DDM Games Investment Review

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Latest Report

Q1 2023: $1.2B Combined Investments/M&As Reflect Cautious Sentiment

Video Game Investments Totaled $755.2M, the Lowest Quarter in Four+ Years

With reduced values across investments, M&As and IPOs, 2023 is off to a low start. The first quarter reflected the economic anxiety and cautious outlook that we noted previously.

  • Investments totaled $755.2M across 144 transactions, the lowest quarter value since Q3 2018’s $635.8M
  • M&As totaled $415.0M across 40 transactions
  • Both investments and M&As recorded the highest percentages of transactions with undisclosed values, 35% and 93% respectively, suggesting valuations have cooled, potential down rounds, and competition tightening
  • DDM tracked over $9.6B in new capital raised across 19 new funds, a 18% decrease in value and 32% in volume compared to Q4 $11.3B across 28 new funds

We’re excited coverage continues from Forbes and GamesIndustry.biz. Read more in our free summary or full paid reports.

Games Investments by Segment Q1 2023

Games Investments by Segment Q1 2023

Source: DDM Games Investment Review

Top 5 Private Investments Q1 2023

Category Date Company Value ($M) Stage Company Description Country
Console/PC 07 Mar 23 The Believer Company 55.0 Early Console/PC games developer USA
Tech/Other 11 Jan 23 Hack the Box 55.0 Mid/Late Blockchain games publisher USA
MCG 21 Mar 23 CCP Games 40.0 Mid/Late MMO games developer Iceland
MCG 19 Jan 23 Plai Labs 32.0 Early AI blockchain games developer and social network provider USA
Browser 01 Mar 23 RACA 30.0 Early Blockchain games developer Singapore

Source: DDM Games Investment Review

Top 5 Blockchain Gaming Investments Q1 2023

Category Date Company Value ($M) Stage Company Description Country
MCG 21 Mar 23 CCP Games 40.0 Mid/Late MMO games developer Iceland
MCG 19 Jan 23 Plai Labs 32.0 Early AI blockchain games developer and social network provider USA
Browser 01 Mar 23 RACA 30.2 Mid/Late Blockchain games developer Singapore
Mobile 23 Mar 23 Matchday 21.0 Early Soccer-focused blockchain mobile games developer USA
AR/VR 11 Jan 23 Nümi 20.0 Early VR blockchain games developer UAE

Source: DDM Games Investment Review

Top 5 Active Investors Q1 2023

Company Country Volume Disclosed
Rounds Total ($M)
Stages Top Segments Recent Targets
Magic Eden USA 10 17.5 Early, Mid/Late Mobile, Tech/Other Strider, Intella X, Ring Games
Andreessen Horowitz USA 9 186.6 Early, Mid/Late MCG, Console/PC The Believer Company, CCP Games, Plai Labs
BITKRAFT Ventures USA 6 82.6 Early, Mid/Late Tech/Other, Mobile CCP Games, Voicemod, Avalon
Animoca Brands China 6 24.3 Early, Mid/Late Tech/Other, Console/PC Intella X, Particle Network, LandVault
Play Ventures Singapore 5 30.1 Early Tech/Other, Mobile Azra Games, Redemption Games, Scenario

Source: DDM Games Investment Review

Disclosed Games M&A

Disclosed Games M&As

Source: DDM Games Investment Review from Disclosed Transactions

Top M&As Q1 2023

Category Date Company Acquirer Value ($M) Company Description Country
Mobile 04 Jan 23 MultiMetaVerse Reverse Merger SPAC or CPC 300.0 Mobile games developer and service provider China
Tech/Other 30 Mar 23 Digital Media Management Keywords Studios 100.0 Games and entertainment marketing agency USA
eSports 17 Jan 23 Galactech GBarena 15.0 eSports tournament and content creation provider Tunisia

Source: DDM Games Investment Review

Games IPO ($B)

Games IPO

Source: DDM Games Investment Review

Games Exits ($B)

Games Exits

Source: DDM Games Investment Review

Top Fund Announcements Q1 2023

Announced Date Firm Fund Name Fund or Company Focus Fund Size ($M) Funding Stages
06 Jan 23 Khosla Ventures Seed F, Opportunity II, Fund VIII (all in progress) $400M for Seed F, $1B for Opportunity II, $1.5B for Fund VIII, for consumer, enterprise, advertising, financial services, semiconductors, health, big data; previous eSports, mobile, and service provider investments 3,000.0 Early, Mid/Late
15 Feb 23 Hub71 Hub71+ Digital Assets Web3 startups, blockchain technologies, and metaverse applications in in Abu Dhabi; no previous game investments 2,000.0 Early
03 Mar 23 Founders Fund Fund IX (in progress) Aerospace, AI, energy, health, consumer Internet; previous gaming tech, developer, and blockchain investments 1,000.0 Early
06 Jan 23 Social Capital Fund V (in progress) Tech-focused among different industries; previous AR/VR developer and blockchain provider investments 1,000.0 Early
06 Jan 23 Venom Foundation, Iceberg Capital Venom Ventures Fund (VVF) Web3 protocols/dApps focused on payments, asset management, DeFi, GameFi, and includes incubation programs; no previous games investments 1,000.0 Early

Source: DDM Games Investment Review

QoQ Comparison

QoQ Comparison Q1 2023

Source: DDM Games Investment Review



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