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.
