Corporate Overhaul: Why does CVC play a bigger role than ever?

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Corporate Overhaul:
Why does CVC play a
bigger role than ever?
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FEATURE BY
FEATURE BY

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FEATURE BY GDEV
FEATURE BY GDEV
PRIVATE INVESTMENTS BY CORPORATE INVESTORS OVER 2020 -2024
NOTABLE CORPORATE INVESTORS
VC & CVC -LED INVESTMENTS
Fundraising rounds where both venture capital firms and corporate investors participated
CORPORATE / CVC -LED INVESTMENTS
Fundraising rounds where a strategic corporate investor was the sole participant
249
#OF DEALS
$5.6 B
DEAL VALUE
I
II
166
# OF DEALS
$5. 0 B
DEAL VALUE

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FEATURE BY GDEV
FEATURE BY GDEV
COMPANY HQ # OF DEALS VALUE SELECT INVESTMENTS
105 $1.8B
20 $3.7B
23 $0.65 B
27 $0.30B
11 $0.30B
14 $0.22B
9 $0.16B
7 $0.10B
7 ~$ 60m
18 ~$10m
MOST ACTIVE CORPORATE INVESTORS (2020 -2024)
Asian giants dominate gaming investments, with South Korean & Japanese strategics gaining momentum

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FEATURE BY GDEV
FEATURE BY GDEV
DATE TARGET HQ RAISED SEGMENT INVESTORS (CORPORATE & VCs)
Apr’22 $2.0B MULTIPLATFORM
Feb’24 $1.5B MULTIPLATFORM
Sep’21 $350m MOBILE
Feb’23 $265 m ESPORTS
Aug’20 $2 50m MULTIPLATFORM
Aug’22 $246m PC & CONSOLE
Sep’21 $120m PC & CONSOLE
Dec’20 $100m MULTIPLATFORM
Jul’21 $100m PC & CONSOLE
May’22 $60m MOBILE
(AFFILIATES)
LARGEST DISCLOSED CORPORATE -LED INVESTMENT ROUNDS (2020 -2024)
The largest Corporate -backed companies are mainly represented by gaming developers & publishers located in W estern markets

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FEATURE BY GDEV
FEATURE BY GDEV
DATE TARGET HQ RAISED TYPE SEGMENT INVESTORS (CVCs & VCs)
Sep’21 $500m SERIES I PLATFORM
Feb’20 $15 0m SERIES G MULTI PLATFORM
Jul’21 $113 m SERIES C TECH
Jan’24 $11 0m SERIES D PC & CONSOLE
Mar’21 $10 0m SERIES C PLATFORM
Sep’23 $10 0m SERIES B MULTIPLATFORM
Sep’21 $10 0m SERIES B TECH
Mar’22 $82 m SERIES B MOBILE
Nov’21 $75 m SERIES D PLATFORM
Mar’22 N/A SERIES B MULTIPLATFORM
LARGEST VC & CVC –LED INVESTMENTS (2020 -2024)
VC and CVC co -investments mostly target platform and tech (‘picks and shovels’) startups, while CVC -led deals are more focused o n gaming studios

$0.5B $1.7B $0.7B $0.7B $0.4B
$0.3B
$0.7B
$0.6B $0.3B
$1.0B
$2.0B
$1.5B $1.0B
$3.5B
$3.3B
$0.8B
$1.9B
$0.0B
$0.5B
$1.0B
$1.5B
$2.0B
$2.5B
$3.0B
$3.5B
$4.0B
2020 2021 2022 2023 2024
VC & CVC rounds CVC only rounds
6
TOTAL RAISED BY TYPE ($B) NUMBER OF INVESTMENT DEALS BY TYPE
FEATURE BY GDEV
FEATURE BY GDEV
Strategic investors shift from solo rounds to co -investing with VCs, sharing risks while targeting high -profile startups at more reasonable valuations
19
46
40
27
34
46
93
46
37
27
0
10
20
30
40
50
60
70
80
90
100
2020 2021 2022 2023 2024
VC & CVC rounds CVC only rounds

$0.4B $1.3B $0.5B $0.5B
$0.6B
$0.4B $0.3B
$0.6B
$0.4B
$0.2B
$0.3B
$0.3B
$1.0B
$2.0B
$1.5B $1.0B
$3.5B
$3.3B
$0.8B
$1.9B
$0.0B
$0.5B
$1.0B
$1.5B
$2.0B
$2.5B
$3.0B
$3.5B
$4.0B
2020 2021 2022 2023 2024
Platform&Tech, Other Mobile PC&Console, Multiplatform
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FEATURE BY GDEV
FEATURE BY GDEV
23
47
36
30
15
28
58
24
14 12 14
34
26
20
34
0
10
20
30
40
50
60
70
2020 2021 2022 2023 2024
Platform&Tech, Other Mobile PC&Console, Multiplatform
TOTAL RAISED BY SEGMENT ($B) NUMBER OF CVC AND VC & CVC -LED DEALS BY SEGMENT
Corporate investors are leaning toward PC & Multiplatform developers, as Mobile performance has been struggling in recent years

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FEATURE BY GDEV
FEATURE BY GDEV
7
18
9
7
12
8
15
11
0 2
25
58
38 36
23
0
10
20
30
40
50
60
70
2020 2021 2022 2023 2024
VC & CVC CVC only VC only
TOTAL RAISED BY GAMING STUDIOS IN >$5M ROUNDS ($B) NUMBER OF >$5M INVESTMENTS IN GAMING STUDIOS
Strategics have been stepping up in backing gaming studios and sharing risks with VCs, while VCs are pulling back from solo content rounds
$0.3B $0.6B $0.3B $0.3B $0.3B
$0.2B
$0.5B
$0.5B
$1.0B
$3.3B
$1.4B
$0.5B $0.6B
$1.8B
$1.0B
$2.0B
$1.5B
$3.2B
$5.5B
$4.2B
$0.8B
$2.4B
$0.0B
$1.0B
$2.0B
$3.0B
$4.0B
$5.0B
$6.0B
2020 2021 2022 2023 2024
VC & CVC CVC only VC only

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FEATURE BY GDEV
FEATURE BY GDEV
2020 2021 2022 2023 2024
Many VC -backed gaming studios have raised follow -on rounds from strategic investors amid a recent lack of VC interest in content
11 26 22 14 28
8
20
18
13
6
19
46
40
27
34
$0.5B
$2.7B
$0.7B $0.7B
$0.4B
-$4.0B
-$3.0B
-$2.0B
-$1.0B
$0.0B
$1.0B
$2.0B
$3.0B
0
10
20
30
40
50
60
70
80
2020 2021 2022 2023 2024
Gaming Platform&Tech Deal value ($B)
TOP VCs ACTIVELY CO -INVESTING WITH CVCs INVESTMENT DEALS W ITH VC & CVC INVOLVMENT
OTHER VCs CO -INVESTING WITH STRATEGIC INVESTORS