Weekly News Digest #27
# of announced deals
6
announced deals’ size
$258.3m
# of closed deals
6
Don’t miss it — coming this Wednesday! Aream & Co. is releasing the Q2 2025 Gaming Update.
Packed with key trends, market data, and strategic insights, this is a must-read for founders, investors, and decision-makers. Catch it in the upcoming special newsletter episode.
Think Open Source Is Free? 🚨 It Could Cost You Millions
Startups embrace open-source, especially in AI and rapid development cycles. But what accelerates your product today can derail your funding round tomorrow.
In REVERA’s latest article, Legal Considerations When Using Open-Source Software, they outline three critical legal risks every tech founder should understand before GitHub becomes your co-founder.
What’s inside:
🔗 License Pitfalls — how “viral” copyleft licenses (like GPL) can contaminate your codebase and depress your valuation.
🛡 No Copyright, No Protection — why relying too heavily on open-source can leave you without defensible IP.
⚖️ Expensive Litigation — a 2024 case where license violations resulted in €1m in damages.
Whether you’re building an AI tool or a game powered by open-source libraries, make sure you read this before your next commit.
👉 Get the full breakdown from REVERA
| NOTABLE TRANSACTIONS |
MERGERS & ACQUISITIONS
[UPD] UK-based casual mobile game developer Tripledot Studios has completed its $800m acquisition of AppLovin’s (NASDAQ: APP) entire mobile gaming business. The deal included 10 gaming studios: Athena Studio, Belka Games, Clipwire Games, Leyi, Lion Studios, Machine Zone, Magic Tavern, PeopleFun, Zenlife Games, and Zeroo Gravity. For a more detailed analysis, please refer to our deal deconstruction here.
The South Korean government has launched the sale of its 30.6% stake in Nexon (TSE: 3659) holding company NXC via a structured block trade, with indicative bids due by the end of Aug’25 and the stake expected to be placed in one or more tranches, implying a $3.5B equity valuation. This marks the third attempt by the government to divest its shares in the company, following two previously unsuccessful efforts due to a lack of qualified acquirers. The move comes amid recent rumors from Jun’25 suggesting that Tencent Holdings (SEHK: 700) may also seek to acquire a 44.4% stake in Nexon.
Switzerland-based media publisher Keleops has acquired US-based gaming media outlet Kotaku from G/O Media, a US-based media holding company, for an undisclosed sum. The acquisition is part of Keleops’ strategy to expand its presence in the US market and build a tech-focused media portfolio. This follows the company’s acquisition of Gizmodo from G/O Media in Jun’24.
India-based IT software developer RMV IT Services has acquired the Plane Evolution IP from US-based mobile game developer Global Champions for an undisclosed sum. The company acquired the IP to get a stable source of revenue. The game’s publisher, Supersonic, has retained its ownership stake and will continue in its role as the title’s publisher. According to AppMagic, Plane Evolution has reached 8.2 million lifetime downloads.
VENTURE FINANCING
[UPD] US-based investment firm Blackstone has completed the sale of a minority stake in US-based mobile app marketing company Liftoff to US-based private equity firm General Atlantic. The transaction, first revealed in May’25 and now completed, values Liftoff at $4.3B.
US-based game developer Distinct Possibility Studios has raised $30.5m in a funding round led by BITKRAFT Ventures, with participation from Brevan Howard, Tezos Foundation, Hashed, Delphi Ventures, Shima Capital, North Island Ventures, Decasonic, and other investors. The funds will support the development and launch of Reaper Actual, an open-world AAA shooter with web3 elements.
Kazakhstan-based mobile game developer Grand Mobile has raised $750k in an investment round led by Astana Hub Venture Fund, bringing the company’s post-money valuation to $75m. The funds will be allocated toward team expansion, marketing, and the continued development of the studio’s core title, Grand Mobile: RP Life Simulator. According to AppMagic, the game has reached 27 million lifetime downloads.
Sweden-based web3 game developer Cold River Games has secured $2m in a funding round led by Beam, with additional participation from Partnerinvest Norr, CoinFund, Avalanche Foundation, and A100X. The funds will support the development of Crystalfall, a free-to-play action RPG featuring blockchain-based item barter mechanics.
PUBLIC OFFERINGS
US-based gaming hardware manufacturer Corsair Gaming (NASDAQ: CRSR) has secured a $225m credit facility from Bank of America, consisting of a $100m revolving credit facility and a $125m term loan facility. The proceeds will be used to refinance existing obligations and also support corporate expansion, working capital, and strategic investments. Borrowings under the new facilities bear interest at either a base rate or term SOFR plus a margin tied to the company’s leverage ratio. Currently, SOFR borrowings accrue interest at term SOFR plus 1.5%. The facilities have a maturity date of Jun’30.
FUNDRAISING
Sweden-based VC firm Behold Ventures has closed its first gaming-focused fund at $59.2m, targeting investments in over 25 early-stage gaming companies across Europe, with a primary focus on the Nordic region. The fund’s capital base is geographically diversified, with 54% from Europe, 44% from Asia, and 2% from North America. In terms of investor profile, 42% are institutional, 43% are strategic, 10% are family offices, high-net-worth individuals, and fund-of-funds, and 5% are general partners. Behold Ventures launched operations in 2021 and has already deployed $40.4m across 10 companies, including its most recent investment in Finland-based mobile game developer Seven Stars in Feb’25. A complete list of portfolio companies is available on our Patreon page.
US-based IT corporation Alphabet (NASDAQ: GOOG) has launched a new Indie Games Fund initiative targeting the LATAM region. The program will provide between $150k and $200k in funding to 10 indie game studios based in Latin American countries with fewer than 50 employees. The funding is intended to support game development and the growth of the studio. This extends Google’s commitment to Latin America following its most recent investment in Aug’24.
