“Games are now the biggest media sector worldwide and are where the next big computing platform – the Metaverse – is emerging with almost 3 billion gamers worldwide”
An investment company focused on the games in the new and burgeoning metaverse is to list in London.
Hiro Metaverse Acquisitions I (HMAI) will raise £115mln via the listing, with London chosen because of the video games industry already being established in the country, said Sir Ian Livingstone, HMAI chairman (and also the founder of Games Workshop).
READ: Games Workshop co-founder launches €100mln fund for gaming sector
“This region has talented entrepreneurs and brilliant creators who produce approximately one-third of all the video games content played worldwide,” said Livingstone, who was also the chairman of computer games developer Sumo before it was recently sold to China’s Tencent for £1bn.
Facebook, now known as Meta Platforms Inc, is to publish its results on Wednesday, with a particular focus on its metaverse investment aspect of the company (read more) and likely to put the spotlight on the new platform.
Hiro, meanwhile, is a special purpose acquisition company sponsored by Hiro Sponsor I LLP, which is an affiliate of Hiro Capital, a videogame and metaverse technology venture capital fund.
The HMAI team believes that video games and the metaverse are the next major computing platform and will constitute a large proportion of the new economy of the 2030s, it said.
“Games are now the biggest media sector worldwide and are where the next big computing platform – the Metaverse – is emerging”.
The sole book-runner for the transaction is Citigroup Global Markets Ltd.
Hiro Capital has successfully completed 20 investments since being established in 2019.
Examples of Hiro Capital’s investments include Polyarc, Loco, FITXR, Elvie, Dreamcraft, and Skybound.
HMAI was founded by Alvarez, Livingstone, and Cherry Freeman all of whom have a track record of entrepreneurship and investment in the video gaming, digital sports, and technology sectors, it said.
They collectively co-founded and invested in over $9bn worth of companies in these sectors, from start-ups to IPOs in London and New York.
Read More: Hiro Metaverse Acquisitions intends to float in £115mln listing