In a landmark development for the mobile gaming industry, Turkish game company Dream Games has reached a valuation of $5 billion following a strategic funding round led by CVC Capital Partners and including Blackstone, with total investment exceeding $2 billion—structured through a mix of equity and debt financing.
Headquartered in Istanbul, Dream Games is known for globally successful mobile titles such as Royal Match, which became the top-grossing mobile game worldwide in 2023, overtaking Candy Crush, and Royal Kingdom, released in 2024.
This funding round is aimed at expanding global operations, maintaining a no-ads, in-app-purchase-only revenue model.
Founded in 2019 by former Peak Games employees, the company has witnessed exponential growth. According to its 2023 financials, revenues reached $1.5 billion, nearly double the previous year’s $644 million. However, with marketing and distribution expenses hitting $1 billion, the company posted a pre-tax loss of $130 million, highlighting the high acquisition costs in the mobile gaming market.
Early investors like Balderton, Makers Fund, Index Ventures, Sequoia Capital, and IVP are fully exiting in this round, while the five co-founders will retain majority ownership and management control. The deal is expected to close in Q3 of 2025.
CVC’s Nick Clarry noted that Dream Games has created beloved, globally scalable intellectual properties, aligning with the firm’s broader strategy that includes past gaming investments like RuneScape developer Jagex.
According to Sensor Tower data, Royal Match ranked third globally in in-app purchases in 2023, generating $1.4 billion.
Dream Games is now Turkey’s most valuable gaming company, and among the top globally—a rare success story in the region, especially amid stagnant IPO markets and limited exit opportunities.
