Gaming giant Ubisoft takes part in Overwolf’s $52 million series C
“The madness started in 2019 and the pandemic just added a tailwind to what was already working fantastically,” said Overwolf’s CEO
Meir Orbach | 16:00 16.03.2021
There is no doubt that the gaming sector is one of the biggest winners of the Covid-19 era. The number of players climbed by hundreds of percent due to global lockdowns and companies that are active in the space experienced an unprecedented surge. Israel is considered a global powerhouse in the gaming world, with companies such as Playtika, which recently went public at a valuation of $11 billion, among many others. On Tuesday, one of the standout companies in the local industry, Overwolf, revealed that it had completed a $52 million series C round led by Insight Partners and Griffin Gaming partners, with participation from gaming giant Ubisoft, and HPE CEO Meg Whitman. Other participants in the round include Warner Music Group, Jibe Ventures, Gen G. chairman Kevin Chou, and previous backers Intel Capital, Liberty Technology Venture Capital, and Marker. The company has raised a total of $75 million to date. Its enterprise value prior to the round was $200 million. platform that enables creators to build, distribute, and monetize in-game apps and mods for existing PC games, such as Counter-Strike, League of Legends, Fortnite, and more. The company currently employs 81 people, most of them out of its offices in Ramat Gan. It boasts over 30,000 creators and 18 million monthly active users. “The madness started in 2019 and the pandemic just added a tailwind to what was already working fantastically, adding to our significant growth. Covid-19 caught us at the right place, with the right capabilities. People spent a lot more time at home playing games,” Marchand told Calclaist. “Even prior to the outbreak, there was a noticeable increase in gameplay. During the pandemic, it felt like we were in weekend mode all the time.” Overwolf is not a standard game developer. What it does is develop add ons to existing games — apps that track game statistics or record gameplay. “We developed a technological infrastructure that allows gamers to download apps and we share the revenues, which currently stand at tens of millions of dollars with the developers,” Marchand added.