Social games company Nival Network has raised $7 million in new equity capital from DST, 1C Company and Nival Group founder & CEO Sergey Orlovskiy at post-money valuation of $32 million, reported newspaper Vedomosti. The new shareholder DST invested $4 million for a 12.5% stake in Nival Network, the newspaper said. The other shareholders, accounting and multimedia software vendor, 1C Company and Nival CEO, Sergey Orlovskiy invested $1 million and $2 million, respectively. As a result, 1C and Sergey Orlovskiy will own 26.56% and 60.94% stake in Nival Network, respectively.
In December 2009, Russian online portal, Mail.ru merged with online games company Astrum Online Entertainment. In February 2010, Mail.ru acquired the remaining 30% stake in online game developer Astrum Nival, which was part of Astrum Online, from Sergey Orlovskiy.
Founded in 2008, Nival Network develops, publishes and operates free-to-play online games in Russia and former Soviet countries. The company has game development studios in Moscow and Minsk.
Nival Network develops and operates a leading Russian online gaming and social networking portal, ZZima.com with such MMORPG titles as Dragonica; Shaiya: Light and Darkness; Cabal Online, multiplayer racer Level-R, browser-based strategy offering Khan Wars 2.0, music game RockFree, and Prime World, online strategy game with social networking features.
In January 2010, Mangrove Capital and ABRT Fund invested $4 million in social games company Drimmi.
In 2009, the Russian online games market was valued at $238 million, of which MMOGs accounted for $210 million and casual games accounted for $28 million.