Turkish mobile games startup Dream Games has raised $255 million (TL 3.5 billion) from investors, raising its value to $2.75 billion, making it one of the most valuable private mobile gaming companies in the world, just two years after it started.
The valuation, which Dream Games reached with new capital, represents a doubling of the company’s value from pre-product launch in just six months, a company statement said Tuesday.
Series C – the company’s third venture round in the past year – was led by Index Ventures, which has supported Dream Games since Series A. Makers Fund, funds and accounts managed by BlackRock, IVP, Kora and Balderton Capital also participated in the round.
To date, it has raised a whopping $468 million from investors.
Turkish gaming companies continue to attract the focus of investors, with another gaming company, Spyke Games, having announced on Monday that it raised $55 million in a seed investment round, led by gaming venture capital firm Griffin Gaming Partners.
"Dream Games approaches gaming in a way that’s similar to how Pixar approaches filmmaking,” says co-founder and CEO Soner Aydemir, referring to the groundbreaking digital films studio.
"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," he added.
The success and growth of Dream Games’ Royal Match exceeded all of its expectations, said Stephane Kurgan, the Index Ventures partner who led the investment.
"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," he said.
The company had become the third unicorn in June – a term for startups that pass the $1 billion mark – of Turkey, which has spawned a series of gaming startups.
In 2021 Dream Games released its first title, a puzzle game called Royal Match, which became one of the world’s top-grossing games, consistently ranking in the top 10 lists in the United States, the United Kingdom, and other major markets.
Dream Games plans to start the development of a new game in 2022.
The company, which was established in 2019 by former executives at Peak Games, currently employs 80 people in its offices in the Turkish metropolis of Istanbul and plans to add 120 people in 2022.
