FIRY Sells 10.5% Exit Games Stake for $55 Million in Cash
The company invested $50 million in the Hamburg studio behind Photon in July 2021, returning about 1.1 times its money.
By Bootstrapped Wealth Money Desk
· 1 min read
FIRY has sold its full 10.5% holding in Exit Games, the Hamburg studio behind the Photon multiplayer networking technology, for $55 million in cash, with the deal closing on October 2, 2026, according to PocketGamer.biz. The company confirmed it received the full proceeds.
FIRY, which operated as Skillz Inc. at the time, put $50 million into Exit Games in July 2021. The sale returns roughly 1.1 times the original investment in cash, the company said.
Andrew Paradise, chief executive and founder of FIRY, tied the original check to market conditions, saying the 2021 investment came "at what turned out to be the height of the venture market over the last decade." He said the average fund from that vintage has since distributed five cents on the dollar and that much of it remains held in illiquid marks, while FIRY is exiting in cash above its purchase price. He said the proceeds give the company flexibility for its other businesses.
Exit Games built its business around Photon, which is used across major game engines and platforms and in thousands of titles, including Stumble Guys.
This story was first reported by Mobile Goddess.
Comments