Wargraphs, a bootstrap gaming startup with only one employee, sells for $54 million

Wargraphs, a bootstrap gaming startup with only one employee, sells for $54 million

Time Stamp: June 15, 2023 2:48 PM
Source Node: 2729292

It’s not something you hear every day, but this bootstrap startup Wargraphs has just achieved an impressive feat by selling for millions of dollars. The London-based one-person startup is the mastermind behind Porofessor, a highly popular companion app designed for League of Legends players to track and enhance their in-game statistics.

Porofessor quickly gained traction among gamers, becoming a valuable tool for League of Legends enthusiasts seeking to improve their gameplay. The app’s success caught the attention of potential buyers, and within just a few years of its launch, Wargraphs is now set to be acquired for up to €50 million ($54 million), according to TechCrunch, which first reported the story. The acquisition deal involves an upfront payment of half the amount, with the remaining sum dependent on meeting specific earnings and growth targets.

The buyer is MOBA Networks, a Swedish company specializing in acquiring, growing, and managing online gaming communities (MOBA stands for “multiplayer online battle arena”). Their plan is to expand the reach of Wargraphs’ existing products, particularly across Asian markets, while also developing analytics for additional gaming titles. This strategic move aims to capitalize on the success of Wargraphs and drive further growth in the online gaming industry.

Founded in 2020, Wargraphs currently also builds analytics for Legends of Runeterra and Teamfight Tactics, but the League of Legends business has been its biggest it by far. Porofessor has had 10 million downloads of its app on Overwolf — which is where Porofessor was built — and more than 1.25 million daily active users if you combine traffic both from that platform and its own direct website.

Wargraphs has been operating in its current form for approximately ten years and has consistently maintained profitability throughout its journey. In the last fiscal year, the company achieved an impressive revenue of €12.3 million.

This financial success highlights Wargraphs’ ability to generate substantial income while providing its services to the gaming community. It speaks to the company’s solid business model and its ability to effectively meet the needs of its customers, contributing to its sustained profitability over the years.

However, today Wargraphs has now expanded its offerings beyond League of Legends to include analytics for other popular games like Legends of Runeterra and Teamfight Tactics. However, it is the League of Legends segment that has emerged as the primary focus and most successful aspect of their business.

Porofessor, the companion app developed by Wargraphs, has witnessed impressive traction with over 10 million downloads on the Overwolf platform, where it was originally built. Combining traffic from Overwolf and their own dedicated website, Porofessor boasts more than 1.25 million daily active users. This significant user base demonstrates the app’s popularity and the value it provides to League of Legends players seeking comprehensive insights and statistics to enhance their gaming experience.

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