Istanbul-based Dream Games, the developer of hit mobile games Royal Match and Royal Kingdom, has secured a strategic investment from private equity firm CVC. The deal reportedly values the Turkish firm at nearly $5 billion. It was previously valued at $2.75 billion in early 2022.
The transaction will provide liquidity to Dream Games’ initial venture capital backers, including Balderton, Makers Fund, Index Ventures, and IVP, who will exit after more than five years of investment. CVC will become Dream Games’ sole equity partner, while the company’s five founders will remain its majority shareholders, according to the Financial Times.
Funds managed by Blackstone and other investors are providing debt financing as part of the deal. CVC and Blackstone are committing a total of more than $2 billion, the publication reported.
Founded in 2019 by mobile game industry veterans Soner Aydemir, Ikbal Namli, Hakan Saglam, Eren Sengul, and Serdar Yilmaz, Dream Games rose to prominence with Royal Match, which dethroned long-running hit Candy Crush Saga as the world’s most lucrative mobile game in mid-2023. The company launched its second title, Royal Kingdom, in November 2024, featuring an all-star marketing campaign with celebrities including LeBron James, Jimmy Fallon, Amy Poehler, and Shakira.
“We are incredibly proud of what our team has built so far, and we’re excited to enter this next phase of growth with the support of our new investors,” said Soner Aydemir, Co-Founder and CEO of Dream Games. “Their experience investing in category-leading companies, and track-record of supporting the long-term vision of founding teams, make them ideal partners as we continue to enhance our global leadership.”
Soner was previously the Head of Product at Peak Games, another Turkish gaming giant that was acquired by Zynga for $1.8 billion in 2020.
Nick Clarry, Managing Partner and Head of CVC’s Sports, Media and Entertainment team, commented, “Dream Games has created some of the world’s most beloved and commercially successful IP – including King Robert, King Richard & The Dark King. We are very pleased to have the opportunity to work with this world-class management team, and help them realize their ambitious vision in the Royal Universe.”
The investment comes at a time when exits have become scarce for venture capital firms amid stock market turbulence. According to FT, Dream Games’ approach differs from most mobile developers by focusing on creating characters and storylines that help retain users while polishing its apps to deliver more satisfying player experiences. Its games are free of ads, generating revenue from in-app purchases.
Financial Times quoting numbers from UK’s Companies House registry reported that Dream Games posted revenues of $1.5 billion in 2023, up from $644 million the previous year, though the company also spent $1 billion on marketing and other distribution expenses, resulting in a $130 million pre-tax loss.
The transaction is subject to regulatory approvals and is expected to be completed in the third quarter of 2025. With the new investment, Dream Games plans to continue expanding its Royal universe and develop innovative new titles while focusing on delivering high-quality mobile gaming experiences.
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