Dream Games Acquisition, Valuation, Funding & Investors
Dream Games was acquired by CVC Capital Partners for $5B in May 2025, a 2.0x multiple on $2.5B of revenue.
Dream Games revenue at acquisition
$2.5B
Last twelve months · May 2025
Dream Games revenue multiple at acquisition
2.0x
EV/Revenue · May 2025
Dream Games EBITDA multiple at acquisition
10.0x
EV/EBITDA · May 2025
About Dream Games
Dream Games is an Istanbul-based mobile gaming studio that develops and publishes casual games such as Royal Match. The company focuses on long-lasting titles blending technology and creativity for global audiences across iOS and Android platforms.
Founded
2019
HQ
IstanbulWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Advertising, Product sales
Revenue
$2.5B (May 2025)
Valuation
$2.8B (Jan 2022)
Sectors
Dream Games Acquisition
Dream Games was acquired by CVC Capital Partners for $5B on 1 May 2025.
The acquisition price implies a 2.0x revenue and 10.0x EBITDA multiple on $2.5B of revenue.
Before the acquisition Dream Games had raised $468M across 4 funding rounds.
Dream Games, a Turkish mobile gaming company known for Royal Match and Royal Kingdom, secured a majority investment led by CVC Capital Partners with debt from Blackstone and others, valuing the company at $5 billion. The round, announced around May 1, 2025, and expected to close in Q3 2025, provided liquidity for early VC investors like Balderton, Makers Fund, Index Ventures, Sequoia, and IVP to fully exit, while founders retained majority control and CVC became the sole equity partner. The investment, structured as a mix of equity and debt totaling over $2 billion (with reports of around $2.5 billion), supports expansion of the Royal universe and new titles under a no-ads, in-app-purchase model. Dream Games reported $1.5 billion in revenues for 2023, nearly double the prior year's $644 million, driven by Royal Match generating $1.4 billion in in-app purchases that year per Sensor Tower. This marks one of the largest mobile gaming investments, doubling the prior $2.75 billion valuation from 2022's Series C, positioning Dream Games as Turkey's most valuable gaming firm amid high user acquisition costs that led to a $130 million pre-tax loss in 2023.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 1 May 2025 | PE buyout | $5B | 2.0x | 10.0x |
Dream Games Valuation
Dream Games is currently valued at $2.8B, based on its Series C in January 2022.
The $255M round was led by Index Ventures, with participation from Kora, IVP, Balderton Capital, BlackRock and Makers Fund.
Dream Games' valuation has grown 14x from $200M at its Series A in February 2021 to $2.8B in January 2022, across 3 priced rounds.
Dream Games valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2022 | Series C | $2.8B |
| Jun 2021 | Series B | $1B |
| Feb 2021 | Series A | $200M |
Dream Games Funding History
Dream Games has raised a total of $468M across 4 funding rounds.
Dream Games' first fundraising round was a $8M seed round in November 2019. The most recent completed round was a $255M Series C in January 2022.
Dream Games funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2022 | Series C | Index Ventures (lead); Kora; IVP; Balderton Capital; BlackRock; Makers Fund | $255M | $2.8B | Dream Games is an Istanbul-based mobile game developer founded in 2019, best known for its hit casual game Royal Match, which has become one of the most popular mobile games globally and consistently ranks in the top 10 highest-grossing games in major markets including the US and UK. The company generated 99% of its revenue from outside Turkey, positioning itself not just as a games competitor but in competition with other forms of entertainment like films and social media. In its Series C round announced on January 18, 2022, Dream Games raised $255 million at a post-money valuation of $2.75 billion, led by Index Ventures with participation from existing investors Balderton Capital, Makers Fund, IVP, and Kora, plus new investor BlackRock. This valuation represented a near tripling from the $1 billion valuation achieved just six months prior in a Series B round in June 2021, demonstrating extraordinary investor momentum in the mobile gaming space. The funding was designated for continued development of Royal Match, development of the next game launch expected later in 2022, and expanding the Istanbul workforce by 120 employees to a total of 200. Dream Games' leadership team, including CEO Soner Aydemir, was characterized by a rare combination of creative talent and analytical/engineering expertise, comparable to industry predecessors like Supercell and King, enabling the studio to break through in an industry where 100,000 new games enter app stores quarterly. |
| Jun 2021 | Series B | Index Ventures (lead); Makers Fund (lead); Kora; IVP; Balderton Capital | $155M | $1B | Dream Games is a Turkey-based mobile games company founded by alumni of Peak Games, focusing on casual puzzle titles. Its debut game, Royal Match, launched in early March 2021, quickly reached top-20 grossing status in the US, UK, and Germany within three months, driven by exceptional retention metrics. On June 30, 2021, the company closed a $155 million Series B round, the largest in Turkey's history, co-led by Index Ventures and Makers Fund, with participation from Balderton Capital, IVP, and Kora, achieving a post-money valuation of $1 billion. This followed a $50 million Series A in March 2021 and a seed round in November 2019. The funding underscores investor confidence in Dream Games' execution and potential in the competitive mobile gaming market, with backers like Index Ventures having prior successes in gaming companies such as King, Supercell, Roblox, and Discord. Royal Match demonstrated strong early traction, with over 12.7 million downloads by early July 2021 (mostly post-global launch) and $38.6 million in in-app purchase revenue since soft launch in July 2020, though the majority of growth occurred after March 2021. The investment aims to accelerate global player base expansion for Royal Match. This unicorn round positioned Dream Games as a leader among Turkish mobile studios, amid a wave of gaming acquisitions like Zynga's $1.8 billion purchase of Peak Games. Subsequent developments included a $255 million Series C in January 2022 at $2.75 billion valuation, again led by Index Ventures with similar participants, bringing total funding to $467.5 million and signaling plans for new game development in 2022. |
| Feb 2021 | Series A | Index Ventures (lead); Balderton Capital; Makers Fund | $50M | $200M | - |
| Nov 2019 | Seed | Makers Fund (lead); Balderton Capital | $8M | - | Dream Games raised a $7.5 million seed round in November 2019 led by Makers Fund with participation from Balderton Capital. The round was noted for its large size compared to typical game seeds of around $2 million at the time, reflecting the exceptional track record of the founding team from Peak Games. Several respected games VCs questioned the high valuation, but it enabled focused hiring, building, and launching their debut game Royal Match ahead of schedule. |
Who has invested in Dream Games?
6 investors have backed Dream Games across its funding rounds, including Balderton Capital, Makers Fund, Index Ventures, IVP, Kora and BlackRock.
Lead investors include Index Ventures and Makers Fund.
Dream Games Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 London | 4 | Participant | Nov 2019 | |
 San Francisco, CA | 4 | Lead | Nov 2019 | |
| London | 3 | Lead | Feb 2021 | |
| New York City, NY | 2 | Participant | Jun 2021 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialDream Games Competitors
Dream Games competitors include listed companies like Kingnet Network, Talkweb Information Systems and 37Games, and private ones like Moon Active, Sorare and Animoca Brands.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Tel Aviv | Private | $1.5B | - | $5B | 3.3x | |
 China | Publicly listed | $794M | $299M | $5.3B | 3.9x | |
| China | Publicly listed | $473M | $27M | $4.7B | - | |
| China | Publicly listed | $2.4B | $500M | $5.7B | 2.2x | |
 Paris | Private | $150M | - | $4.3B | 28.7x | |
 Hong Kong | Private | $140M | $97M | $5.9B | - |
Dream Games Public Comps
Dream Games is no longer listed, but its public comps include Kingnet Network, Talkweb Information Systems, 37Games, Kingsoft, Bilibili, JOYY, G-bits, Koei Tecmo, International Games System and Krafton.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $794M | $299M | 5.5x | 3.9x | 14.7x | 10.8x | |||
| $473M | $27M | 9.7x | - | 168.4x | - | |||
| $2.4B | $500M | 2.2x | 2.2x | 10.6x | 10.7x | |||
| $1.4B | $441M | 1.0x | 0.9x | 3.2x | 5.0x | |||
| $4.5B | $464M | 0.8x | 0.8x | 8.3x | 6.0x | |||
| $2.1B | $160M | 1.2x | 1.1x | 16.3x | 11.2x | |||
| $925M | $371M | 3.3x | 3.1x | 8.3x | 8.1x | |||
| $568M | $300M | 5.3x | 5.4x | 10.0x | 12.5x | |||
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Common questions about Dream Games
| When was Dream Games founded? | Dream Games was founded in 2019. |
| Where is Dream Games headquartered? | Dream Games is headquartered in Istanbul, Turkey. |
| Is Dream Games publicly listed? | No, Dream Games was acquired by CVC Capital Partners in May 2025. |
| Who acquired Dream Games? | Dream Games was acquired by CVC Capital Partners in May 2025. |
| How much was Dream Games acquired for? | Dream Games was acquired for $5B in May 2025, a 2.0x revenue multiple. |
| What is Dream Games' valuation? | Dream Games was last valued at $2.8B in its Series C in January 2022. |
| How much funding has Dream Games raised? | Dream Games has raised $468M across 4 funding rounds. |
| What was Dream Games' last funding round? | Dream Games' last funding round was a $255M Series C in January 2022, led by Index Ventures. |
| Who are Dream Games' investors? | Dream Games' investors include Balderton Capital, Makers Fund, Index Ventures, Kora, IVP and BlackRock. |
| Which companies are comparable to Dream Games? | Companies comparable to Dream Games include Moon Active, Kingnet Network, Talkweb Information Systems, 37Games, Sorare and Animoca Brands. |
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