Haveli Investments, L.P. a technology and gaming-focused private equity firm, announced that it has acquired a minority interest in Candivore, the maker of the hit multiplayer match-3 puzzle game, Match Masters, for approximately $100 million. Haveli will fund the transaction from Haveli VC Gaming Fund I, L.P. (“Haveli Gaming”).
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Founded in 2018 and based in Tel Aviv, Israel, Candivore is an independent studio focusing on the development of mobile games. The founding team includes Gal Goldstein (CEO), Ehud Rosenberg (Product and R&D Lead), Sahar Azran (CTO), Alon Shkedi (Client Developer Lead), Tom Amel (Backend Developer Lead), Zur Tamam (Chief Creative Officer), and Ilya Agron (COO). Its flagship game, Match Masters, is an innovative match-3 puzzle game where players challenge each other from all over the world and compete in large-scale tournaments and events. Match Masters has seen over 50 million downloads and generated more than $300 million in revenue to date.
Ophir Lupu, Senior Managing Director at Haveli Investments, commented: “Candivore’s Match Masters is a clear category leader with a rapidly growing user base and a talented, entrepreneurial leadership team. We are excited to partner with them on our first investment in the mobile gaming space and look forward to collaborating with Gal and the team at Candivore to capitalize on their success to date and help take the business to new heights.”
Diwakar Rao, Principal at Haveli Investments, said: “Candivore is a world class mobile gaming studio, and we are excited to partner with Gal and his talented team. Match Masters has successfully combined the popular match-3 mechanic with a competitive game play mode that makes it unique and fun to play. With our experienced operating partner network, we are confident Haveli is well positioned to support Candivore through its next stage of growth and drive value creation.”
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Gal Goldstein, Chief Executive Officer at Candivore, stated: “We are thrilled to partner with Haveli. This investment gives us access to capital, as well as Haveli’s team of top-tier investors and operating partners, enabling us to further grow Match Masters in the United States and beyond and bring additional games to market over time.”
Eitan Reisel, Founder of vgames, an early investor in Candivore, said: “It has been mind-blowing to see what Candivore’s founding team and employees were able to achieve in the past three years. Match Masters is a category leader with so much potential to grow. We are all very much looking forward to a great partnership with Haveli.”
Launched in 2022, Haveli Gaming has previously invested in London-based Omeda Studios, whose title Predecessor is currently in Early Access and Montreal-based Behaviour Interactive, the developer and publisher behind the hit online, genre-leading game Dead by Daylight.
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