FIRY sells Exit Games stake for $55m in cash

• The company received $55m in cash from the sale.
• The sale represents a realised return of around 1.1x the original investment.
• Exit Games develops Photon multiplayer networking technology.

FIRY has sold its entire 10.5% stake in Exit Games for $55 million in cash, completing its exit from the Hamburg-based developer of Photon multiplayer networking technology.

The transaction closed on October 2nd 2026, with FIRY receiving the full proceeds. The company originally invested $50m in Exit Games in July 2021 under its former name, Skillz Inc.

FIRY said the sale represents a fully realised cash return of around 1.1x its original investment. 

Cash return

CEO and founder Andrew Paradise added that the company is exiting in cash and above its purchase price, giving FIRY more flexibility for its other businesses.

"Exit Games' management has built a great business around Photon, and we are rooting for them," said Paradise. “We invested in Exit Games in 2021, at what turned out to be the height of the venture market over the last decade. 

“Five years later, the average 2021-vintage fund has distributed five cents on the dollar, and most of that vintage is still sitting in illiquid marks. We are exiting in cash and above our purchase price. Cash back on the balance sheet gives FIRY optionality in our other endeavours."

Exit Games management has built its business around Photon, which provides multiplayer networking technology for games across major engines and platforms. The company said Photon is used by thousands of games, including Stumble Guys.