The American games company Zynga is acquiring the Turkish development studio Peak Games for 1.8 billion euros. Munich-based VC investor Earlybird is receiving more than half a billion dollars in the deal.
The Munich held 30 percent of Peak Games. With the acquisition by Zynga, Earlybird secured the equivalent of more than €460 million. The VC, founded in 1997, thus achieved the largest exit in its history.
Of the total amount, $260 million will flow into Earlybird's coffers. In addition, Venture capital investor Zynga shares of the same value. According to Earlybird, the transaction is one of the largest European tech deals of the current calendar year and one of the largest tech exits by a German venture capital fund ever.
Earlybird aims to “identify exceptional founders very early”
Earlybird joined the Istanbul-based startup as an early-stage investor in 2011. Peak Games has since grown into a global provider of mobile gaming apps.
"Peak is a truly great founder story 'Made in Istanbul'. As a long-standing investor, we are proud to have been able to support the Peak team on this great growth path and also through difficult times,"
says Roland Manger, Co-Founder and Partner of Earlybird.
"We aim to identify exceptional founders like Sidar Sahin and promising startups like Peak or Uipath from across Europe at a very early stage and help them develop into high-growth companies. We are excited about Peak's success and its prospects. This partnership will enable both companies to take the next steps in growth."
Mobile games generated revenues of €43 billion last year, accounting for 60 percent of the entire video game market.
