Weekly News Digest #28
# of announced deals
11
announced deals’ size
$136.7m
# of closed deals
10
Understanding where the gaming industry is heading starts with the right data, and the latest update is now available.
The Q2 2025 Gaming Update Newsletter by Aream & Co. builds on our initial announcement, continuing to combine Aream & Co.’s market expertise with InvestGame’s trusted insights to deliver timely, data-driven analysis for gaming founders, investors, and strategists.
For a deeper look into the data and trends shaping the industry this quarter, explore the full report.
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MERGERS & ACQUISITIONS
Netherlands-based media and technology company Azerion (ENXTAM: AZRN) has announced the sale of Germany-based mobile casino developer Whow Games to US-based digital social casino developer DoubleDown Interactive for a total consideration of $76m (€65m). The deal includes a $64m (€55m) upfront payment and a potential $12m (€10m) earn-out. The divestment aligns with Azerion’s strategy to refocus on its core digital advertising operations. This is DoubleDown’s second acquisition in 2025, following its $67m purchase of Paxie Games in March.
Canada-based real-money gaming company Bravo Ready has acquired Honeyland, a web3 mobile game developed by Singapore-based Hexagon Studios, for an undisclosed sum. The acquisition is intended to enhance Bravo Ready’s gaming ecosystem and enable new monetization pathways through web3 integration. Honeyland is a midcore team battler built on the Solana network.
South Korea-based gaming hardware company Pulsar Gaming Gears has acquired US-based gaming peripheral manufacturer Lethal Gaming Gear for an undisclosed amount. The acquisition is a strategic move aimed at strengthening Pulsar’s regional support and logistics operations across the North and South American markets. The Lethal Gaming Gear team will be integrated into Pulsar, and its product lines — including popular mousepads — will now be marketed under the Pulsar brand.
UK-based indie game developer and publisher Everplay has acquired four games and publishing rights to two additional titles to grow its first-party IP portfolio and develop evergreen franchises. The transaction includes full rights to the Hammerwatch IP (four titles) from Sweden-based Crackshell, as well as publishing rights to Settlement Survival from Gleamer Studio, and Operation: Tango from Canada-based Clever Plays. The total consideration was under $10.9m (£8m).
VENTURE FINANCING
France-based mobile game developer Million Victories has raised $40m in a funding round from Haveli Investments. The capital will support the studio’s global expansion, with a focus on targeted growth in the United States, France, Germany, the United Kingdom, South Korea, and Japan. As part of the partnership, Haveli Investments will provide strategic guidance and industry expertise in addition to financial backing. According to AppMagic, the company’s flagship title, Million Lords, has generated $20m in lifetime IAP Revenue.
Turkey-based mobile game developer Circle Games has secured a $7.25m Seed funding round led by BITKRAFT Ventures, with backing from a16z Speedrun, e2vc, Play Ventures, and APY Ventures. Funds will go toward hiring, new game development, and expanding Sort Express, the studio’s debut puzzle title. The founding team includes industry veterans from Dream Games, Gram Games, and Good Job Games.
Turkey-based PC & Console game publisher TARK Games has raised $2.5m in a funding round led by Ludus Ventures, with participation from APY Ventures and Maxis Ventures. Founded in 2025 by alumni of Peak Games and InGame Group, TARK plans to expand its model to offer early-stage funding and publishing services to indie developers. It currently has two unannounced titles in its pipeline.
Denmark-based PC & Console game developer BetaDwarf has secured an undisclosed investment from Square Enix (TSE: 9684). The funds will support the development of Vaultbreakers, the studio’s upcoming F2P top-down action-RPG. The game will be BetaDwarf’s fourth title, following Forced, Forced: Showdown, and Minion Masters.
US-based holding company Global Worldwide has secured an undisclosed amount in a funding round led by BITKRAFT Ventures, with participation from Play Ventures, Icon Ventures, and an angel investor. The investment will fund Global’s pivot into mobile gaming. The company previously co-developed the mobile MMO strategy title Kingdom Maker with Scopely.
