Dream Games Powers Up With Strategic Investment From CVC
Dream Games, the mobile gaming powerhouse behind global hits Royal Match and Royal Kingdom, is leveling up.
The company has announced a strategic equity partnership with CVC, a leading global investment firm, marking the next bold chapter in its journey to dominate the mobile gaming universe.
‘Royal Match’ maker Dream Games is valued at nearly $5 billion in CVC deals.
Last week, we were chatting about “Dream Games is opening the UA floodgates for Royal Kingdom“.
Just a month before? Dream Games $2.5B Deal
Dream Games has generated $3.6 billion in revenue and 367 million downloads so far.
Private equity group CVC is taking a minority stake in Istanbul-based Dream Games in a deal that values the maker of hit mobile app Royal Match at close to $5bn.
The deal, which was announced on Thursday without disclosing financial terms, will see a huge windfall for Dream Games’ venture capital backers, including its first investors Balderton and Makers Fund, as well as Index Ventures, Sequoia Capital, and IVP.
CVC and Blackstone are investing a total of more than $2bn in the deal, according to people familiar with the matter. CVC will invest equity, and Blackstone and other investors will provide debt financing.
Dream Games’ five co-founders will remain majority shareholders, with its existing VC investors selling all their stakes, these people said. The deal values the company at between $4bn-$5bn.
Dream Games was founded by former executives at Peak Games, another Turkish mobile developer that was acquired in 2020 by US rival Zynga, and had previously been valued at $2.75bn in early 2022.
Founded in 2019 by mobile gaming veterans Soner Aydemir, Ikbal Namli, Hakan Saglam, Eren Sengul, and Serdar Yilmaz, Dream Games has quickly climbed to the top with Royal Match—the world’s top-grossing puzzle game. The recent launch of Royal Kingdom in November 2024 expanded the beloved Royal universe, captivating millions with its immersive gameplay.
Its first title, the puzzler Royal Match, dethroned long-running hit Candy Crush Saga as the world’s most lucrative mobile game in mid-2023. Late last year, Dream launched a sequel, Royal Kingdom, with an all-star marketing campaign featuring LeBron James, Jimmy Fallon, Amy Poehler, and Shakira.
With CVC now in their corner, Dream Games is primed to grow its Royal franchise, craft fresh new titles, and continue redefining what premium mobile gaming looks like
“We’re incredibly proud of what we’ve built and thrilled to have CVC on board,” said CEO Soner Aydemir. “Their long-term vision and deep experience with category leaders make them the perfect partner for our next stage.”
CVC’s Nick Clarry added, “Dream Games has created some of the most beloved mobile gaming IP in the world. We’re excited to help this world-class team realize their bold vision for the Royal Universe.”
The transaction is expected to close in Q3 2025, pending regulatory approvals.
Advisors:
- Dream Games: Goldman Sachs International (financial), White & Case (legal)
- CVC: PJT Partners (financial), Latham & Watkins (legal)
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