Dream Games Aims for $2.5B—Possibly The Biggest Gaming Fundraising Round Ever
Turkey-based mobile games developer Dream Games is preparing to raise $2.5B through debt and equity financing. The company aims to secure $1.25B in debt from private credit lenders and an additional $1.25B in equity. The funds will be used to buy out existing investors.
If completed, the deal will almost double Dream Games’ valuation from $2.75B to $5B. The company’s founders plan to retain a 70% ownership stake after the transaction.
This marks Dream Games’ fifth fundraising round since its founding in 2019:
— In Nov’19, Dream Games secured a $7.5m Seed funding round led by Makers Fund;
— In Mar’21, Dream Games raised a $50m Series A funding round led by Index Ventures;
— In Jun’21, Dream Games secured a $155m Series B in a funding round, co-led by Index Ventures and Makers Fund, valuing the company at $1B;
— In Jan’22, Dream Games raised a $255m Series C round, bringing its valuation to $2.75B.
Dream Games has developed two Match-3 titles: Royal Match and its latest release, Royal Kingdom, launched in Nov’24.Notable Transactions.
Royal Match is one of the most influential casual games out there. The title has dominated the Match-3 genre since 2023, reaching a total of 327 million downloads and $3.1B in revenue since its launch. In 2024, the game outperformed the second-highest-grossing title in the genre, King’s Candy Crush Saga, by 35% in Net IAP Revenue.
According to AppMagic, the recently released Royal Kingdom has accumulated 13 million downloads and $33m in revenue since its soft launch in Apr’23. The game’s initial performance seems to follow a similar trajectory to Royal Match. However, whether it sustains its momentum and achieves long-term success will depend on Dream Games’ strategic decisions.
This deal could become Turkey’s largest transaction since Zynga’s acquisition of Peak Games in Jul’20 and the most significant global mobile gaming fundraising round between 2020 and 2024, surpassing Jam City’s $350m funding round in Sep’21.
