Shiro Games reportedly receives $48.5M investment

by Adam Fitch  · 
Shiro Games reportedly receives $48.5M investment
Shiro Games

Independent French video game developer Shiro Games has received significant investment as it looks to expand its operations.

The investment: It'll help fuel Shiro Games' push into its new era.

  • While the studio hasn't confirmed the amount of capital it's received, French newspaper Les Echos published a report stating it's almost $48.5M (€50M).
  • This round of investment reportedly values the developer at $146M (€150M) while its Founders, Sébastien Vidal and Nicolas Cannasse, remain majority shareholders.
  • The report states that Shiro will use the capital to expand its team as it continues to grow in its new position as a game publisher. It currently employs around 60 people, keep an eye on its open listings on Hitmarker for when the time to hire arrives.

The companies: It appears to be Cathay Capital's first investment in games.

  • Shiro Games' titles include Evoland, Wartales, Dune: Spice Wars, Northgard, and Darksburg.
  • The studio opened its own indie publishing label in July 2021. It announced two new titles, Abyssals and Decarnation, in June 2022.
  • Cathay Capital's portfolio includes energy management company Wallbox, medtech company TISSIUM, and beverage company Genki Forest.