Haveli Investments Acquires Minority Share in Match Masters Developer Candivore
Private equity firm Haveli Investments has recently announced their acquisition of a minority stake in game developer Candivore, known for their popular game Match Masters. The deal was sealed at approximately $100 million, marking another strategic move in Haveli’s investment portfolio.
Match Masters, released several years ago, has gained significant traction in the gaming market. With over 50 million downloads and generating more than $300 million in revenue, the game’s success can be attributed to its unique combination of match-3 gameplay and competitive elements. In fact, Match Masters has become a leader in the category and has been praised for hosting large-scale tournaments globally, further fueling its popularity.
Haveli Investments, specializing in technology and game-focused investments, has been actively expanding its reach in the gaming industry. Since its establishment in 2022, the firm has invested in other notable game makers such as London-based Omeda Studios and the developer of Dead by Daylight, Behaviour Interactive.
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Candivore CEO, Gal Goldstein, expressed excitement about the partnership with Haveli. He emphasized how this investment not only provides access to capital but also grants them the opportunity to tap into Haveli’s experienced team of investors and operating partners. This collaboration is expected to drive further growth for Match Masters in the United States and beyond, as well as pave the way for the development of new games in the future.
Ophir Lupu, Senior Managing Director at Haveli Investments, acknowledged the strength of Candivore and Match Masters. He praised the game’s talented leadership team and rapidly expanding user base, solidifying its status as a category leader. Lupu also expressed the excitement surrounding Haveli’s entry into the mobile gaming space through this investment, highlighting the potential for future success and growth in partnership with Candivore.
Diwakar Rao, Principal at Haveli Investments, echoed Lupu’s sentiments. He described Candivore as a world-class mobile gaming studio and expressed confidence in the potential for growth and value creation. Rao also commended the unique and fun gameplay experience of Match Masters, emphasizing its successful combination of the popular match-3 mechanic with competitive gameplay. With the support of Haveli’s experienced operating partner network, Rao believes Candivore is positioned for continued success and growth.
This strategic partnership between Haveli Investments and Candivore reinforces the ongoing trend of private equity firms investing in the gaming industry. The dynamic nature of the gaming market and the potential for high returns make it an attractive arena for financial investments. As Haveli expands its presence in the gaming industry, the company is poised to make further strategic moves that contribute to the growth and success of both Match Masters and the wider gaming community.