Technology and game-focused private equity firm Haveli Investments has announced the acquisition of a minority interest in Match Masters developer Candivore for approximately $100 million.
Since its release, Match Masters has been downloaded more than 50 million times and generated over $300 million in revenue, thanks in part to its combination of match3 and competitive gameplay, hosting large-scale tournaments all over the world.
Investment in new markets
“We are thrilled to partner with Haveli,” said Candivore CEO Gal Goldstein. “This investment gives us access to capital, as well as Haveli’s team of top-tier investors and operating partners, enabling us to further grow Match Masters in the United States and beyond and bring additional games to market over time.”
“Candivore’s Match Masters is a clear category leader with a rapidly growing user base and a talented, entrepreneurial leadership team,” said Haveli Investments senior managing director Ophir Lupu. “We are excited to partner with them on our first investment in the mobile gaming space and look forward to collaborating with Gal and the team at Candivore to capitalise on their success to date and help take the business to new heights.”
“Candivore is a world class mobile gaming studio, and we are excited to partner with Gal and his talented team,” added Haveli Investments principal Diwakar Rao. “Match Masters has successfully combined the popular match3 mechanic with a competitive game play mode that makes it unique and fun to play. With our experienced operating partner network, we are confident Haveli is well positioned to support Candivore through its next stage of growth and drive value creation.”
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