May 2026
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Largest Gaming - Mobile Public Companies in Sweden
Benchmark revenue and EBITDA valuation multiples for public comps like
Modern Times Group, Embracer Group, Stillfront Group, Enad Global 7 and Envar Holding.
 | Modern Times Group MTG AB invests in esports, mobile games and other digital entertainment. The group’s companies offer a wide range of games available to audiences all over the world. MTG’s portfolio of IP spans across both the casual and mid-core segments of the gaming market. A vast majority of games are available to consumers on a free-to-play basis, and the group generates revenues from in-app purchases and in-app advertising. The Group operates in Europe, Singapore, USA, India and New Zealand. | $15 | +29% | $2B | $2B | 1.6x | 7.3x | ||
| Embracer Group AB is a parent company of businesses led by entrepreneurs in PC, console, mobile, and board games and other related media. The Group has an extensive catalog of several owned or controlled franchises and has a presence in various regions through its operative groups namely THQ Nordic, Plaion, Coffee Stain, Amplifier Game Invest, and others. Its operating segments are; PC/Console Games, Mobile Games, Tabletop Games, and Entertainment & Services. The company generates key revenue from the development and publishing of games for PC, Console, and Mobiles. Geographically, it derives maximum revenue from the United States of America and the rest from Europe (excluding Sweden), Sweden, and other regions. | $8 | -38% | $2B | $1B | 0.8x | 3.1x | ||
| Stillfront Group AB is a game development company focusing on the free-to-play segment. The company has a diversified portfolio of games and focuses on games with long lifecycles and loyal users. Stillfront group consists of game studios in different countries and the company's main markets are the USA, Europe, and the MENA region. The studios owned by the group include Goodgame Studios, Storm8, and Babil Games. | $1 | -33% | $274M | $683M | 1.1x | 2.9x | ||
| Enad Global 7 AB operates within the gaming industry developing, marketing, publishing, and distributing PC, console, and mobile games to the gaming market. The company's game developers develop its original IPs, as well as act as consultants to other publishers around the world through its game development divisions Daybreak Games, Piranha Games, Toadman Studios, and Big Blue Bubble. In addition, the company's marketing department Petrol has contributed to the release of many titles, of which many are brands such as Call of Duty, Destiny, Dark Souls, and Rage. The company's reportable segments are; Daybreak which generates key revenue, Big Blue Bubble, Piranha, Toadman, Petrol, and Fireshine. Geographically, it derives key revenue from North America. | $2 | +55% | $199M | $212M | 1.2x | 7.3x | ||
| Envar Holding AB (publ) is an outsourcing and development studio with a focus on graphic design, 3D graphics, animations and illustrations for game development companies or other companies operating in the entertainment industry. The company has established itself as a provider of graphics and development services to gaming industry. The company is active in two key segments: outsourcing and co-development as well as game development for the console and PC market. | $5 | +132% | $63M | $59M | 5.5x | 33.7x | ||
| G5 Entertainment AB is a developer and publisher of casual free-to-play games for tablets and smartphones. Its games are available on Apple's iPads and iPhones, Android-powered tablets, and phones. The company offers games such as Secret Society, Virtual City, Supermarket Mania, Special Enquiry Detail, and others. Geographically the group generates almost all of its revenue from Sweden. The company generates the majority of its revenue from Free-to-play games. | $7 | -44% | $55M | $28M | 0.3x | 2.1x | ||
| MAG Interactive AB is a Sweden based company that operates in the international games market as a developer and publisher of casual mobile games. The company's portfolio of games contains word games, puzzle game, and trivia games. The games of the company include ruzzle, word domination, wordbrain, wordbrain2, paint hit, quiz duel, qordalot, and ruzzle adventure. It generates revenue from In-app purchases and Advertising sales. Geographically, it derives a majority of revenue from Sweden. | $1 | -6% | $22M | $16M | 0.5x | 3.0x | ||
| EMB Mission Bound AB predominantly operates in the gaming industry, delivering digital entertainment through a fully integrated value chain, offering games, platform technology, and comprehensive operator solutions. The company's offerings include slot game development, platform development, white label solutions, game content aggregation, payment solutions, digital marketing services, and UI/UX design. Its games are available through direct or indirect integration with operators or via distribution partners who have integrated their licensed platforms. The company has one reportable segment, being the development of online gaming technology. Geographically, it derives maximum revenue from Asia and the rest from other regions. | $0 | +23% | $19M | $21M | 1.2x | 5.1x | ||
| Kinda Brave Entertainment Group AB is a game portfolio company focused on acquiring game studios and IP, developing internal studios and a 3rd party publishing division to scout new talented developers innovating for the next zeitgeist. It conduct
software development, publishing and consulting activities in digital entertainment as well as operation of associated IT solutions. | $0 | +85% | $10M | $11M | 226.7x | (5.2x) | ||
| Fragbite Group AB is a company specializing in digital gaming entertainment. It has subsidiaries that develop, adapt, and publish games and esports content within gaming, esports, and WEB3. Its products are developed for both traditional platforms, PC, mobile, and console, and modern platforms built on blockchain technology. | $1 | +14% | $5M | $3M | 0.2x | 16.4x | ||
| Star Vault AB operates as a game developer in Sweden. It offers Mortal Online, an online game that is a massively multiplayer online role playing game and Kitten'd which is casual VR game for PC and Sony Playstation. | $0 | -33% | $4M | $4M | 3.9x | (41.1x) | ||
| Jumpgate AB is an independent gaming group that includes the Visby-based gaming studio Tableflip Entertainment as well as Hamburg-based Tivola Games and gameXcite. The group produces and locates its own games and develops games and other digital products on behalf of external companies. Its companies have established collaborations with strong industry partners and exciting product portfolios with great potential. The group operates in the global market, distributes its games worldwide and has a large international network. | $0 | +14% | $3M | $3M | 0.6x | (1.9x) | ||
| Qiiwi Games AB is a Swedish multi-platform social games developer. It focuses primarily on skill games, Qiiwi's games are available for both mobile (iOS/Android) and desktop play. Some of the games developed by the company are - Hell's Kitchen, Wordington, Backpacker, and Others. | $0 | +37% | $3M | $1M | 0.8x | (2.6x) | ||
| FSport AB is an gaming platform company. It creates and delivers fair and genuinely entertaining sports betting on a proprietary platform, developed with the player at the center. FSport game is always challenging and designed to be used in mobile. | $0 | +37% | $2M | $1M | 8.2x | 49.8x | ||
| Edyoutec AB is a mobile game development company. It consists of two verticals: Games and EdTech. Within the EdTech vertical, the company focuses on developing products in genres such as game-based learning and Serious Games. Within the Games vertical, the business concept is based on developing and distributing free-to-play (F2P) games within mobile games for Android and iOS. | $0 | -79% | $2M | $2M | 1.1x | (0.6x) | ||
| Maximum Entertainment AB is an entertainment company dedicated to crafting indie to AA video game experiences through original content and licensed partnerships. It provides collaborative resources to its partners through in-house publishing labels Maximum Games, Modus, Merge Games, and Just For Games, and its development division, Modus Studios. | $0 | +1% | $2M | $56M | 0.8x | (5.0x) | ||
| Safe Lane Gaming AB is an acquisition-intensive company in the gaming industry. The company is engaged in developing and managing games for all platforms. | $0 | +25% | $2M | $2M | 0.2x | 2.0x | ||
| Gold Town Games AB is a mobile games company. The company is engaged in the development, marketing and sales of mobile games, as well as carry out related activities. It has developed a hockey manager game for mobile platforms. | $0 | -13% | $1M | $1M | 0.8x | 1.3x | ||
| Scout Gaming Group AB provides gaming software. The company offers business to business fantasy sports and gaming solutions. It offers liquidity network for fantasy sports in Europe. | $0 | -93% | $419K | ($2M) | (0.5x) | 2.0x | ||
| Median | $0 | +14% | $5M | $11M | 0.8x | 2.1x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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