Eschatology Entertainment, a PC and console game development studio based in Nicosia, on Wednesday announced the closing of an $11.3 million investment round led by KRAFTON, with GEM Capital and The Games Fund joining the round.
“GEM Capital has further expanded its ownership in the company, demonstrating strong commitment to the team,” the company said in a statement.
It added that “this investment will support the development of the studio’s upcoming Souls-like FPS set in an Apocalyptic Wild West, enabling the team to finalise critical development stages and ensure the smooth production and launch of the game”.
The announcement also explained that Eschatology Entertainment was established in 2022 by Fuad Kuliev, Dmytro Kostiukevych, Boris Nikolaev, and Viktor Antonov.
It further noted that they “assembled a world-class multicultural team with broad entertainment and game development experience”.
The announcement pointed out that Eschatology Entertainment has a team of “extraordinary professionals” with backgrounds in studios including Valve, Wargaming, 4A Games, Bluehole Studio, GSC Game World and Frag Lab.
The team’s track record includes upscaling the world-renowned game project World of Tanks to new regions, as well as other globally successful MMOs.
Additionally, the Visual Director of the studio was behind the art style of Half-Life 2 and Dishonored titles.
Other team members have managed, published, and launched Master of Orion, Caliber and Shatterline, among other games.
The announcement also mentioned that the studio’s previous $4 million investment round (co-led by GEM Capital and The Games Fund) “enabled the initial development phases and assembling an outstanding team”.
With this new $11.3 million capital injection, Eschatology is on track to release its first project. The game is now in its most active production phase, following the completion of pre-production and a showcase vertical slice.
“This investment ensures a seamless production process, high-quality development and timely release,” the announcement said.
In addition, Eschatology plans to establish a publishing team, reflecting their ambitions beyond this initial project.
“This deal is more than just a financial investment; it’s a collaborative journey that allows us to fully immerse ourselves in creating a world rich in atmosphere, history, and tough challenges,” said Fuad Kuliev, co-founder of the studio.
“With the support of our new partner, KRAFTON, and the ongoing teamwork with old friends GEM Capital and The Games Fund, we now have all the resources needed to bring our ambitious vision to life,” Kuliev added.
Moreover, the studio co-founder said that “it is not only an opportunity to finish a unique, strong product”.
“It is important for us to narrate this incredible story through different games, opening with an alternative apocalyptic Wild West setting,” Kuliev concluded.
Maria Park, KRAFTON’s VP and Head of Corporate Development, stated that “Eschatology Entertainment has an exciting future ahead of them, and we’re delighted to offer support to the team and their innovative ideas”.
“This is at the very heart of what KRAFTON’s ‘Scale-Up-the Creative’ strategy is all about – finding the best talent in gaming and working with them to bring their creativity to the whole world,” Park added.
It should be noted that KRAFTON, headquartered in South Korea and established in 2007, encompasses renowned studios such as PUBG STUDIOS, Striking Distance Studios, and Unknown Worlds, focusing on expanding its platforms and services to attract a wider audience.
GEM Capital is a gaming-focused investor headquartered in Cyprus, with a recent raise of $50 million from European limited partners for investments in 2024 and 2025.
In addition, the company managed a portfolio with a valuation exceeding $150 million. It supports over 25 companies, including Mundfish (Atomic Heart) and Sad Cat Studios (Replaced).
In addition, the company is also a member of TechIsland, Cyprus’ largest non-profit technology association.
The Games Fund (TGF), meanwhile, is a leading gaming VC fund with offices in Cyprus and New York. It invests in innovative early-stage games and game tech companies in Europe.
The fund was founded in 2021 by games industry veterans and long-standing gamers. It holds the largest gaming portfolio in Eastern Europe and Cyprus.
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