Merge, a leading platform connecting entrepreneurs with investors, has successfully facilitated a $700K investment deal for Skrmiish, an innovative gaming startup. The investment came from two renowned investors — Allan Gray E Squared Ventures (AGEV) and Blockchain Founders Fund (Singapore). This milestone achievement marks a significant moment in Merge’s growth and maturity.
Skrmiish Founder Chris Heaton commends Merge for their relentless approach in connecting startups with the right investors and acknowledges their integral role in securing the investment. Through Merge, Heaton was able to connect with exceptional individuals and unlock the necessary investment to propel Skrmiish into global success. The reputation of Venture Capitalist firms associated with Merge also led to further funding opportunities for Skrmiish.
The $700k investment deal was secured within eight months, with Blockchain Founders Fund investing in September 2022 and AGEV joining in April 2023. This deal is the largest facilitated by Merge to date, both in terms of the amount raised and the quality of the involved parties. The involvement of reputable VC companies highlights Skrmiish’s potential and showcases Merge’s global reach. With a total of £1.5m contributed in Skrmiish’s Seed Round, once the funding round concludes, it may become one of the largest seed investments in a gaming company on the continent. Merge played a crucial role throughout the process, overcoming bureaucratic obstacles, ensuring compliance with regulations, and managing financial and operational documentation to enhance investor confidence.
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Reasons for the Investment
The investment in Skrmiish by Allan Gray E Squared Ventures and Blockchain Founders Fund can be attributed to several key factors. Skrmiish has a unique value proposition that sets it apart from competitors. With an experienced leadership team and innovative use of technology, the startup has positioned itself as a promising player in the rapidly growing gaming industry.
Furthermore, Skrmiish addresses a real-world problem by providing an opportunity for gamers to earn cash while playing games. Previously, this privilege was limited to professional players and high-profile streamers. Skrmiish identified a market gap and created a platform that enables gamers to choose from personalized and on-demand challenges, thereby engaging a massive and enthusiastic audience.
The investment also reflects the immense potential of the global gaming market, which is experiencing double-digit year-on-year growth and has billions of gamers worldwide. Skrmiish’s solution aligns perfectly with this market trend, promising to disrupt the billion-dollar gaming industry and capture a substantial share of its revenue.
A Look at Skrmiish
Skrmiish was founded by Chris Heaton in 2021, who recognized the untapped potential in the gaming industry. The primary markets for Skrmiish are not limited to a specific region but cater to gamers worldwide. The startup offers a platform that allows gamers to earn cash by completing personalized and on-demand challenges in their favorite games. By focusing on the rapidly growing gaming market, Skrmiish aims to become a global success.
In addition to the investment and market focus, it is worth noting that Merge, the platform responsible for facilitating the investment, plays a significant role in supporting startups. Merge acts as a bridge between entrepreneurs and investors, providing equal opportunities for startups to access both local and international investors. This streamlined discovery process benefits startups and investors alike, creating a conducive environment for technological innovation and startup growth.
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The success of Skrmiish and the investment deal highlights the potential of South African startups to secure substantial backing from international investors, positioning the country as a leading contender for startup investment in Africa. Despite the challenging economic climate, Skrmiish’s achievement sends a powerful message to other founders in the region, emphasizing the importance of a robust business model, a strong network, strategic reach, and unwavering perseverance. This accomplishment is expected to inspire a new wave of entrepreneurial ambition and encourage African startups to thrive in the global market.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard