Weekly News Digest #15
# of announced deals
8
announced deals’ size
$23.3m
# of closed deals
8
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MERGERS & ACQUISITIONS
France-based multiplatform games developer Twin Sails Interactive has completed a management buyout from France-based board game developer Asmodee for an undisclosed sum. The deal will support Asmodee’s goal of focusing on its core business. Formerly known as Asmodee Digital, Twin Sails is known for adapting tabletop titles such as Gloomhaven and Terraforming Mars for the PC & Consoles. Following the transaction, the company will retain its existing structure, team, and management. Twin Sails plans to expand its indie games portfolio further and bring its PC & Console titles to mobile platforms. The transaction follows Asmodee’s divestment from Embracer Group (STO: EMBRAC B) and IPO of Asmodee in early 2025.
VENTURE FINANCING
US-based esports and entertainment organization Global Gaming League (GGL) has raised $10m in a SAFE funding round led by Solyco Capital. GGL is launching a celebrity-owned gaming entertainment league featuring live events across multiple genres.
US-based gaming studio Cold Iron Studios has raised $6.5m from US-based game developer Daybreak Game Company, a subsidiary of Enad Global 7 (ST: EG7). The funds will support the final-stage development and marketing for Project Avo, a co-op action shooter scheduled for release in the second half of 2025. The deal is a related-party transaction, as Daybreak previously acquired Cold Iron Studios in Aug’20. Daybreak will retain global publishing rights for the title and has secured the right to make the first offer for potential sequels. The investment aligns with EG7’s strategy to drive franchise-led growth in the AA game segment.
Canada-based mobile game developer Storycraft has raised $3m in a Seed funding round led by Khosla Ventures. The funds will support team expansion and the global launch of the company’s upcoming mobile multiplayer platform, allowing users to create interactive story worlds. The platform is in alpha, with a public beta planned for late 2025.
Argentina-based mobile game developer Agonalea Games has raised $2m in a Seed funding round from the Cyprus-based Mika Games gaming fund. The investment will support the development and publication of Punko.io, an F2P hybrid-casual mobile title. This marks Mika Games’ third investment in its broader strategy to deploy $50m in funding for mobile game developers.
Singapore-based web3 game developer Eyeball Games has raised $1.8m in a funding round to support the development of its debut title, Pool Masters. The game is scheduled for release in late 2025. The studio previously raised $1.5m in Jul’23.
UK-based games developer 10Six Games has secured an undisclosed six-figure pre-Seed funding round from angel investors affiliated with PlayCap, The Games Angels, and Andover Ventures, with match funding from the Wales Angel Co-Investment Fund. The round initially closed in Dec’24 but was not disclosed until now, as the company had been operating in stealth mode. 10Six Games was founded by Susan Cummings and Lee Cummings, the co-founders of Tiny Rebel Games. The studio is focused on developing generative AI-powered titles and is currently testing its first project, You vs Zombies, set for release in Winter 2025.
US-based games developer Dragon Snacks Games has secured an undisclosed amount in an angel investment round. The studio is currently developing a community-centered multiplayer title with a solarpunk setting and plans to raise an additional funding round in the future.
