- UK capital markets company GreenBank’s portfolio company Staminier has invested in an MMO game developer.
- The company has taken a 21% stake in NARC Ltd giving GreenBank access to the metaverse.
- NARC is the developer of the next-generation MMO metaverse game “Beyond Ever After”.
GreenBank Capital’s portfolio company Staminier Capital has invested in massively multiplayer online (MMO) metaverse game developer NARC Ltd. According to the announcement, Staminier has acquired a 21% stake in the Malta-based gaming studio, which created the MMO metaverse game “Beyond Ever After”.
GreenBank holds a 19% stake in the locally-based Staminier. Therefore, the acquisition gives it access to the rapidly growing metaverse space. Several investment companies have either funded metaverse-linked projects or launched funds that track companies investing in the 3D virtual space.
The popular UK capital markets entity will now have indirect access to the emerging industry.
The announcement indicates that Staminier will initially invest £525,000 at €75 per NARC giving it an initial 2.6% stake of NARC’s fully diluted share capital.
Staminier has already paid £375,000 to NARC, with the remaining balance for the initial investment expected to follow soon, GreenBank wrote in a statement announcing the new position.
NARC was founded by the creators of the popular MMO game EVE Online, which was sold for $425 million in 2018. The company is very optimistic about the potential of “Beyond Ever After”, which it said has been in development for several years.
GreenBank’s share in the highly hyped game could grow significantly once Staminier triggers the option to launch the second round of investment, which is estimated at about £4,941,779 at valuations up to €120 per NARC share, thus giving it a 21% stake, up from 2.6%.
Staminier is investing in the video game developer through its subsidiary Substantia. It has until July this year to make it clear that it wishes to make the secondary investment, payable in January 2023.
The funding will help NARC to accelerate the development of Beyond Ever After, which is currently in the production phase after several years of research and exploration.
Stay up to date: