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MGVC, the venture capital arm of My.Games, has invested in two new game studios, DC1AB in Portugal and AMT Games in Switzerland.
That brings to 57 the number of game studios that MGVC has invested in over the years, and it has poured more than $20 million into those companies. And the deal shows that MGVC continues to invest despite being part of some tumultuous events in Eastern Europe.
My.Games was one of the biggest game companies in Russia. But when the war in Ukraine broke out, the company was hit with sanctions due to Vladimir Kiriyenko having Kremlin ties. Kiriyenko was CEO of Mail.ru, which owned My.Games. Then Mail.ru rebranded to VK and in September, 2022, it sold My.Games to Aleksander Chachava for $642 million.
Chachava, a serial entrepreneur and managing partner at LETA Capital, has a portfolio of more than 30 companies. In December, My.Games CEO Vladimir Nikolsky announced the company was shutting all operations in Russia, and the My.Games would now be based in Amsterdam, The Netherlands. The company noted that since 2020, 90% of the employees were working remotely. All Russia-related products were transferred to Astrum Entertainment.
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And MGVC has signed a strategic investment with Portuguese studio DC1AB, as a part of a co-investment round with Global Top Round. And it also invested in Swiss studio AMT Games.
“MGVC continues to invest in talented teams and promising projects globally, building and expanding its strong community of developers,” said Nick Matsokin, executive director of MGVC, in a statement. “According to our analytics, in 2022 acquisitions and investments into Portuguese gaming studios and gaming hardware developers amounted to more than $85 million, while more than $90 million in Swiss studios demonstrates the great potential of these markets.”
Along with the investments in DC1AB and AMT Games studios, the deals include full support in scaling the business, including marketing, game design, employee recruitment, and product analytics as part of MGVC’s approach to strategic investment.
DC1AB was founded in 2020 in Madeira, Portugal. The team has expertise in mobile games development, publishing and marketing, and is currently developing the cross-platform game Dominus. Dominus is a skill-based MMO strategy title, inspired by classics such as the Civilization Series and Clash of Clans, with a focus on asynchronous and synchronous multiplayer.
DC1AB has taken part in Google Indie Game Accelerator and GameBCN accelerator, constantly working on improving the game. The individual battles are tied together by a meta that is a game in itself, involving tough economic decisions, meandering technological advancements, treacherous trading and politics as players advance through the ages to dominate the world of Dominus.
AMT Games was founded in 2008 in Switzerland. The studio has launched more than 10 popular games with the number of installs exceeding 50 million. In 2023, the team will focus on the global launch of its flagship project Heroes of War, a team-battle game with strategic elements and player-versus-player and player-versus-environment modes, with fast and spectacular fights. The game is set to receive several major updates, including the introduction of multiplayer mode.
“We are happy to welcome DC1AB and AMT Games into our large partnership network. MGVC partners gain access to a unique ecosystem, which includes a multi-million player audience, a broad analytical toolset, and convenient services that enable the effective promotion of titles across various markets and platforms,” Matsokin said. “Both studios have a solid pipeline of exciting projects with engaging gameplay and interesting worlds to explore. We believe that with the services and solutions we provide, the teams will reach success in further developing and launching their games.”
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