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Shiro Games Announced Raise of €50 Million Led By Cathay Capital

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Shiro Games is an independent video game development company based in Bordeaux, France. The company was founded in 2012 by Sebastien Vidal and Nicolas Cannasse, the studio has become one of France’s most successful indie developers. It currently employs around 60 people. 

Shiro Games gained recognition after launching Evoland. Their second game Northgard, an RTS inspired by Norse mythology, became the company’s biggest hit to date. It has apparently sold over 3 million units, according to Shiro Games CEO Nicolas Cannasse.

The studio’s latest project is Dune: Spice Wars, a Funcom-published RTS with core elements of 4X strategies. The game came out in Early Access earlier this year and received positive reviews from the first players.

Shiro Games have now just announced a raise of €50 million led by Cathay Capital. This is apparently Cathay Capital’s first investment in the games industry and has left Shiro Games at a valuation of around €150 million. The money will be used to hire new staff and produce two new games, which are yet to be announced. These titles are expected to come out in 2024.

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