Turkey has been dealing with debt and currency crises for a long time now. The country’s annual inflation rate surged to 36%, a record high since 2002. Amid all the turmoil, Istanbul-based mobile gaming company Dream Games is having its dream run.
The Turkey-based studio behind the popular mobile game Royal Match has raised $255M funding in a Series C round led by Index Ventures at a $2.75B valuation. Notably, the company has doubled its value in six months.
Other investors like Makers Fund, IVP, funds, and accounts managed by BlackRock, Kora, and Balderton Capital, participated in the round. To date, the company has raised $468M in funding.
The company will use the funding to start the development of a new game in 2022. The company currently employs 80 people in its offices in Istanbul and plans to add 120 people in 2022.
“Dream Games approaches gaming in a way that’s similar to how Pixar approaches filmmaking,” says co-founder and CEO Soner Aydemir. “We wanted to bring a holistic and inspiring spirit of excellence to the many thousands of details involved in the game design process, from art and engineering to the mechanisms that underpin the user experience. The result is a rich, beautiful gaming experience with enduring appeal.”
Post the Series C funding, Dream Games is now one of the most valuable and well-funded private mobile gaming companies right now.
Aims to offer Pixar-like quality
Founded in 2019, Dream Games aims to combine technology and creativity to develop high-quality mobile games that will be played for years.
The company’s first release is the Royal Match game, where users progress through levels to help a king decorate his castle. So far, it has gathered millions of dedicated daily fans globally.
It has attracted mass audiences across all regions, cultures, genders, and age groups, says the company. It is consistently in the top 10 highest-grossing mobile games in the US and other major markets.
Further, the company sees itself in competition with other forms of entertainment, such as films and social media – not just games.
With offices in San Francisco & London, Index Ventures is a venture firm investing in the next generation of entrepreneurs from seed to IPO. So far, the company has backed some of the reputed companies like Adyen, Discord, Figma, King, Revolut, Roblox, and Supercell.
“The success and growth of Royal Match exceeded all of our expectations,” says Stephane Kurgan, the Index Ventures partner who led the investment, and former chief operating officer at King. “In eight months, Royal Match has become one of the most played mobile games of 2021. Dream Games has assembled one of the best teams in the industry, with a rare combination of creative talent, engineering expertise, and relentless work ethic. They’ve already shifted the norms around what counts as excellence in mobile gaming, and we’re excited to see where they go next.