- Agate seeks $10M funding for expansion and acquisitions
- Indonesian gaming regulations boost local developers’ potential market share
- Company maintains profitability and targets international growth in South Korea and Japan.
From Pixels to Profits
Agate International, Indonesia’s gaming powerhouse, is gearing up for a major expansion. The company aims to raise $10 million, starting with a $2 million convertible note this year and potentially segueing into an $8 million Series B round by 2026.
This cash infusion will fuel Agate’s ambitious plans, including launching a game publishing unit and exploring strategic acquisitions.
New Game+
Riding the wave of Indonesia’s supportive new gaming regulations, Agate plans to capitalize on the government’s push to boost local developers’ market share from a mere 0.5% to a whopping 70%.
The company’s diverse portfolio, boasting over 250 titles across multiple platforms, has already garnered 10 million downloads and 200,000 daily active users.
Cheat Codes for Growth
Agate isn’t just playing games; it’s playing the long game. The company has maintained EBITDA profitability since 2022 and expects to double its profits this year.
With an impressive 42% average annual growth rate from 2021 to 2023, Agate is eyeing at least 10% revenue growth in 2024.
The startup is also looking to expand its reach by hiring representatives in South Korea and Japan, aiming to level up its international game.
To read the original article: https://www.techinasia.com/agate-seeks-10m-powerup-game-dev-expansion
