Largest Mobile Gaming Round Ever — Dream Games partnering with CVC & Blackstone
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.
