On Tuesday, Overwolf, a platform that enables creators to build, distribute, and monetize in-game apps, announced that it was able to raise $52.5 million thanks to major contributions from Griffin Gaming Partners and Insight Partners. The company stated that it also received investments from Ubisoft, Warner Music Group, former Quibi CEO Meg Whitman, and Gen.G co-founder Kevin Chou.
Overwolf is an Israel-based company that works with almost 30,000 content creators around the globe to reach an audience of nearly 18 million active users. After acquiring CurseForge in 2020, the organization announced it will also soon be launching CurseForge Core to help users “discover and install mods in-game, across platforms and storefronts.”
Nick Tuosto is the co-founder and LionTree managing director of Griffin Gaming. He said Overwolf is perfect for the ever-changing esports industry. “Similar to how developers use Unity to build a game, we see Overwolf as the framework for everything UGC related to games,” he said. “Overwolf allows for one of the only means of monetization for the thousands of creators, in turn, this translates to increased engagement for the publishers and more content for gamers. Services like Overwolf set the stage for the industry to see a new generation of user-generated content and we are excited to invest in the leading company moving this space forward.”
The Profit‘s Take:
Overwolf is the software that many gamers needed to install but hated having to do it. They built a large install base by bundling Overwolf with Logitech’s driver software. There’s no doubt that gamers need a tool to manage mods. It’s just that many developers could eventually bring mod management directly into the game, or this could be disintermediated completely by bigger “tools” like Discord. This is a big round and a big valuation so expectations will definitely be high. Let’s see if Overwolf lives up to them.
(All information was provided by The Hollywood Reporter)