SuperGaming raises $15M in funding at 5 times higher valuation
The latest funding round was led by Skycatcher and Steadview Capital, with support from global strategic investors such as a16z Speedrun, Bandai Namco 021 Fund and Neowiz, as well as notable Web3 Investors, including Polygon Ventures.
Homegrown online gaming company SuperGaming has raised $15 million in a fresh funding round at nearly five times the valuation of its previous round around 4 years ago, a top official of the company said on Wednesday.
SuperGaming CEO and Co-founder Roby John told PTI that the company had raised $5 million at a valuation of $21 million in 2021.
The fresh funds have been raised at an enterprise valuation of about $100 million, he added.
The fresh funding round was led by Skycatcher and Steadview Capital, with support from global strategic investors such as a16z Speedrun, Bandai Namco 021 Fund and Neowiz, as well as notable Web3 Investors, including Polygon Ventures.
The round also saw strong participation from Web3 ecosystem pioneers like Polygon Ventures, Sandeep Nailwal, Decentralised.co, 4th Revolution Capital, 32-Bit Ventures, Ryze Labs, Ed3n Ventures and Visceral Capital.
Existing investors SkyCatcher, AET Japan, and BACE Capital also participated in the new round.
The maker of Indian shooting games MaskGun and Indus Battle Royale plans to use the funds for global expansion, targeting game developers and publishers in emerging markets who lack resources to build comparable proprietary backend technology.
John said that the company has adopted a hyper-local strategy to develop games reflecting under-represented cultures in other parts of the world, including the Middle-East and Latin America.
The company plans to initially launch the game in Latin America in partnership with LOUD.GG.
"We see a market of USD 5 to 7 million from the business Indus is doing, but in the emerging markets, revenues are expected to be 3 times better than what we do inside of India. In markets like Brazil or even in Europe, we are seeing that monetisation is 3 to 5 times better," John added.
In a statement issued by Supergaming on the fundraise, Skycatcher Founder & Fund Manager, Sia Kamalie said that the firm led SuperGaming's Series A round in 2021 and is now leaning into their original thesis with a recent financing round.