The Take-Two Diaspora: Why Alumni Win Big in Mobile, Not AAA ​

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The Take – Two Diaspora:
Why Alumni Win Big in
Mobile, Not AAA
# 14
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$1.2B FUNDS DEPLOYED ACRO SS 23 COM PANIES FROM 20 20 TO 2 025 YTD
METHODOLOGY
• Gaming st udios founded by ex –
Take -Two and its subsidiaries’
senior management
• Received VC, CVC and/ or
corporate investments or
completed sell -side M&A
transact ions bet ween 2020 and
2025 YTD
TTW O veter ans sp an the full sp ectr um of gen res — fro m AAA -sca le projects to billion -do llar p uzzle g ames, in stan t -pla y title s, sp orts, and p ublishin g
ventur es.
ZYNGA
PEAK GAMES
ROCKST AR OT HERS
4 3
#OF DEALS
$ 3.7B
DEAL VALUE
TOTAL DEAL ACTIVITY *
20 20 –20 25 YTD
Note: (*) incl. Dream Games’ $2.5B transaction, closed in Jul’25; excl. Build A Rocket Boy’s Series A in 2018 -2019
IN SELECTED STARTUPS
FO UNDED BY VETERANS FROM
& IT S SUBSI DI ARIES

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ALUMNI FROM 1 DEAL NUMBER DEAL VALUE STARTUPS
17 $3 .2 B 2
8 $1 66m
6 $3 00m
2 $2 5m
3 $1 8m
3 $6 m
TO P TAKE -TW O & ITS SUBSIDIARIES’ AL UMNI BY DEAL VAL UE
Notes: (1) Take -Two founded Rockstar Game in 1998 and acquired Zynga in 2022, which had previously acquired NaturalMotion in 2014, Gram Games in 2018, and Peak Games in 2020. Gearbox was acquired by Take -Two in 2024; (2) incl. Dream Games’ $2.5B transaction

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COMPANY FO UNDED ALUMNI FROM DEAL VALUE ROUNDS SELECT PRO JECTS PROJECT S
DESCRIPI TIO N
2019 $4 60m
SERIES A (2021)
SERIES B (2021)
SERIES C (2022)
CASUAL MO BILE
GAMES
2016 $2 87m *
SERIES D (2024)
SERIES C (2022)
SERIES B (2020)
AAA T ITLE &
UGC PLATFO RM
2020 $1 40m SERIES A (2020)
CORPORATE (2022)
INSTANT SOCIAL
GAMES
2020 $1 05m SEED (2022)
CORPORATE (2024)
CASUAL MOBILE
GAMES
2020 $3 2m SEED (2021)
CORPORATE (2022)
CASUAL MO BILE
GAMES
2019 $3 1m SEED (2020)
SERIES A (2025)
CASUAL &
HYPERCASUAL
MOBI LE GAMES
TO P 6 EX -TTW O COMPANIES BY TOT AL F UNDS RAISED (202 0 –20 25 YTD)
Note: (*) excl. Build A Rocket Boy’s S eries A in 2018 -2019

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MEDIAN CHECK SIZ E OF EARLY -STAGE RO UNDS ( $M) VC -LED IN VESTMENT S IN EX -TTW O STUDIOS BY SEGM ENT 1
2
4 5
1 1
4 1
3
1
5
1
1
1 1
2
5 5
10
2
6
5
$152m
$226m
$481m
$5m
$150m
$42m
0
2
4
6
8
10
12
14
20 20 20 21 20 22 20 23 20 24 20 25 YTD
6,0
8,5
11 ,6
5,3
12 ,5
7,1
2,3
3,2
5,0
3,8
4,0 4,0
20 20 20 21 20 22 20 23 20 24 20 25 YTD
Ex-TTWO Ot her ga min g VC-l ed deal s 2
Notes: (1) incl. Early -stage & Late -stage rounds; (2) ‘Others’ includes V R/AR, web3 gaming segments
Since 20 20, investo rs h ave dep loyed over $1B in ca pital acro ss 33 VC -led r ou nds, b ackin g 21 sta rtups fo und ed by ex -TTW O an d its subsidia rie s’
senio r man age men t.

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SHARE OF VC -BACKED COM PANIES THAT RAISED FUNDS AFTER THE FIRST ROUND OF FINANCING
Other VC -ba cke d G aming Startups EX -TTW O Stu dio s*
W e obser ve th e sa me effe ct as with ex -Activision an d Rio t Stu dios’ fin ancing : du rin g th e 202 1 –20 22 pe ak, comp anie s foun ded b y ex -TTW O an d its
subsidia rie s’ alu mni ra ise d next -year fu ndin g at rates n early fou r tim es h ighe r th an the ma rket a ve ra ges.
Note: (*) no closed first investment rounds were tracked in 2023
Year of subsequent funding Year of subsequent funding
202 1 202 2 202 3 202 4 202 5 YTD 202 1 202 2 202 3 202 3 202 5 YTD
Year of the first round
202 0 – 60% – 20% 20%
Year of the first round
202 0 17% 10% 4% 2% 1%
202 1 50% 25% – – 202 1 13% 7% 5% 2%
202 2 – – 50% 202 2 6% 7% 2%
202 4 – 202 3 10% 5%
202 4 6%

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FUND DEAL S VALUE DEAL S NUMBER NOTABLE I NVEST MENT S
$57 5m 7
$49 1m 5
$46 0m 3
$410 m 2
$3 07m 6
$10 0 m 2
$4 0m 4
$3 2m 2
MO ST ACTIVE VC FUNDS INVESTING IN EX -TAKE -TW O STUDIOS (202 0 –20 25 YTD)

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