previous week’s deals in the “Notable Transactions” section below.
Meanwhile, check our new Reports feature — a vast collection of gaming reports, which allows easy finding and reading these reports using tailored search filters, offering a smart way to access gaming insights. The latest reports are already on the website.
MERGERS & ACQUISITIONS
Germany-based web3 gaming company Spielworks has acquired Sweden-based social gaming platform Wasder.gg for an undisclosed sum. The platform will be integrated into Spielworks’s Wombat ecosystem, enhancing in-app interactivity and creating a social hub for players. The strategic move aligns with Spielworks’s vision of a complete web3 gaming ecosystem following the acquisition of Germany-based NFT marketplace AtomicHub.
US-based gaming company Riot Games has acquired an undisclosed equity stake in Germany-based esports data platform Grid Esports and established a strategic partnership with the platform. Apart from that, Grid has become the official esports data partner for League of Legends (LoL) esports and the Valorant Champions Tour (VCT); Grid will exclusively distribute real-time esports match data for Riot’s flagship products, LoL and VCT, starting with the 2024-2025 season, further advancing its esports ecosystem.
Cyprus-based games developer KEK Entertainment has raised $8m in a Seed funding round led by Korea Investment Partners, with participation from Woori Technology Investment, Kona Venture Partners, Play Ventures, and The Games Fund. The company is developing its first game, a crossplay-focused vehicle shooter for mobile, PC, and console. The title of the game is yet undisclosed. The funds will fuel team expansion and development of the IP that unites diverse projects across different platforms.
Japan-based VR games developer Thirdverse has raised $8m in a funding round, bringing its total funding to $38m. The funds will accelerate the expansion of VR gaming, mainly focusing on developing and global marketing of multiplayer shooter X8 and tactical action Soul Covenant. X8 recently debuted on Meta Quest and Steam, while Soul Covenant is scheduled for an early 2024 release.
Canada-based web3 fantasy sports games developer GameOn (CSE: GET) (OTCQB: GMETF) has secured grant funding from Arbitrum Foundation. The deal will enable GameOn to launch significant league partnerships, including with LaLiga and PFL, on the Arbitrum One network.
China-based Internet and gaming company The9 Limited (Nasdaq: NCTY) has raised $12m in a private placement transaction from Bripheno. The transaction includes selling 150 million Class A ordinary shares, a two-year 3% per annum convertible promissory note worth $6m, and warrants to purchase 120m Class A ordinary shares. The funds, subject to a 6-month lock-up, will support The9’s future growth, particularly in its blockchain business.