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Cathay Capital reportedly pours €50m into Shiro Games

Northgard studio now valued at €150 million

Dune: Spice Wars developer Shiro Games has a new investor, Cathay Capital.

The French studio didn't disclose the deal's figures but French newspaper Les Echos reported that the investment was just shy of €50 million.

The publication added that it's Cathay Capital's first investment in the games industry, with Shiro now valued at €150 million.

The funds will go towards recruitment efforts – the studio currently has over 60 employees – and development of two new, unannounced projects.

The developer's official announcement clarified that Shiro will remain independent and in the hands of co-founders Nicolas Cannasse and Sebastien Vidal. It added that the company will also continue its publishing efforts via Shiro Unlimited, the label it launched last year.

Cannasse, who is CEO, told Les Echos that Shiro's Northgard has now sold over 3 million units.

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Marie Dealessandri

Deputy Editor

Marie Dealessandri joined GamesIndustry.biz in 2019 to head its Academy section. A journalist since 2012, she started in games in 2016 at B2B magazine MCV. She can be found (rarely) tweeting @mariedeal, usually on a loop about Baldur’s Gate and the Dead Cells soundtrack. GI resident Moomins expert.