ProDrops co-founders (company pic)
ProDrops, an Israeli startup for gaming and eSports collectibles, has brought in $5 million from fellow Israeli gaming company – and now industry leader – Playtika.
Founded in 2021 by two 25-year-old entrepreneurs, CEO Omer Ziv and CTO Ido Perach, ProDrops declares that the company is creating a new gaming fan experience, allows all gamers to engage with their favorite gaming icons in-game and off socials. The company is developing a collection and trading card game system for gamers.
Founded in 2010 by Robert Antokol and Uri Shahak, Playtika was one of the first companies to offer free-to-play social games on social media and, shortly thereafter, on mobile platforms.The company operates 20 offices globally and employs over 4,000 people, with 35 million monthly active users across a diverse portfolio of games.
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Interestingly, Playtika is making the acquisition of ProDrops at the same time that the company is looking for a buyer for itself. Just three months ago Playtika announced that its board of directors initiated a process to evaluate Playtika’s potential strategic alternatives, including selling the company “or other possible transactions.” And this came just one year after the company first went public, getting an $11 billion valuation at the time.
But as of Friday, Platika had a market cap of just $5.36 billion and its stock was trading at a low of almost 40% down from its one year high, way down from its all-time. This is obviously related to the fact that the markets around the world are all down right now. So Playtika might now be looking at acquiring other firms like ProDrops to shore up the company’s value for now, while hoping to find a buyer when the market gets better.
“The global gaming industry is growing tremendously, but it is still far from reaching its full potential,” said ProDrops CEO Omer. “The market is eager for products that will enrich the traditional gaming environment, strengthen and deepen the ecosystem and enable a more holistic experience. ProDrops sits squarely in this space as we aim to enrich the world of gaming for all – from streaming viewers to the world’s leading eSports teams.”
Eric Rapps, Chief Strategy Officer of Playtika, said of the acquisition, “Playtika is excited to lead ProDrops’ first funding round and contribute its expertise in gaming to help Omer and Ido realize their vision of building the leading digital collectibles product for the eSports world. Omer and Ido are inspiring, young entrepreneurs who exemplify Israel and the game industry’s spirit of innovation and we are happy to support them.”
