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Global Gaming Deals Activity Report 2021

WRITTEN BY | 14 Feb 2022
Global Gaming Deals Activity Report 2021

InvestGame team is pleased and excited to share with you our Global Gaming Deals Activity Report FY’21.

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2021 proved to be yet another record-smashing year for the Video Games industry, with the total closed deals value surpassing $71.3B across the whooping number of 937 transactions, plus the additional $9.1B in 30 announced deals.

Video Games industry continued to prosper across all segments and all types of deals through FY’21:

Exit activity remained bullish, with M&As setting a new record of $34.5B value (vs. $12.6B in 2020) across 309 closed deals, representing almost half (48%) of the total deal value.

Private investments doubled in the deal value ($12.0B vs $5.9B), and made a healthy step up in the number of closed deals (560 vs. 363), with the Late-stage transactions accounting for 72% of the value.

— As for Public offerings, there was a 1.6x increase in the deal value ($24.8 vs. $15.6B), while the number of transactions slightly declined (68 vs 82), with the three biggest deals including Krafton $3.75B IPO, BiliBili $2.6B PIPE, and ironSource $2.3B SPAC.

The investment focus had also noticeably shifted to Blockchain gaming, with the segment occupying 26% of the private capital raised in FY’21. Blockchain gaming indeed had the absolute breakthrough year: the total deal value blasted off 68.1x YoY ($3.1B vs $46m), with the total deal count growing 11.3x YoY (135 vs 12).

FY’21 was also another remarkable year for the gaming VC ecosystem, with $891m capital raised by gaming-related funds throughout the year. The top-15 gaming VCs invested $4.3B of the disclosed deal value in FY’21, across 160 deals, showcasing an ever-growing venture interest in the gaming industry. BITKRAFT Ventures yet again led the VC chart with 30 closed deals of $345m total value, followed by a16z and Makers Fund.

For the first time ever, Embracer nudged Tencent from the first place in our Strategics rating, closing a total of 26 deals with the overall disclosed deal value of $6.7B, announcing such notable deals as Asmodee ($3.1B), Gearbox (up to $1.4B), and Easybrain (up to $0.8B).

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We would love to thank our dear friends at Hiro Capital for supporting this Report. Please note that this support did not in any way affect the integrity or fairness of the data, and the analysis presented.

We would also like to extend thanks to our friends at Naavik for covering the Blockchain Gaming Deals part of this report.