Dream Games seeks $2.5 billion in debt and equity to double valuation

Royal Match developer and publisher Dream Games is in talks to raise $2.5 billion in debt and equity. 

As reported by Bloomberg, the move from the Turkish firm could potentially double its valuation in under three years. 

Goldman Sachs is leading the financing as it intends to secure $1.25bn from private lenders and another $1.25bn from investors in exchange for ownership in the company.

Dream Games plans to use the funding to buy out existing investors and has set its sights on a nearly $5bn valuation - almost double its $2.75bn valuation in 2022. 

The five co-founders, including CEO Soner Aydemir, aim to retain 70% of the company after the round, with the rest going to a new equity partner.

Founded in 2019 by former Peak Games veterans, Dream Games released Royal Match, which then surpassed Candy Crush to become the top-earning mobile game in 2023. In 2024, they released a sequel, Royal Kingdom, which amassed $2.4m in revenue in 14 days, beating Royal Match's record. 

A good year

While the new year is off to a strong start for Dream Games, 2024 seems like the company's best year yet. Royal Match reached $3bn in revenue in 2024, just five months after hitting $2bn, setting a new speed record. 

This milestone surpasses competitors like Clash of Clans, which took six months to reach $3bn, and Roblox and Genshin Impact, which took seven months.

Aside from the $2.4m raised in 14 days after launch, Royal Kingdom garnered $21.2m from its soft launch, bringing its total to $23.6m. Despite a quieter launch compared to other major games, its initial earnings are almost four times higher than Royal Match's first two weeks.