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Nexters' Q2 2021 bookings up 40% to $154 million

Will float via SPAC in Q3 2021
Nexters' Q2 2021 bookings up 40% to $154 million

Global mobile game company Nexters has revealed further growth of bookings throughout the second quarter of 2021.

The developer, best known for Throne Rush and Hero Wars, reached $154 million in bookings, a 40 per cent increase year over year for the same period in 2020. Throughout 2020, Hero Wars accumulated 36 million downloads across both the App Store and Google Play.

Nexters has seen an increase in the number of monthly paying players by 43 per cent year-on-year in Q2 2021 to an estimated 400,000 players. New players typically spend less at the beginning of their lifespan, however, the blended average bookings per player was steadily maintained at $125. By 2023, Nexters' net bookings are forecast to reach $562 million.

Nexters acquired $50 million in additional investments from Mubadala Investment Company and VPE Capital via PIPE. This investment, coupled with $50 million from SPAC sponsor Kismet Sponsor Limited, brought total investment to $100 million, the cash minimum required under the business combination agreement as a result of PIPE funding commitment. The transaction is expected to close by the end of the third quarter of 2021.

Readiness to go public

The merger between Nexters and special purpose acquisition firm Kismet Acquisition One SPAC saw the company being valued at $1.9 billion.

"Our savvy marketing and fun games are landing well with a growing audience who haven’t stopped playing games," said Nexters CEO Andrey Fadeev.

"These successes are further fuel for our readiness to go public."

"We are excited to establish this partnership with Ivan Tavrin and Kismet through this investment into Nexters," added head of Mubadala’s Russia and CIS Investment Program Faris Al Mazrui.

"The company fits well within our expanding portfolio of tech companies that we believe will deliver long term and sustainable returns. Nexters is led by a strong and visionary management team, and is well-positioned to benefit from the ever-evolving games market."

"The gaming space is one to which we have been looking to gain exposure for some time, and we are convinced that Nexters offers a great growth opportunity for us and our LPs," said partner of VPE Capital Roman Kudryashov.

"The company demonstrates the kind of dynamic entrepreneurship we like to see in our fund. We are very much looking forward to working with our new partners."

Similarly, following a deal with Ludia and a SPAC float, mobile games developer Jam City estimates $868 million bookings in 2022.