On Tuesday, Pires Investments (PIRI ) announced that its investee company, Admix, had successfully raised US$25m in a Series B round, the largest secured by any non-intrusive games monetisation company, bringing Admix’s total funding to date to US$37 million.
Pires, an investment company focused on next generation technology, is invested in Admix, an in-play monetisation company, through its investment in Sure Valley Ventures (“SVV”).
Pires has a combined direct and indirect interest of c.0% in the venture capital fund SVV which owns its exposure to Admix via a 25.9% stake in Sure Valley Ventures (ICAV).
Admix said the funding round will enable it to scale up its in-play solution globally and to establish it as the content monetisation layer for gaming worlds and the formative metaverse.
Pires told investors that this new funding has been raised at a valuation that represents ‘around 1,500% of the company’s valuation at which SVV initially invested in the business in 2018.’ The Group said this reflects the ‘significant progress’ that Admix has made to date.
SVV participated in the Series B round alongside renowned VCs Elefund, Force Over Mass, DIP Capital, Notion Capital, Speedinvest, Rocket Capital, Colopl Next and Sidedoor Ventures, as well as growth investor Kuvi Capital and angels from the gaming industry, Pires outlined.
Founded in 2018, Admix provides a solution that bridges the gap between brands, creators and advertisers using non-intrusive product placements integrated inside video games. Over 300 global games and thousands of advertisers currently use Admix’s end-to-end platform.
The company has recently made key hires in both North and South America as well as the Asia-Pacific (APAC) region where Admix said its presence will now be expanded further.
Pires said the first phase of Admix’s development has proven its commercial model, which is on track to deliver very significant year-on-year revenue growth; and the $25m raised will fund the second phase of product development ‘that will set standards in the formative metaverse.’
Nicholas Lee, Director of Pires, commented: “We are delighted to note Admix’s successful Series B funding round, raising US$25m, with an impressive roster of investors participating in the round. The valuation ascribed to Admix represents a 1,500% uplift on the valuation at which SVV initially invested and further demonstrates the quality of the SVV portfolio.”
He said: “The business has made excellent progress to-date and has proven its commercial model, with over 300 games now using its platform. This funding should further accelerate its growth as Admix looks to expand geographically and develop its state-of-the-art technology.”
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