Faraday Venture Partners, a Spanish Venture Capital firm in full international expansion, consolidates its investment track record through its fifth “Exit” with the sale of its investee company PlaySpace to an industry player.
PlaySpace is a pioneer in the development of online multiplayer games for mobile devices, such as Parcheesi, Bingo, Dominoes and The Goose, among others.
Faraday invested in PlaySpace in 2012, a few months after its inception, together with People Fund and Mola, and was later joined by investors such as JME Ventures and Ad4Venture. Recently, PlaySpace sold 100% of its stake allowing all its investors to exit and providing an IRR of over 16% to Faraday’s investors through the transaction.
After four divestments over the last four years in Habitissimo (acquired by Homeserve Ltd.), Bodeboca (acquired by Pernod Ricard), Codigames (buyout by founders) and Signaturit (acquired by Providence Strategic Growth), the sale of PlaySpace reaffirms Faraday’s investment track record and endorses the experience and skills of its management team, which last September launched its private equity fund Faraday Europe I, FCRE.
The fund, with a size of €40M and a targeted internal rate of return of over 25% net of fees, invests in companies focused on providing solutions for a new and hyper-digitalised post-Covid19 environment, with a high potential for rapid value creation. It also offers geographic and sector diversification, with exposure to some of the most interesting entrepreneurial ecosystems in Europe (Spain, Germany, Benelux and soon Central and Eastern Europe), generating important synergies between the fund and the investment activity of its Clubs, at the best historical moment for Venture Capital investment.
Jaime Biel, Partner at Faraday comments: “We are very proud of our investment in PlaySpace and to have been able to support the company in its development and growth. It has been a real pleasure to work with the founding team and we wish them all the best for the future.”