Weekly News Digest #28
# of announced deals
12
announced deals’ size
$1.8B
# of closed deals
12
Hi all,
We are finishing our Global Gaming Deals Report Q2’24, so there is no featured deal analysis this time. You can learn about the deals from the previous week in the “Notable Transactions” section below. Please follow us on X, LinkedIn, and Telegram to avoid missing the Report.
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| NOTABLE TRANSACTIONS |
MERGERS & ACQUISITIONS
US-based marketing agency Hawke Media has acquired US-based games marketing agency Lemonade for an undisclosed sum. This deal is part of Hawke’s strategy to expand into the gaming and entertainment sectors.
US-based AI game development company Series AI has acquired US-based mobile games developer Pixelberry for an undisclosed price. This deal is part of Series AI’s strategy to distribute genre-diversified games that use the company’s development technology, the Rho Engine.
VENTURE FINANCING
US-based entertainment tech company Infinite Reality has raised $350m in a minority investment from an undisclosed multi-family office, with a valuation of $5.1B. Additionally, the company has acquired UK-based monetization platform LandVault for $450m.
US-based multiplatform games developer Volley has raised $55m in Series C funding led by Microsoft’s M12 Ventures and Lightspeed Venture Partners, with participation from Causeway Media Partners, General Catalyst, Amazon Alexa Fund, BITKRAFT Ventures, Boost VC, Alumni Ventures, and other investors. The funds will fuel the company’s R&D and scale production pipeline.
US-based AI game video clipping platform Medal has raised $13m in a funding round from Horizons Ventures, OMERS Ventures, PEAK6, and Arcadia Investments. The funds will support the company’s growth. After this round, the company’s total valuation is $333m.
UK-based games developer Iconic AI has raised $4m in a pre-Seed funding round led by HodlCo, with participation from FOV Ventures, Interface Capital, Deepwater Asset Management, and other investors. The funds will support the company’s growth, AI capabilities, and debut title development.
India-based mobile games developer and publisher Felicity Games has raised $700k in a pre-Seed funding round from DeVC and Visceral Capital, with participation from other investors. The funds will fuel the development of the company’s ten new titles, which will be released by Mar’25.
South Korea-based mobile games developer Albus has raised ~$388k (KRW 500m) in a Seed funding round from Kakao Ventures. The funds will support new park-style titles.
PUBLIC OFFERINGS
Sweden-based gaming giant Embracer Group (STO: EMBRAC B) has raised a ~$652.3m (€600m) revolving credit facility from BNP Paribas, Citibank, DNB Bank, J.P. Morgan, Nordea Bank, Swedbank, and other investors. with maturity in May 2025, replacing the remaining ~$456.3m (€420m). The current revolving facility has better conditions, such as a lower credit margin.
South Korea-based PC & Console games developer Shift Up (KRX:462870) has raised ~$320m (KRW 435B) via IPO. Best known for its Stellar Blade action-adventure game, the company will use the funds for the development of new titles. It is the largest South Korean games company IPO since the initial offering of gaming holding Krafton (KRX: 259960) and the second largest South Korean IPO in 2024. On the first day of the IPO, the stock price rose by ~50%.
Canada-based esports organization GameSquare Esports (OTCMKTS: GMSQF) has raised $20m from Yorkville Advisors. The funds will be used to repay a $5.7m convertible note from King Street Partners. The deal was performed via a Pre-Paid Advance Agreement, which allows GameSquare to receive funding in exchange for the company’s assets or a stake in the future.
