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GEM Capital introduced right now right now that it has invested a mixed $5 million into three recreation growth studios.
Paphos, Cyprus-based GEM Capital stated the funds have been allotted from the newest $50 million recreation enterprise capital fund that it raised final yr. The one factor the three studios share in frequent is they’re all based mostly in Cyprus. And whereas the $5 million will not be loads for 3 studios, the cash goes farther for corporations which have decrease prices in Cyprus.
The studios embody Weappy, which can use the cash to develop and self-publish a recreation known as Hollywood Animal, which is because of hit Steam Early Entry this yr. One other studio is VEA Video games, which is engaged on an unannounced PC and console platformer. And the third studios is Recreation Backyard, which is engaged on the delicate launch of a title known as Florescence.
“With these three investments, GEM further establishes itself as a leading Cyprus based gaming investment fund,” stated GEM Capital Managing Director Roman Gurskiy, in an announcement. “Following the successful announcement of Weappy’s Hollywood Animal and the strong performance of Games Garden’s Florescence, we eagerly anticipate what VEA Games will present later this year.”
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Weappy
Weappy is a recreation studio began in Cyprus in 2015 by founder Vitali Simanau, a former recreation journalist. He nonetheless serves as managing director. Specializing in creating video games for the PC and consoles, the corporate is acknowledged for its This Is the Police collection, which was printed by THQ Nordic. Within the recreation, you handle a corrupt police division.
Gross sales of the three video games in that collection have surpassed one million copies. After its first recreation launch in 2016, Weappy noticed vital progress, now accommodating two full-fledged growth groups. Furthermore, Weappy is branching into self-publishing and assist of exterior initiatives, indicating its ambitions and future plans.
Weappy’s first self-published title, Hollywood Animal, remains to be within the works. It’s a technique recreation that simulates operating a Twentieth-century Hollywood movie studio, full with glamour, debauchery, darkish deeds, and difficult compromises.
This bold challenge represents a brand new peak for Weappy, because it combines a signature story-driven method with the depth and complexity of top-tier financial simulators.
“It has the same approach as the police game, but this time you manage a cinema business,” Gurskiy stated. “That is the primary recreation that they are going to do that’s going to be self-published.
The group additionally has one other recreation in growth and it will likely be introduced later. The corporate has about 14 individuals.
VEA Video games
Dmitry Smirnov, founding father of VEA Video games, began the corporate in 2017. He had expertise as a supplier of instruments and plugins for recreation growth on the Unreal Market.
He held vital roles similar to a producer on Armored Warfare and a degree designer for Allods On-line and Skyforge. His experience didn’t cease at gaming; he additionally pioneered and superior the Recreation Graphics program at Scream Faculty. This program has been a launchpad for a lot of of his college students, propelling them to main corporations like Wargaming, Riot Video games, id Software program, CD Projekt Crimson, and extra.
VEA Video games is called one of many largest producers of property and plugins for the Unreal Engine. Following a change within the Unreal Market’s fee construction to higher assist creators, Epic Video games prolonged an invite to VEA Video games to take part in a weblog submit and interview alongside Tim Sweeney.
The group is presently engaged on an introduced PC and console platformer set to be introduced later this yr.
Recreation Backyard
Based by Yury Pomortsev, Natalia Mishulina and Alexander Mishulin in 2009, Recreation Backyard leveraged their intensive background in gaming to focus on creating cellular video games for households.
The corporate’s first recreation, Fairy Farm, rapidly gained reputation. Fairy Farm generated greater than $8 million in its first three years on a funds of $500,000. The following cellular video games Farmdale and Fairy Kingdom generated greater than 7.5 million natural installs. One other profitable title was Love Selection, focused at feminine cellular recreation gamers.
Over 15 years, Recreation Backyard expanded its portfolio with over a dozen video games, established places of work in Los Angeles and Cyprus, and grew to a devoted group of about 50 in-house and outsourced professionals.
Recreation Backyard’s newest recreation, Florescence, is presently in its delicate launch section. This recreation incorporates the favored Merge mechanic and an RPG-style meta, whereas providing a heat, pleasant surroundings. It’s scheduled for a worldwide launch this yr.
Set in a vibrant, family-owned flower store, gamers are welcomed by a sort Meemaw as her personal grandchild. They will domesticate and improve flowers, choose matching pots, create bouquets, beautify the store and different rooms, work together with the sport’s characters, recruit them to work within the store, clear up a detective story, and compete in opposition to different gamers. Florescence is about to a full world launch later this yr.
GEM Capital
GEM Capital is a recreation centered investor based mostly in Cyprus. It was based in 2017 by Anatoliy Paliy, a veteran of PwC. Not too long ago, the corporate raised $50 million from European LPs to spend money on 2024 and 2025.
GEM Capital has a portfolio of over 25 corporations valued at greater than $150 million. A few of the studios of their portfolio embody Mundfish, Crimson Rover Interactive, Eschatology Leisure, Weappy, Unhappy Cat Studios, Order of Meta, Unfrozen and Made on Earth Video games.
GEM Capital is among the most energetic video games traders on this planet based on InvestGame. GEM Capital is the largest video games investor in Cyprus. In response to Mobidictum, 7 out of the highest 10 video games startups rising from Cyprus are portfolio corporations of GEM Capital. GEM Capital was nominated for Investor of the Yr on the MENA Video games Business Awards 2024.
Gurskiy stated he’s bullish on video games, however he famous it’s more durable to get to the subsequent spherical of funding now given the present market in comparison with 2021. Entrepreneurs nonetheless want good observe data as firm leaders or larger corporations. But it surely’s a battle for the businesses within the center.
Gurskiy stated that valuations are extra affordable now on account of the slowdown, however he stated that content material stays king relating to gaming’s future. GEM Capital has deployed roughly half the funds since late final yr.
