Weekly News Digest #6

Hi all,

We are currently working on our Global Gaming Deals Activity Report, so there’s no featured news in this digest. However, you can still find all the deals of last week in the “Notable Transactions” section below. To not miss the Report, please follow us on Twitter, LinkedIn, and Telegram.

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

 MERGERS & ACQUISITIONS

Estonia-based mobile games developer Original Games has acquired Mergedom IP from Turkey-based mobile games developer Bigger Games. Financial terms of the deal were not disclosed. Original Games aims to build a strong pipeline of mobile games, and Mergedomwill allow the studio to increase its presence in the casual gaming genre.

VENTURE FINANCING

Switzerland-based Web3 games publisher and developer Xterio has invested $2.5m in US-based Web3 games developer Overworld. The studio will focus on the development of F2P games with Web3 elements, like digital collectibles. This is the first investment from Xterio, and the company plans to add more titles and attract more developers to its publishing platform.

UK-based AI startup Latent Technology has raised $2.1m in funding. The round was co-led by Spark Capital, and Root Ventures, with participation from BITKRAFT Ventures. The company is working on building an AI-based real-time animation technology for virtual worlds. The funding will go towards the expansion of the team and the development of the first version of its product.

UK-based newly founded game developer Hardball Games has raised $5.2m in a Seed funding round led by Griffin Gaming Partners, with participation from co-founders of Playdemic Paul Gouge and Alex Rigby. The funds will be used for further development of Hardball’s unannounced IP.

Canada-based mobile games developer Mino Games has raised $15m in a Series B round, led by Standard Crypto. Boost VC, Collab Currency, Earl Grey Capital, Konvoy Ventureshave also participated in the round. The funds will be used for further development of its first Web3 title Dimensionals, a collectible character free-to-play RPG.

US-based backend platform Snapser has raised $2.6m in a Seed funding round, led by Andreessen Horowitz. Snapser is developing a customizable backend engine for game creators. The funds will be used to expand the company’s development and increase its workforce. Also, Snapser is going to open an alpha version of its game engine for select game developers.

US-based AR-focused streaming SDK developer Mawari has raised $6.5m in a Seed funding round, co-led by Blockchange Ventures and Decasonic. Abies Ventures, Accord Ventures, and others have also participated in this round. The company is aiming to make a faster render of a 3D content for the metaverse, with the help of machine learning, compression and blockchain technologies.

US-based tech startup Light Field Lab has raised $50m in a Series B funding round. The round was led by NCSoft, with participation from Gates Frontier, LG Tech Ventures, Samsung and others. The company is developing SolidLight, holographic displays that are to replace AR/VR headsets. The funds will go towards further research and development.

Web3 games developer Tower Pop has raised $2.1m in funding. The round was co-led by Play Ventures and Agnitio Capital, with participation from angel investor Santiago R. Santos. The funds will go towards the launch and development of its premiere title — a Web3 battle royale and tower defense game Omega Royale.

VENTURE FINANCING

US-based games publisher Maximum Games has entered into a $30m three-year credit facility. Maximum will take $20m, while the remaining $10m will be available subject to covenants. The funds was provided by US-based investment company Turning Rock Partners. The funding will be used for investments in existing IPs and to finance future acquisitions.

Australian federal government agency Screen Australia announced that it will finance 11 games for $1m (AU$1.5m) via the Games: Expansion Pack Fund, which is focused on supporting new and small indie studios.