Npixel Valuation, Funding & Investors

Npixel is valued at $861M as of August 2021.

Last Npixel valuation

$861M

Series B · Aug 2021

Last Npixel funding round

$86M

Series B · Aug 2021

Cumulative funding Npixel raised

$139M

across 3 funding rounds

Key investors in Npixel

  • Altos Ventures
  • Aspex Management
  • Saehan Startup Investment
  • Saehan Venture Capital

Npixel Overview

About Npixel

Npixel is a Seoul-headquartered game developer focused on blockchain-integrated titles and NFT ecosystems. Formed in September 2017 by alumni from Netmarble's Seven Knights team, the studio released Gran Saga in South Korea during the first half of 2020. Npixel builds decentralized autonomous organization structures into its games, combining traditional mobile RPG elements with Web3 features like player-owned assets and community governance.


Founded

2017

HQ

South KoreaSeoul

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Valuation

$861M (Aug 2021)

Npixel Valuation

Npixel is currently valued at $861M, based on its Series B in August 2021.

The $86M round was led by Saehan Startup Investment.

Npixel's valuation has grown 3.4x from $257M at its Series A in January 2020 to $861M in August 2021, across 2 priced rounds.

Npixel valuation by funding round

Npixel valuation by funding round
DateStageValuation
Aug 2021Series B$861M
Jan 2020Series A$257M

Npixel Funding History

Npixel has raised a total of $139M across 3 funding rounds.

Npixel's first fundraising round was a $26M Series A in January 2020. The most recent completed round was a $86M Series B in August 2021.

Npixel funding rounds

Npixel funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Aug 2021Series BSaehan Startup Investment (lead)$86M$861MNpixel, a South Korean game developer known for titles like 'Gransaga', raised $86.32M (100 billion KRW) in a Series B funding round on August 31, 2021, led by Saehan Startup Investment (also referred to as Saehan Venture Capital). This was the company's latest round at the time, bringing total funding to $139.67M across three rounds, with prior rounds including Series A and Series A-II. Saehan Venture Capital participated in multiple rounds, confirming their involvement as lead in Series B.
Nov 2020Series AAspex Management (lead); Altos Ventures; Saehan Venture Capital$27M-Npixel, a company based in Gyeonggi-do, South Korea, operating in the gaming, PC games, and computer sectors, raised funding in an early stage venture round on 23 November 2020 led by Aspex Management, with participation from Altos Ventures and Saehan Venture Capital. The deal size was 26M. Aspex Management, a Hong Kong-based hedge fund founded by Hermes Li in 2018, focuses on public and private companies in Asia, with this Npixel investment listed among its deals.
Jan 2020Series AAltos Ventures (lead); Aspex Management (lead); Saehan Startup Investment (lead)$26M$257MNpixel is a South Korean game developer founded in September 2017 by former developers of Netmarble's Seven Knights. The company raised 30 billion won ($25.9 million) in a Series A funding round around January 10, 2020, led by Saehan Startup Investment and Altos Ventures, marking the largest Series A for a South Korean games company at the time. Funds were intended to support the launch of its first game, Gran Saga, an MMORPG for mobile, PC, and console, scheduled for South Korea in the first half of 2020, with additional projects like Project S in development.

Who has invested in Npixel?

4 investors have backed Npixel across its funding rounds, including Altos Ventures, Aspex Management, Saehan Startup Investment and Saehan Venture Capital.

Lead investors include Saehan Startup Investment, Aspex Management and Altos Ventures.


Npixel Investors

Investors in Npixel by funding rounds participated
InvestorHQRoundsRoleFirst check
Saehan Startup InvestmentSouth KoreaSeoul2LeadJan 2020
Altos VenturesUnited StatesSan Francisco, CA2LeadJan 2020

This data is available for Pro users. Sign up to see all 4 Npixel investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

Npixel Competitors

Npixel competitors include listed companies like HashKey Holdings and BitGo Holdings, and private ones like Mythical Games, Hike, C2x and Atomic Loans.

Public and private companies comparable to Npixel
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Mythical GamesUnited StatesLos Angeles, CAPrivate--$1B-
HikeIndiaNew DelhiPrivate--$1.4B-
C2xUnited StatesLos Angeles, CAPrivate--$500M-
HashKey HoldingsHong KongHong KongPublicly listed$92M($109M)$884M-
Atomic LoansCanadaTorontoPrivate--$900M-
BitGo HoldingsUnited StatesUnited StatesPublicly listed$16B($9M)$795M5.5x

Npixel Public Comps

Npixel is still privately-owned, but its public comps include GungHo Online, Playtika, HashKey Holdings, DoubleUGames, Yalla Group, BitGo Holdings, Kakao Games, Guangxi Xinxunda, MNC Digital Entertainment and VNG Corp..

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
GungHo Online$599M$37M0.3x0.3x5.5x4.0x
Playtika$2.8B$180M1.1x1.1x16.4x3.9x
HashKey Holdings$92M($109M)6.4x-(5.4x)-
DoubleUGames$524M$170M0.9x0.9x2.9x2.4x
Yalla Group$342M$128M----
BitGo Holdings$16B($9M)0.1x5.5x(125.1x)125.4x
Kakao Games$339M($72M)2.1x2.6x(10.0x)(38.1x)
Guangxi Xinxunda$19M($17M)37.4x-(40.8x)-

This data is available for Pro users. Sign up to see all Npixel competitors and their valuation data.

Start Free Trial

Common questions about Npixel

When was Npixel founded?Npixel was founded in 2017.
Where is Npixel headquartered?Npixel is headquartered in Seoul, South Korea.
Is Npixel publicly listed?No, Npixel is a private, VC-backed company.
What is Npixel's valuation?Npixel was last valued at $861M in its Series B in August 2021.
How much funding has Npixel raised?Npixel has raised $139M across 3 funding rounds.
What was Npixel's last funding round?Npixel's last funding round was a $86M Series B in August 2021, led by Saehan Startup Investment.
Who are Npixel's investors?Npixel's investors include Saehan Startup Investment, Altos Ventures, Aspex Management and Saehan Venture Capital.
Which companies are comparable to Npixel?Companies comparable to Npixel include Mythical Games, Hike, C2x, HashKey Holdings, Atomic Loans and BitGo Holdings.

See companies similar to Npixel

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial