Weekly News Digest #18
# of announced deals
6
announced deals’ size
$2.5B
# of closed deals
5
Largest Mobile Gaming Round Ever — Dream Games partnering with CVC & Blackstone
Turkey-based mobile games developer Dream Games has announced a strategic equity investment from CVC Capital Partners and debt financing from Blackstone and other investors. While the deal’s terms were not officially disclosed, the industry rumours cited by Bloomberg and FT suggest that it totals roughly $2.5B, valuing the company between $4B and $5B – almost doubling its previous valuation of $2.75B in 2022.
The investment combines equity and debt financing, with CVC becoming the sole equity partner of Dream Games. The founders will remain majority shareholders after the transaction. Debt financing was led by Blackstone and other investors. Raised proceeds will be used to buy out existing investors, including Makers Fund, Index Ventures, Balderton Capital, and IVP, all of whom will exit entirely.
The deal represents one of the largest VC exits in mobile gaming history, valuing the company roughly at $4.5B (average between $4B and $5B range cited by FT) and Türkiye’s biggest transaction since Zynga’s acquisition of Peak Games by $2.1B consideration in Jul’20. Read more about gaming exits analysis in our GDEV Feature.
Note: There was a minor typo in today’s newsletter — Dream Games’ valuation data was incorrect in one of the tables. It’s all fixed in the table below now.
CVC’s investment is expected to finalize in Q3 2025, reinforcing Dream Games’ leadership in the global mobile gaming market. According to AppMagic, the company’s revenue surged thanks to its flagship title Royal Match, which overtook Candy Crush Saga in 2023 to become the world’s top-grossing match-3 mobile game. In 2024, Dream Games solidified its position further with the release of its sequel, Royal Kingdom.
Source: AppMagic
Dream Games’ rapid ascent highlights Türkiye’s emergence as a hub for mobile gaming innovation. For deeper insights, revisit our feature on the Türkiye gaming market.
| NOTABLE TRANSACTIONS |
MERGERS & ACQUISITIONS
China-based subsidiary of Sony Interactive Entertainment (TYO: 6758), Sony China, has acquired the remaining 51% controlling stake in its joint venture with China-based entertainment company Oriental Pearl. The two companies originally partnered in May’14 to support PlayStation hardware distribution in China. Following the transaction, the entity will be renamed Wanzhanpiwu Cultural Entertainment Development, granting Sony full ownership of PlayStation hardware distribution operations in the Chinese market.
Malta-based mobile game developer Dorado Games and Germany-based browser game developer Bytro have announced a strategic merger, forming a new entity named Twin Harbour Interactive. Both companies specialize in strategic war games for mobile and browser platforms, and together have a combined audience of 2 million MAU. The newly formed entity will hold the game rights to Supremacy: 1914, Call of War 1942, and World War 3.
US-based UGC games publisher Super League has acquired US-based Roblox platform game developer Supersocial for an undisclosed sum. The acquisition is part of Super League’s strategy to expand partnerships and scale branded world-building capabilities for advertisers. Together, the two companies have achieved over 390 million visits and 3 billion advertising impressions across 49 Roblox games. Supersocial previously raised $5.2m in a Seed funding round in Sep’21. This deal marks the second acquisition of a Roblox-related company in 2025, with the most recent prior deal being the acquisition of Brookhaven by Voldex in Feb’25.
VENTURE FINANCING
South Korea-based publisher and game developer NCSoft (KRX: 036570) has made an undisclosed strategic equity investment in US-based PC & Console game developer Emptyvessel. Emptyvessel is currently developing Defect, a AAA cyberpunk squad-based tactical shooter built on Unreal Engine 5. The investment is part of a broader strategic cooperation between the two companies, which includes NCSoft serving as the publisher for Defect. Emptyvessel previously secured an undisclosed Seed round in Mar’24.
UAE-based esports lounge operator True Gamers has raised $5m in a Seed funding round from undisclosed investors. The funds will be used to support the expansion of the company’s franchise across the MENA region and Europe. True Gamers previously raised $45m for its Saudi Arabia expansion in Jan’24 and currently operates 14 gaming cafés.
FUNDRAISING
Turkey-based venture capital firm Revo Capital has secured $86m in the first close of Revo Capital Fund III. While the firm was previously focused on the technology sector, the new fund marks an expansion into the gaming vertical. Revo Capital Fund III will prioritize investments in companies leveraging AI and plans to invest up to $5m per company, with follow-on capital bringing total exposure to as much as $10m. The fund will target Series A and Series B companies, with a significant portion of capital directed toward Turkish startups, alongside investments in Central and Eastern Europe.
EARNINGS REPORTS
| Report Date | Company Name | Earnings Release Presentation |
|---|---|---|
| 2025-04-28 | G5 Entertainment AB | G5 Entertainment FY24 |
| 2025-04-29 | Modern Times Group AB | Modern Times Group Q1’FY25 |
| 2025-04-29 | KRAFTON Inc. | KRAFTON Q1’FY25 |
| 2025-04-30 | Thunderful Group AB | Thunderful Group FY24 |
