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EMERGINGTECHRESEARCH
GamingReport
VCtrendsandinnovationspotlights
Q2
2024
REPORTPREVIEW
Thefullreportisavailablethrough
thePitchBookPlatform.
Contents
Verticalupdate3InstitutionalResearchGroup
Q22024timeline5
Analysis
Gaminglandscape6
EricBellomoAnalyst,EmergingTechnology
eric.bellomo@
GamingVCecosystemmarketmap7
pbinstitutionalresearch@
VCactivity8
Data
Innovationspotlights17
NickZambranoDataAnalyst
Handheldgaming18
Publishing
Webshops19
ReportdesignedbyJoeySchafferandJennaO’Malley
Selectcompanyhighlights21
PublishedonAugust13,2024
Stash22
GamesforaLiving24
Forpreviousupdatesaswellasourcompletegaming
research,pleaseseethedesignatedanalystworkspace
onthePitchBookPlatform.
Q22024GamingReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG2
Q22024timeline
Q2VCdealcountsummary
136
totaldeals
-24.0%
QoQgrowth
April4April22May19
-19.0%
YoYgrowth
BITKRAFT,agamingand“syntheticreality”
investmentfirmraises$275.0millionforitsthird
fundtoinvestacrossseedandSeriesAcompanies.
EmbracerGroupannouncesplanstosplitintothree
separatefirms:Asmodee,CoffeeStain&Friends,
andMiddle-EarthEnterprises&Friends.
DeveloperKeywordsStudiosisreportedlyintalks
tobeacquiredbyEQTfor$2.8billion,signaling
anotherpushintogamingbyprivateequity.
-14.4%
YTDgrowth
Q2VCdealvaluesummary
April16May2
May21
$1.8B
totaldealvalue
RedRoverInteractiveraises
a$19.0millionSeriesAledby
Kraftonwithparticipationfrom
Overwolf,TheGamesFund,
BeholdVentures,andothers.
MobilegamesdeveloperSpyke
Gamesraises$50.0millionfrom
MoonActive,increasingthe
startup’spre-moneyvaluationto
$265.3million.
NintendoacquiresShiverEntertainmentfrom
EmbracerGroup.Shiver’sabilitytoportlarge
games,suchasHogwartsLegacy,isstrategically
beneficialtoNintendoinpreparationforits
eventual“Switch2”console.
43.4%
QoQgrowth
21.7%
YoYgrowth
18.6%YTDgrowth
Q22024GamingReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG5
Gaminglandscape
Development
Operations
Access
Content
Experience
Q22024GamingReport
VCactivity
GamingVCdealactivity
Q22024ventureactivityproducedaQoQincreaseindealvalue(up43.4%to$1.8billion)buta
1,2041,144
decreaseindealcount(down24.0%to136).Thehype-driveninvestmentduringtheCOVID-19
pandemic,whichattractedinvestorsnottraditionallyassociatedwithgamingintothesectorvia
Web3andMetaversedeals,isrecedingfurtherintotherearviewmirror.Gamingmarketsarenow
operatinginanewsteadystate.Thelastsevenquartersaveraged$1.2billioninvestedacross165
deals,andQ2’sdealvaluewasthehighestsinceQ32022—proppedupbyfivedealsover$100.0
649668
568
448511
314393394
315
$2.5
$3.4$3.6$5.3$8.1$7.0$7.7$19.8$16.8$4.5$3.0
million—butthelowestquarterintermsofdealcount.2024ispacingtoexceed2023’saggregate
20142015201620172018201920202021202220232024*
fundingbyapproximately50%.
Dealvalue($B)Dealcount
Wepreviouslysuggestedthechasmbetweencontentanddevelopmentinvestmentswould
Source:PitchBook?Geography:Global?*AsofJune30,2024
narrow,andthatprocesscontinuestounfold.Q2dealvaluebetweenthesegmentsapproached
parity,with$820.0millioninvestedintocontentversus$751.6millionintodevelopment.Deal
volumesawgreaterseparation,with75dealsflowingtocontentdeveloperscomparedwith39for
back-endtechnologies.Wecontinuetoexpectcontenttogarnerthemajorityofinvestorattention,
thoughthedevelopmentcategorydoeshavemeaningfultailwindsviaGenAIinvestments,which
GamingVCexitactivity
couldacceleratedevelopmentandreducecosts.Ourconversationswithinvestorsnevertheless
108
underscorethevolumeofhigh-qualitygamecontentpitchedtoinvestors,creatinganinvestor-
friendlyenvironment.
SeveraldealsclosedinQ2,underscoringareasofopportunityforinvestors:
67
44
4343
2225302731
$6.9$2.0$2.3$12.6$7.5$5.8$30.4$112.7$5.8$6.2
16$0.8
EpicGameslandsmegadeals:LEGO’sblockbustercollaborationwithEpicGames’Fornitedrew
20142015201620172018201920202021202220232024*
over2millionconcurrentplayersandlandedEpica$425.0millioninvestment.Disneyfollowed
withanadditional$1.5billiontobringnovelgameplayandDisneyintellectualproperty(IP)to
Exitvalue($B)Exitcount
Fortnite.Furthermore,UnrealEditorforFortnite(UEFN)ismakingmeaningfulinroadsintheuser-
Source:PitchBook?Geography:Global?*AsofJune30,2024
Q22024GamingReport
VCACTIVITY
Keygamingearly-stageVCdealsinQ22024*
CompanyClosedateCategoryDealvalue($M)Post-money
valuation($M)Leadinvestor(s)Valuationstep-up
MonadLabsApril9Developertools$225.0$3,000.0Paradigm9.3x
ZentryApril24Distributionplatform$140.0N/AN/AN/A
SunoMay21Developertools$125.0$500.0DanielGross,FounderCollective,Lightspeed
VenturePartners,Matrix,NatFriedmanN/A
SpykeGamesMay2Publishers,developers&studios$50.0$315.3N/AN/A
k-IDJune25Developertools$45.0N/AAndreessenHorowitz,LightspeedVenture
PartnersN/A
AvailJune4Developertools$43.0N/ADragonfly,FoundersFundN/A
MovementLabsApril25Developertools$38.0N/APolychainCapitalN/A
BurntApril1Developertools$25.0N/AN/AN/A
MixerApril6Publishers,developers&studios$23.0N/AN/AN/A
Layer3May1Distributionplatform$20.1$82.1GreenfieldCapital,ParaFiCapitalN/A
Source:PitchBook?Geography:Global?*AsofJune30,2024
Q22024GamingReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG12
VCACTIVITY
Keygaminglate-stageVCdealsinQ22024*
CompanyClosedateCategoryDealvalue($M)Post-moneyvaluation($M)Leadinvestor(s)Valuationstep-up
StabilityAIJune25Developertools$101.8N/AN/AN/A
SpaceNationMay11Games&platforms$50.0N/AN/AN/A
PixelToysMay1Publishers,developers&studios$31.3$80.1N/A2.1x
AeroPayMay9Developertools$30.0N/AGroup11N/A
TheSandboxJune6Games&platforms$20.0$1,000.0AnimocaBrands,AshParkCapital0.4x
BraavoMay28Monetization&financing$12.0$32.0Headline0.8x
HypersonicLaboratoriesJune24Publishers,developers&studios$10.9$34.9PlayVenturesN/A
MyDearestApril30Publishers,developers&studios$7.9N/ASBIInvestmentN/A
OneQodeJune26Technologyservices$6.6N/AN/AN/A
WeappyStudioMay30Publishers,developers&studios$5.4N/AN/AN/A
Source:PitchBook?Geography:Global?*AsofJune30,2024
Q22024GamingReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG13
SELECTCOMPANYHIGHLIGHTS:STASH
Keycompanyinformation
Founded
2024
Lastfinancingvaluation
N/A
Leadinvestor(s)
N/A
Stashisawebshopmanagementplatform,similartoShopify,forgamedevelopers.Theplatform
incorporatesthreeprimaryproductofferings:white-labelstorefrontsforgameassetsorupgrades,
paymentprocessing,andawhite-labelgamelauncherforstreamlineddistribution.Game
Employees
N/A
Lastfinancing
N/A
developersfacerisingcostsasconsumerspendingslowsafterthepandemic,appstorefees
remainelevated,andprivacy-forwardplatformupdatessuchasApple’sATTreducetheefficacy
ofadtargeting.Severalhigh-visibilitystudioslaunchedtheirownstorefrontstobuildfirst-party
Totalraised
N/A
HQlocation
SanFrancisco,US
webshopsovertheprecedingdecade,butthisalternativepresentsnontrivialtechnicalcomplexity
thatisoftenoutsidethescopeofastudioorpublisher’scorecompetency.Stashaimstolowerthe
technicalbarriertoentryforcreatingownedstorefronts,similartohowShopifyandBigCommerce
reducedtheentryhurdleforretailersseekingtoexpandtheirdigitalfootprint.Furthermore,ascost
perinstallandimpressionratesrisealongsidelowertargetingefficacy,therelativevalueoffirst-
partydata,includingemails,transactioninsights,andgameplaydata,increasesfordevelopers
seekingtobuildpersonalized,direct-to-consumerrelationships.
Stashwasco-foundedbyJustinKan,RobinChan,andDanBorstelmannunderthenameFractal.
Thecompanylaunchedin2021andpreviouslyraised$35.0milliontoscaleitsNFTmarketplace.
Theplatformincludedamarketplaceforitemsthatwerepurchasedin-gameinadditiontoa
purchasevenueforfirst-timeNFTmarketplaces.Despiteinitialtraction,follow-onsecurity
challengesandtheblockchaingamingecosystem’sslowentryintothemainstreamposed
setbacks,andthecompanyeventuallymorphedintoStash.
Q22024GamingReport
SELECTCOMPANYHIGHLIGHTS:STASH
KanfoundedstreaminggiantTwitchbeforebecomingageneralpartneratYCombinator.Since
leavingYCombinatorin2017,Kanco-foundedcompanieslikeAtrium,Fractal,andRyebefore
startingStashatthebeginningof2024.ChanandKanoverlappedasco-foundersatmultiple
companies,namelyRye,Fractal,andGoatCapital,priortolaunchingStash.Chanhasalso
advisedorco-foundedapluralityofhigh-visibilitystartups,includingFlipboard,Bird,andUber.
BorstelmannhasabackgroundinsoftwareengineeringatSlalomandGoogle.
Q22024GamingReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG23
PitchBookData,Inc.
NizarTarhuniExecutiveVicePresidentofResearchandMarketIntelligence
PaulCondraHeadofEmergingTechnologyResearch
AboutPitchBook
IndustryandTechnology
Research
Independent,objective,andtimelymarketintel
Astheprivatemarketscontinuetogrowincomplexityandcompetition,it’sessentialfor
investorstounderstandtheindustries,sectors,andcompaniesdrivingtheassetclass.
OurIndustryandTechnologyResearchprovidesdetailedanalysisofnascenttechsectorsso
youcanbetternavigatethechangingmarketsyouoperatein—andpursuenewopportunities
withconfidence.
?2024byPitchBookData,Inc.Allrightsreserved.Nopartofthispublicationmaybereproducedinanyformorbyanymeans—graphic,electronic,or
mechanical,includingphotocopying,recording,taping,andinformationstorageandretrievalsystems—withouttheexpresswrittenpermissionofPitchBook
Data,Inc.Contentsarebasedoninformationfromsourcesbelievedtobereliable,butaccuracyandcompletenesscannotbeguaranteed.
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