Passion Punch, a mobile game industry player, announced that it had received a $4 million seed investment as it transitioned to web3. The investment round, led by Colendi, included Turkcell New Technologies Venture Capital Fund and Re-Pie, along with various angel investors. Following the investment round, the company’s valuation has reached $39 million.
Mehmet Ali Ergin, Deputy Chairman of Re-Pie Portfolio Board of Directors, pointed out that the game industry is one of the sectors they focus on. He said:
“As Re-Pie, we continue to grow our portfolio by investing in startups with high growth potential and technology and innovation-oriented business models. Turkey is the leading country in Europe that attracts the most investment in the game industry. We are witnessing very successful initiatives. The game industry is also one of the sectors we focus on. In line with this understanding, Passion Punch was also a company on our radar, and we are happy to have realized our investment.”
Vugar Hasani, co-founder and CEO of Passion Punch, stated that they couldn’t be indifferent to blockchain technology enabling games to reward the embracing approach of their communities in the way they deserve. They are redirecting their vision to web3 games hoping for a future in which they are a significant part of the tremendous change.
Burak Ökmen, co-founder and CBSO of Passion Punch, commented that by benefiting from the experience of Passion Punch along with fun and user-friendly products with sustainable economies merging F2P(free to play) and Web3 worlds, they target to lead the market where competition has yet to reach high levels. He added, “We believe in achieving firsts by using unique models in the web3 game industry, which we witnessed taking shape.”
Colendi Global CEO Bülent Tekmen expressed:
“We are excited to support the transition of Passion Punch to web3 and their vision for the future of gaming. The game industry is rapidly evolving, and web3 technology has the potential to create new opportunities and revenue streams for developers while enabling a more inclusive and decentralized gaming ecosystem. We believe Passion Punch is well-positioned to lead this evolution, and we are glad to be a part of their journey.”
Over the past three years, Passion Punch has created successful games that have been played by over 200 million mobile players. The company has brought together talented individuals in art and software for mobile game development and impressive storytelling. Passion Punch is known for the quality of its art team and has drawn attention to the strength of its technology, as evidenced by its appearance in the Unity Gaming Report 2022 and 2023, which determines future trends for the game industry.
