Nazara Technologies on Wednesday announced that it will invest up to $500,000 (about Rs 4.15 crore) in Israel-based gaming startup Snax Games.
The investment will be made by Nazara Technologies’s Singapore subsidiary in one or two tranches in the form of a Simple Agreement for Future Equity (SAFE), the company said in a stock exchange filing. Following the agreement, Nazara Singapore will have the right to acquire equity shares in Snax Games at a future date.
The company has also entered into a publishing agreement with Snax Games, acquiring exclusive rights to publish the games in the Indian subcontinent and the Middle East region on a revenue-sharing basis for five years.
Co-founded by Adam Gal-Ed and Shahar Burg, Snax Games is in stealth mode. The startup’s leadership team has been involved in developing multiple top-grossing games and intellectual properties for prominent gaming companies such as Scopely, Plarium and CrazyLab.
Snax Games plans to build mobile games in a new genre called “casual multi-game” and is working on its first game called Parties and Puzzle, which will soon be made available through Nazara’s publishing platform, the company said in a statement.
Nazara Technologies recently received the board’s approval to raise up to Rs 750 crore through the issuance of equity shares. Over the past couple of years, Nazara has backed several gaming-focused companies including Kratos Studios, Nodwin, Halaplay, WildWorks, Kiddopia, Sports Unity, Sportskeeda, and Datawrkz.
