Shiro Games attracts $48.5m investment

Date Type Companies involved Size
October 12th, 2022 investment Shiro Games Not disclosed
Shiro Games attracts $48.5m investment

French games studio Shiro has brought in new investment.

That's according to local newspaper Les Echosas spotted by – which says that Cathay Capital has backed the company to the tune of roughly €50 million ($48.5 million). The exact figures have not been revealed, though the deal values Shiro at €150 million ($145.6 million).

This is apparently Cathay's first investment in the games industry. Shiro will remain independent after the deal is completed, though this cash will be used to increase recruitment and to fuel development on two new unannounced projects.

"We are delighted to welcome the Cathay team to our capital,” Shiro co-founder and CEO Nicolas Cannasse said.

“Their long-standing expertise in supporting and structuring fast growing companies will allow us to begin a new page in the history of Shiro Games while maintaining our identity and values and furthering our international expansion. Together, we will continue our adventure to become a leading developer and publisher in Europe.

Cathay co-founder and managing partner Edouard Moneit added: "Shiro Games has demonstrated an unparalleled ability to produce several games of high aesthetic and experiential quality in parallel, as well as to federate a community of millions of players around the world who are attached to the Shiro signature.

“With this momentum and the excellent fundamentals of the indie game market, Shiro has the potential to become a leading platform in Europe. We look forward to helping Nicolas, Sebastien and the entire Shiro team to go even further, thanks in particular to our experience in accompanying them through the acceleration phases and our international network.”

Shiro is best known for its work on Northgard and Dune: Space Wars.

PCGamesInsider Contributing Editor

Alex Calvin is a freelance journalist who writes about the business of games. He started out at UK trade paper MCV in 2013 and left as deputy editor over three years later. In June 2017, he joined Steel Media as the editor for new site In October 2019 he left this full-time position at the company but still contributes to the site on a daily basis. He has also written for, VGC, Games London, The Observer/Guardian and Esquire UK.