Tallinn-based Ultra, a one-stop destination for gamers, publishers, and developers, has completed a €10.8 million funding round to expand the team, develop the platform, and lay the groundwork for a future raise.
The round was led by Luxembourg-based multi-family office NOIA Capital through its NOIA Digital Assets fund.
Gus van Rijckevorsel, CEO at Ultra, said: “The gaming industry has been sitting on the sidelines for decades – too stubborn to change, too afraid to take a risk and think outside the box, and unable to reimagine what the future of gaming could look like. Right now, no one in the gaming industry is happy so why isn’t anyone doing anything about it? We’re here to change that and build a powerhouse that developers, publishers, and players can’t ignore.
“Today’s fundraise is only just the beginning and this year, we have ambitious plans to break the mold of the traditional game development and distribution cycle and push the boundaries of player experience and ownership. Just as Netflix redefined media consumption, Ultra will transform the gaming industry.”
Found in 2017, Ultra has received significant interest across the gaming, blockchain, and technology sectors. This latest capital injection comes hot on the heels of the appointment of Gus van Rijckevorsel, who has taken the reins as CEO.
Ultra believes that the growth of the gaming industry’s global market size and audience demands new models of distribution and engagement. At the same time, Ultra argues that Europe is lagging behind competitor markets in the emerging technology sector – including digital assets.
Ultra wants to position themselves at the convergence of these two industries and lead a European technology revival.
Muhammed Yesilhark, CIO at NOIA Capital, said: “Ultra is bringing the kind of bold, disruptive thinking that the gaming industry desperately needs. Gus and his team have a clear vision for the future, backed by a strong tech foundation and a strategic roadmap that puts Ultra in a position to challenge legacy players. At NOIA Capital, we invest in companies that have the leadership and vision to redefine industries, and Ultra is exactly that.”
In line with Ultra’s 2025 roadmap, the capital from this round will be strategically deployed to hire top-tier talent, continue expanding and upgrading the Ultra platform, and lay the groundwork for acquisitions that will serve Ultra’s key stakeholders. This round also lays the foundation for a significant raise set to close later this year.
The completion of the funding round follows the appointment of Maxime van Steenberghe, a former partner at Circle Strategies, as Ultra’s Chief Operating Officer. Leveraging his consulting and entrepreneurial expertise, Maxime will spearhead the implementation of Ultra’s vision, centered on building the go-to gaming platform in Europe and beyond.
