Weekly News Digest #16

Reforged Studios: MEP Capital Backs $30m Platform Build in Independent Gaming

Malta-based gaming holding Reforged Studios has secured an initial $30m growth investment from MEP Capital Management, a private investment firm specializing in media and entertainment. The capital will accelerate Reforged’s strategy of acquiring, enhancing, and extending the lifecycle of gaming properties globally. As stated by Vice President Jameson Latko of MEP Capital: “We see strong, enduring value in video game IP and publishing rights, particularly where there is a clear strategy to build upon existing success.”

Founded in 2022, Reforged Studios operates as a gaming IP platform that acquires and scales independent and mid-market development studios. Following an acquisition, the company integrates the developer into its platform, providing capital, marketing resources, and publishing support to expand the studio’s distribution and revenue streams.

Since its 2023 public launch, Reforged has completed four studio acquisitions, all at undisclosed terms. In Aug’24, Reforged simultaneously acquired UK-based PC & Console games developer Ground Shatter, known for the Fights in Tight Spaces deck-building tactical franchise, and UK-based multiplatform games developer Extra Mile Studios, known for providing co-development services on Revolution Software‘s Broken Sword adventure series. In Dec’24, Reforged acquired South Africa-based PC & Console games developer Yellow Lab Games. In Mar’26, Reforged completed the acquisition of Headup, a Germany-based indie games publisher founded in 2009, best known for the Bridge Constructor franchise, which has accumulated $10.2m IAP Revenue and 24 million lifetime downloads, according to AppMagic, since its 2012 launch. Previously a subsidiary of Thunderful Group since Mar’21, when Thunderful acquired it for up to $13m (€11m), Headup was divested for ~$543k (€500k) in Mar’24 to its founder Dieter Schoeller as part of Thunderful’s restructuring program, with an active portfolio of approximately 80 titles. Headup’s recent PC & Console releases include 2D metroidvania Inayah: Life after Gods (Mar’25), action-adventure Vessels of Decay (Jun’25), survivor strategy Royal Revolt Survivors (Oct’25), and precision platformer Super Meat Boy 3D (Mar’26). Dieter Schoeller has joined Reforged as the group’s Chief Publishing Officer.

The table above shows cumulative Steam sales across Reforged’s acquired studios from 2021 to present. Headup is the dominant contributor, accounting for ~88% of combined copies sold (~3.4 million total on Steam since 2021), driven by its ~80-title catalogue. Ground Shatter follows at ~12% with 395 thousand copies, led by Fights in Tight Spaces. Yellow Lab Games, with its debut title Metavoidal (2025), remains at early-stage volume.

The $30m MEP Capital investment provides Reforged with the capital foundation to sustain this long-tailed publishing model while pursuing further acquisitions. We will continue to monitor Reforged’s acquisition roadmap and platform buildout.

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VENTURE FINANCING

China-based generative AI company HiDream.ai has raised over $73.3m (RMB 500m) in a growth round. New shareholders include Oriental Fortune Capital and Fenghua Capital. Returning investors Xingtai Group, Hefei Industry Investment Group, Hefei High-tech Investment, and Anhui Provincial AI Mother Fund each increased their stakes in the round. Founded in 2023, HiDream.ai builds visual multimodal foundation models for AI-driven image and video creation and editing, targeting enterprise clients across creative and productivity workflows. Its open-source image generation model HiDream-I1 was released publicly in Apr’25. Proceeds will fund R&D for HiDream.ai’s next-generation native full-modal world model, enterprise AI agent products, and global market expansion.

US-based AI marketing platform Uplane has raised $4.5m in a Seed round led by gaming VC Play Ventures, with participation from Y Combinator, 20VC, Rebel Fund, and Multimodal Ventures. Founded in Nov’25 by Julius Korfgen, Lukas Vollmer, and Marvin Abdel-Massih, the platform automates the full performance marketing cycle for brands spending $100k or more monthly on digital ads, covering AI-generated creatives, algorithmic campaign management, and real-time budget optimization across major social media. The 15-person team will use the proceeds to grow headcount, acquire new customers, and expand platform integrations.

Türkiye-based mobile games developer Mission Control Games has raised $4m in a Pre-Seed round led by General Catalyst, with participation from Arcadia Gaming Partners and e2vc. The studio was co-founded by Kivanc Okutur and Murat Gurel, both former directors at UK-based mobile games developer Gram Games. Mission Control aims to build new sub-genres within casual mobile puzzle games using AI-native development practices. Proceeds will fund team expansion and accelerate development of the studio’s first title. The deal marks General Catalyst’s second Türkiye-based gaming studio investment in three months, following its participation in TaleMonster Games Jan’26 Series A, co-led by Arcadia Gaming Partners and a16z.

FUNDRAISING

The UK Government has launched the UK Games Fund, a $38m (GBP 28.5m) grants program for video game developers, as part of a broader $40m (GBP 30m) Games Growth Package announced on Apr 13, 2026. Grants are structured across three tiers: an Entry Track of up to $27k (GBP 20k) for newly formed studios, an Emergent Track of up to $133k (GBP 100k) for game prototyping, and an Expansion Track of up to $333k (GBP 250k) for game completion and scaling. The fund represents a doubling of its prior funding level and forms part of the government’s Creative Industries Sector Plan. The package also includes $2m (GBP 1.5m) allocated to the London Games Festival over three years. The UK games sector comprises over 2,000 studios.