The Turkish mobile game developer Dream Games is seeking substantial funding, Bloomberg reports, citing sources. According to their information, the company has approached Goldman Sachs to find new investors.
Royal Match
As Bloomberg writes, the company plans to secure $1.25 billion in "equity investment" and the same amount in credit.
It is expected that at least part of the funds will be used to buy out shares from current investors. Dream Games intends to ensure that in the end, 70% of its shares are held by the company's five co-founders.
If Dream Games manages to raise the full amount, the market valuation of the company will reach $5 billion. In 2022, when the developer last raised investments, its valuation was almost half that — $2.75 billion.
Dream Games was founded in 2019 and is now one of the most prominent players in the mobile gaming market. According to the analytics service AppMagic, user spending in its flagship game Royal Match recently exceeded $5 billion. Royal Kingdom, the sequel released in November 2024, is also doing well. Its net IAP revenue amounts to $31.7 million.
Bloomberg's sources indicate that by the end of 2024, the adjusted EBITDA of the Turkish company was nearly $500 million.
Dream Games representatives did not comment on Bloomberg's report.