Tech Digest with ITS: Electronic Arts alumni raise $5.3m for India-based gaming startup
Liquidnitro Games, an India-based company founded by former Electronic Arts executives, has raised US$5.25 million in a seed round led by Nexus Venture Partners and angel investors. They specialize in assisting game companies and publishers in transitioning to and operating "live service" games. The funds will be used to build a studio, invest in AI and technology, and offer live services at scale. Liquidnitro Games aims to partner with global game companies to explore opportunities in India and other markets.
Indonesia's GoTo Group, following a transformative year that included the merger of TikTok Shop and Tokopedia, achieved its first-ever positive adjusted EBITDA. CEO Patrick Walujo highlighted the company's comprehensive strategy review, which paved the way for winning back the mass market segment. The focus now shifts to executing the full integration of TikTok Shop and Tokopedia. While compliance with local regulations remains a priority, GoTo remains confident in meeting or surpassing expectations. The partnership with TikTok extends beyond e-commerce, as GoTo Financial plans to launch a buy now, pay later product. Despite the profitability milestone, GoTo's stock price experienced a slight dip at the market opening.
Immutable, King River Capital, and Polygon Labs have joined forces to create the Inevitable Games Fund (IGF), a venture fund focused on the Web3 gaming industry. The fund aims to raise $100 million from professional investors and will invest in game studios, Web3 infrastructure, and immersive gaming experiences. IGF has already invested in seven early-stage companies, including Pixelmon, Guild of Guardians, and My Pet Hooligan. With support from existing backers such as Alpha Wave Ventures and Merit Circle, IGF aims to tap into the global video game market by leveraging the expertise and deal flow of Immutable and Polygon. The two companies currently dominate around 70% of the blockchain gaming development market, according to Messari.
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B Capital, founded by Facebook co-founder Eduardo Saverin, has raised US$750 million for its Opportunities Fund II, which focuses on later-stage tech, healthcare, and climate tech companies in North America and Asia. The fund will primarily support existing portfolio companies like Carro and Kopi Kenangan, while also backing new ventures through B Capital's partnership with the Boston Consulting Group. The fund's first investment was in contract intelligence firm Icertis. The fundraising attracted a diverse group of investors, including sovereign wealth funds and family offices. Despite economic challenges, VC firms in Southeast Asia and India raised a record-breaking amount of over US$13 billion last year.
Philippines-based VC firm Kaya Founders has raised a total of 1 billion pesos (over US$18 million) in its latest funding rounds, bringing its total assets under management to approximately US$22.5 million. Investors such as Pavilion Capital, Concentric Equity Partners, and Bracebridge Capital participated in the round. Kaya plans to invest in 30 to 40 early-stage startups in the Philippines and Southeast Asia over the next four years through its Zero to One and One to Ten funds. The firm has also been appointed as a co-investment partner for the Startup Venture Fund (SVF), which aims to support Philippine startups with an investment of US$8.9 million. Despite the growing ecosystem, the Philippines has historically received less venture funding compared to its GDP and population. Kaya Founders focuses on investing in pre-seed to series A companies, with a portfolio that includes startups in sectors like ecommerce, logistics, and fintech.