We continue our review of 2024 together with top managers and experts from the games industry (and related fields). Up next is an interview with Shum Singh, managing director and founder of Agnitio Capital.
What has 2024 been like for Agnitio Capital? What would you like to highlight in terms of achievements?
Please note we are primarily focused on advising on mergers and acquisitions. 2024 was a difficult year based on reduced interest from acquirers in purchasing smaller to mid-sized companies. In terms of investments (we are also an active angel investor), we have met a number of interesting and fast-growing studios. We made two angel investments in studios we are quite excited to see scale in 2025 and beyond.
How has the market changed for those who are ready and willing to invest in gaming businesses?
A number of active game-focused VCs are no longer focused on games — they have shifted their strategies to investing in other industries which we find strange and short-term sighted. Other than a few funds that are continuing to invest in the current environment (Transcend, The Games Fund, GEM Capital), most other VCs are nowhere to be seen.
What investment trends are you expecting to intensify or emerge in 2025?
We expect more investment to occur in indie-focused PC developers / publishers and in game services companies. Mobile-focused studios will have a very difficult time raising funds unless they are scaling / growing rapidly.
What are your personal and company’s plans for 2025?
We will continue to execute our core strategy and advise on M&A but are opportunistically looking at continuing to make investments.