Weekly News Digest #1
# of announced deals
16
announced deals’ size
$396m
# of closed deals
9
Hi all,
We hope you had a fantastic holiday and got some proper rest! In our first digest of 2024, there is no featured analysis, but we are sure this year is about to surprise us with many impactful stories, which we will cover for you in detail. Meanwhile, look at our Notable Transactions section to learn about all the deals from the previous weeks.
We want to thank MGVC and Xsolla for supporting this digest.
| NOTABLE TRANSACTIONS |
VENTURE FINANCING
According to the SEC filing, US-based PC games developer GenPop Interactive has raised $9.9m out of $10m in a funding round. The studio is currently working on its first game, a AAA shooter, whose title is yet to be disclosed.
US-based gaming platform developer Onibi Studio has raised $6.6m, according to the SEC filing. The company was established in 2023 and is creating a Minecraft-like UGC MMO gaming platform, Jamland, currently available in alpha.
US-based games developer City State Entertainment has raised $5.5m out of $16.6m in a funding round, according to the SEC filing. The company is known for its RPG titles Camelot Unchained and Final Stand Ragnarok, available in Steam and City State Entertainment’s proprietary games store.
According to the SEC filing, US-based games developer Elodie Games has raised $2.5m out of $5m in a funding round. The previous round closed by the company was a $32.5m Series A financing back in Sep’21.
According to the SEC filing, US-based web3 games developer Burn Ghost has raised $1.3m out of $2m in a funding round. The studio is developing an eponymous P2E gaming platform.
US-based fantasy sports gaming platform Flex Fantasy has closed a $0.75m Seed funding round. The platform offers a fantasy sports competition in formats for cash rewards.
Netherlands-based web3 gaming studio Murasaki has successfully concluded a strategic funding round, raising ~$0.3m (¥47m). The investors include professional soccer player Hiroki Machida and venture capital firm Sparkle. The funding will support the development and support of the studio’s first NFT-focused game, Cyberstella, and the expansion to NFT fantasy sports services.
Turkey-based game studio Toon Metal Games has secured a $250k investment from Boğaziçi Ventures, which brought the company’s valuation to $2.5m. Toon Metal Games, which previously developed hypercasual and hybrid casual games, aims to create future multiplayer RPGs combined with Arcade Idle mechanics. The funding will be used for the production of new titles and to expand the team to reach the new goals.
India-based Esports organization Marcos Gaming has raised an undisclosed sum in a pre-Seed funding round led by India Accelerator and Finvolve, with additional investment from SucSEED Ventures. The funds will be utilised for content creation, IP development, and gaming community growth, including collaborations with gaming influencers. Marcos Gaming oversees titles like Clash of Clans, Counter-Strike 2, and Battlegrounds Mobile India.
China-based strategy card game developer Moxiang Ruzhi has raised an undisclosed sum in a funding round led by Lilith Games, with the latter acquiring a 15% stake. Moxiang Ruzhi is primarily known for its title, False Reincarnation, available on Steam. This strategic funding aims to fuel the continued development of Moxiang’s card games.
US-based web3 AI gaming platform Sleepless AI has secured a new financing round led by Folius Ventures. The funding will support the development of AI and web3 tech solutions for the studio’s games.
Web3 gaming ecosystem Portal has raised an undisclosed sum from various investors, including Sotheby’s VP Michael Bouhanna, MonnPay сo-founder Max Crown, 9GAG CEO Ray Chan, Pixelmon CEO GiulioX, and Parallel сo-founder Kalos.
PUBLIC OFFERINGS
US-based games developer and publisher Take-Two Interactive Software (NASDAQ: TTWO) has entered into an underwritten public add-on offering, agreeing to sell a $350m aggregate principal amount of senior notes. The offering includes $50m of 5.000% senior notes due 2026 and $300m of 4.950% senior notes due 2028.
US-based games publisher and developer tinyBuild (AIM:TBLD) has conditionally raised $12m through a combination of a private placement, subscription, and placing offerings at £0.05 price per share, implying a 100% premium to the closing price on December 20, 2023 and representing over 50% of the issued share capital. As part of these offerings, Atari (ENXTPA:ATA) has provided $2m capital via private placement.
US-based entertainment company Allied Gaming & Entertainment (NASDAQ:AGAE) has raised $6.6m in a funding round from Elite Fun Entertainment. Elite Fun Entertainment acquires 7,330,000 shares, strengthening AGAE’s presence in live events across Asia. The collaboration aims to leverage Elite Fun Entertainment’s partnerships with companies like Tencent and Douyin, enhancing AGAE’s show promotions on global platforms and improving ticketing services for large-scale events in the region.
