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Mubadala-backed game development company to go publicMENA

Mubadala-backed game development company to go public

Who knew that healing with magic potions could be worth $1.9b? Just ask Nexters, the mobile game maker ready to go public through a SPAC deal with Kismet Acquisition One. Nexters is the creator behind the famous role-playing game Hero Wars, which had more than 120 million downloads on iOS and Android combined. Overall, the company has more than 200 million downloads and saw a 48% year-on-year revenue growth in the first quarter of 2021 (not bad for a couple of avatars shooting energy waves at each other).              

All in all, the company will raise $132m from the SPAC deal, and the funds will be used to expand into mainstream genres to capture the attention of more casual players.

why it matters

Nexters caught the attention of several private investors, including Mubadala Investment Company and VPE Capital. Nexters was Mubadala's second significant startup funding commitment last month.