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Israeli gaming platform co Overwolf raises $52.5m
Overwolf has built a platform that allows third party developers to create expansions and additions to PC games.
Israeli gaming platform developer Overwolf has announced the completion of a $52.5 million Series C financing round co-led by Griffin Gaming partners and Insight Partners. Also participating in the financing round were gaming giant Ubisoft, Warner Music Group, Meg Whitman, Jibe Ventures, Kevin Chou, Intel Capital, Marker Fund and Liberty Media. The financing round was at a company valuation of $200 million and brings to $75 million the total amount raised by Overwolf.
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Overwolf has built a platform that allows third party developers to create expansions and additions to PC games. These expansions can for example allow players to record the progress of their game, track their improvement trends or organize tournaments between players. Overwolf operates a store that allows purchase of these expansions for
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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.
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