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A News Digest on Video Games, Online Marketplace, and Tech Trends

  • 2-3 min read
  • April 02, 2021
  • 👍 Rating — 5 (3 votes)

Tencent's Timi
Chinese tech giant Tencent’s Timi Studios, maker of popular video games Honor of Kings and Call of Duty Mobile, generated revenue of $10 billion last year, two people with direct knowledge of the matter told Reuters. https://reut.rs/3drqnun
Fortnite Maker Epic Games
The terms value the business at about $28 billion, people familiar with the discussions said. The company has already secured commitments of more than $1 billion, and the final amount isn’t set, said the people, who asked not to be identified because the discussions are private. The capital comes primarily from mutual funds and other big institutional investors, many of which are existing backers, the people said. The fundraising machine went into overdrive during the last few years, driven by the ascent of Fortnite. Epic said last August that it had raised $1.78 billion at a valuation of $17.3 billion. It acquired some buzzy startups, including the maker of Fall Guys, a party game that has seen a surge in players during the coronavirus pandemic. Among the backers committed to the latest round are funds managed by Fidelity Investments, Franklin Templeton, and T. Rowe Price Group Inc., the people familiar with the talks said. Some of the money will likely go to lawyers. Epic is engaged in courtroom battles with Apple Inc. and Google over allegations that they engage in anticompetitive behavior by demanding a cut of transactions through their app stores. https://bloom.bg/2OfDnuJ
The company, which runs an online marketplace for buying, selling, and renting real estate, closes up ~12% in its trading debut, after raising $450M in an IPO https://tcrn.ch/2PUIbpW
Bilibili invests HK$960M in X.D. Network, which runs Chinese game distribution platform TapTap; mobile games accounted for 40% of Bilibili’s 2020 revenues https://tcrn.ch/2PRuQi4
General Catalyst
General Catalyst has raised $600 million for a new Health Assurance Fund, the firm says, its first vertical-focused vehicle and one that looks to build on recent success like Livongo, the diabetes monitoring company that was acquired by Teladoc in an $18.5 billion deal that closed last October. The new fund comes as part of a busy few months of expansion for General Catalyst, the firm founded in 2000 that has more than $8 billion in assets and raised $2.3 billion in funds as recently as last year. General Catalyst has also worked on three special purpose acquisition companies, or SPACs, recently, including a $500 million healthcare SPAC and a $500 million one focused on the intersection of pharmaceuticals and digital health. https://bit.ly/3sLstfg


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