Shiro Games welcomes Cathay Capital, hints at two new projects

October 11, 2022

Northgard, Wartales and Dune: Spice Wars creators add new shareholder, keep control of the company.


Bordeaux, France – October 11th, 2022 Shiro Games has today announced that Cathay Capital will become a new  shareholder to join the successful indie company. The founders of the studio, Nicolas Cannasse and Sebastien Vidal continue the adventure as majority shareholders, keeping Shiro Games independent.

Based in Bordeaux, the video game developer and publisher recently welcomed 10 new hires, bringing the total number of employees to 60. The company has been growing strongly, supported by the historic success of Northgard and the recent launches of Dune: Spice Wars and Wartales, both garnering critical and public acclaim.

Created 10 years ago, the studio manages a large part of its technology and now has a diverse catalogue of six games. Thanks to its presence on Steam, Nintendo store, and Epic store allows it to address a global community of players on PC, consoles, but also on mobile.

This investment will be directed towards the development of two new unannounced projects, further powering its catalogue and company growth in the coming years.

At the same time, Shiro Games is also developing a publishing activity under its “Shiro Unlimited” label, supporting young independent studios in the development of original titles such as Decarnation or Abyssals (planned for a release in 2023).

Nicolas Cannasse, CEO of Shiro Games: “We are delighted to welcome the Cathay team to our capital. 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.”

Edouard Moinet, Co-Founder and Managing Partner of Cathay Capital, said: “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, Sébastien 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.”

About Shiro Games

Shiro Games is an independent Bordeaux-based studio founded by video game veterans, with the objective of offering rich and innovative game experiences. After the commercial and critical success of Evoland and Northgard, the studio has enriched its offer with two new games, Wartales and Dune: Spice wars and is already working on other unannounced projects.

For more information, visit or

About Cathay Capital

Cathay Capital is a global investment firm that supports companies at all stages of their development in Europe, Asia, North America and Africa. Helping to seize opportunities related to internationalization and sustainable transformation, Cathay is the partner of choice for companies that aspire to become leaders in their markets and make a positive impact. Its global platform connects people -investors, entrepreneurs, executive teams, and leading companies- across all continents to share the knowledge and tools to scale and reach new heights.

Founded in 2007 with a strong entrepreneurial heritage, Cathay Capital now manages more than $5 billion in assets and has made more than 230 investments, leveraging its global ecosystem and local expertise in its offices in Paris, Munich, New York, San Francisco, Shanghai, Shenzhen, Beijing and Singapore.

For more information, visit or visit us on LinkedIn, Twitter @CathayCapital