Bordeaux-based game development studio Shiro Games has reportedly received nearly €50 million from the global investment firm Cathay Capital. With this investment, the studio behind such titles as Evoland, Dune: Spice Wars, and Northgard, is now estimated at around €150 million in total value.
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The two founders of the studio, Sébastien Vidal and Nicolas Cannasse, will still be the majority shareholders. The company will use the investment to grow its team of 60 people and further the development of two new titles that currently remain a mystery.
Shiro also has a publishing branch named Shiro Unlimited, established in July 2021. The publishing company has two games expected to come out in 2023: Abyssals, developed by OverPowered Team, and Decarnation, developed by Atelier QDB.
Nicolas Cannasse, CEO and Co-Founder at Shiro, shared thoughts and sentiments about the recent investment:
“We are delighted to welcome the Cathay team to our capital. Their long-standing expertise in supporting and structuring fast-growing companies will allow us to begin a new page in the history of Shiro Games while maintaining our identity and values and furthering our international expansion. Together, we will continue our adventure to become a leading developer and publisher in Europe.”
According to the news by Les Echos, this is Cathay Capital’s first investment in the game industry, although the company has investments in areas such as beverages, energy management, and medical technologies.
