GEM Capital

GEM Capital is a private equity and venture capital firm established in 2017 and headquartered in Limassol, Cyprus, with additional offices in Paphos and Dubai. The firm specializes in growth capital investments, focusing primarily on the gaming and entertainment sectors, as well as new materials and projects involving virtual reality. GEM Capital has emerged as a leading investor in the gaming industry, recognized for its significant contributions and influence in the sector, particularly within Cyprus, where it is the largest gaming-focused investor. The company actively supports promising startups with scalable business models and international ambitions, managing a diverse portfolio that includes over 25 projects from Europe, the US, and Israel. GEM Capital's reputation is further solidified by accolades such as its nomination for Investor of the Year at the MENA Games Industry Awards 2024 and being named Best Investor of 2021 by prominent industry media. Through its extensive networks, GEM Capital continues to foster innovation and growth in the gaming and entertainment landscapes.

Alexander Bykhovskiy

Partner

Kirill Gurskiy

Managing Director

Roman Gurskiy

Managing Director

29 past transactions

Skich

Pre Seed Round in 2025
Skich is a software company that develops mobile applications aimed at streamlining the process of discovering new games on smartphones. Its flagship product offers users tools to filter through various game options based on their interests, allowing them to find titles more suited to their preferences swiftly and efficiently. Additionally, Skich enables gamers to follow friends and other players with similar gaming tastes.

Eschatology Entertainment

Series A in 2024
Eschatology Entertainment is a Cyprus-based game development company that specializes in creating immersive hardcore gaming experiences. The company focuses on developing games set in apocalyptic themes, integrating storytelling and philosophical elements to enhance the gameplay. By providing a unique living game world, Eschatology Entertainment enables players to engage in narrative-driven adventures that challenge their perceptions and skills.

AppMagic

Series A in 2024
AppMagic is a mobile market intelligence software as a service (SaaS) company that specializes in providing analytical tools for the mobile application industry. Its platform enables users to conduct complex market research efficiently, offering insights into various market segments for mobile apps. AppMagic's analytics tool features detailed app classification, in-depth studies of similar applications, publisher metrics, and local publishing trends. This comprehensive approach allows businesses to derive actionable insights that support informed decision-making and strategic planning in the competitive mobile app market.

Game Garden

Venture Round in 2024
Game Garden Limited, founded in 2009 and based in Nicosia, Cyprus, is a prominent developer of mobile and social network games. With a player base exceeding 25 million globally, the company focuses on creating family-oriented games and has achieved significant success in its market segment, earning high ratings from users. Game Garden's portfolio includes a variety of game categories, such as puzzle, role-playing, and casual games, reflecting its commitment to providing diverse entertainment options. The company is recognized for its exceptional programming, art, and game design capabilities, supported by a team of highly skilled professionals. Its games consistently rank at the top of major platforms, including the Apple App Store, Google Play, and Amazon Store.

Weappy Studio

Venture Round in 2024
Weappy Studio is an independent game development company based in Minsk, Belarus, established in 2014. The studio specializes in creating and publishing free-to-play video games, focusing on strategic and real-time management genres. Its games are designed for multiple platforms, including Microsoft Windows, OS X, and Linux, providing a diverse gaming experience for users. Weappy Studio aims to engage players through innovative gameplay and immersive storytelling, contributing to the growing landscape of the gaming industry in Belarus.

VEA Games

Venture Round in 2024
VEA Games is an independent game studio focused on developing engaging and sustainable games for multiple platforms. The company is recognized for its project, Nikoderiko: The Magical World, which has garnered multiple awards, including Excellence in Visual Art at the DevGAMM Awards 2020. Staffed by veterans of the gaming industry, VEA Games brings expertise from notable titles like Allods Online and Skyforge to its projects. The studio emphasizes the importance of connecting people through gaming, creating prototypes, and testing concepts with target audiences to enhance social experiences, allowing users to enjoy leisure time with friends.

Red Rover Interactive

Series A in 2024
Red Rover Interactive is a gaming studio focused on developing innovative and engaging multiplayer experiences. The company operates with small, collaborative teams that emphasize rapid iteration in their game design process. This approach allows players to actively influence the in-game drama, making their experiences more immersive and dynamic. By prioritizing player engagement and creativity, Red Rover Interactive aims to redefine multiplayer gaming and deliver unique entertainment options to its audience.

Order of Meta

Seed Round in 2024
Order of Meta is a gaming studio focusing on the development of free-to-play mobile games. Comprising experienced creators who specialize in mid-core and hardcore genres, the company aims to produce engaging action games that introduce innovative metagame elements. With a mission to deliver fresh and thrilling experiences in the mobile gaming sphere, Order of Meta seeks to captivate players through familiar gameplay mechanics combined with novel features, particularly in the shooting game segment.

Sad Cat Studios

Venture Round in 2023
Sad Cat Studios is a game development company focused on creating cinematic retro-futuristic action-thriller games. The company aims to provide players with immersive experiences through its platform, which features action and AI-driven games. By blending engaging narratives with retro-futuristic aesthetics, Sad Cat Studios seeks to captivate gamers who appreciate both action and storytelling in their gameplay.

Made on Earth Games

Seed Round in 2023
Made on Earth Games is a mobile game development company established in 2021, focusing on the creation of immersive and engaging strategy games. The company aims to deliver high-quality art and deep creative gameplay through the use of modern technologies, thereby enhancing the gaming experience on mobile devices worldwide. By breaking down barriers between devices, Made on Earth Games seeks to reach a broader audience and make complex strategy gaming more accessible. The collaborative environment at the company allows all team members to contribute to the final product, fostering a sense of ownership and creativity among its staff.

Red Rover Interactive

Seed Round in 2023
Red Rover Interactive is a gaming studio focused on developing innovative and engaging multiplayer experiences. The company operates with small, collaborative teams that emphasize rapid iteration in their game design process. This approach allows players to actively influence the in-game drama, making their experiences more immersive and dynamic. By prioritizing player engagement and creativity, Red Rover Interactive aims to redefine multiplayer gaming and deliver unique entertainment options to its audience.

Eschatology Entertainment

Seed Round in 2022
Eschatology Entertainment is a Cyprus-based game development company that specializes in creating immersive hardcore gaming experiences. The company focuses on developing games set in apocalyptic themes, integrating storytelling and philosophical elements to enhance the gameplay. By providing a unique living game world, Eschatology Entertainment enables players to engage in narrative-driven adventures that challenge their perceptions and skills.

Gameram

Seed Round in 2022
Gameram is a social networking platform specifically designed for gamers, facilitating the connection of individuals based on their gaming preferences and objectives. It enables users to find teammates for gameplay, fostering opportunities for collaboration and engagement within the gaming community. Additionally, Gameram allows users to share their gaming successes through screenshots, promoting discussions about games and enriching the overall gaming experience. By focusing on the social aspects of gaming, Gameram aims to create a vibrant community where players can build friendships, collaborate, and exchange insights related to their gaming journeys.

Unfrozen

Seed Round in 2022
Unfrozen Studio is a game development company founded in 2016 by Denis Fedorov and Vladimir Zatolokin, with its headquarters located in Limassol, Cyprus. The studio specializes in creating tactical games and role-playing games within the roguelike genre, leveraging over 15 years of combined experience in the gaming industry. Unfrozen is known for its titles such as Iratus: Lord of the Dead and Iratus: Wrath of the Necromancer, which are available on platforms like Steam and GOG. The company is actively engaged in the development of a new unannounced project while also providing ongoing support and updates for its existing games.

Hypemasters

Series A in 2022
Hypemasters, Inc. is a game development studio established in 2019, headquartered in Dover, Delaware, with additional offices in Saint Petersburg, Russia, and London, United Kingdom. The company is dedicated to designing and developing mobile games across various genres, aiming to create engaging gaming experiences for a global audience. With a distributed team, Hypemasters focuses on producing genre-defining titles that resonate with players around the world.

Skich

Pre Seed Round in 2022
Skich is a software company that develops mobile applications aimed at streamlining the process of discovering new games on smartphones. Its flagship product offers users tools to filter through various game options based on their interests, allowing them to find titles more suited to their preferences swiftly and efficiently. Additionally, Skich enables gamers to follow friends and other players with similar gaming tastes.

Nemo Nanomaterials

Seed Round in 2021
Nemo Nanomaterials is a manufacturer specializing in nanotechnology solutions for industrial applications. They develop, produce, and distribute high-efficacy, user-friendly additives based on nanomaterials like single-wall carbon nanotubes. These proprietary blends are uniformly dispersed in various carriers to enhance the physical and performance properties of diverse industrial materials.

VEA Games

Pre Seed Round in 2021
VEA Games is an independent game studio focused on developing engaging and sustainable games for multiple platforms. The company is recognized for its project, Nikoderiko: The Magical World, which has garnered multiple awards, including Excellence in Visual Art at the DevGAMM Awards 2020. Staffed by veterans of the gaming industry, VEA Games brings expertise from notable titles like Allods Online and Skyforge to its projects. The studio emphasizes the importance of connecting people through gaming, creating prototypes, and testing concepts with target audiences to enhance social experiences, allowing users to enjoy leisure time with friends.

Unfrozen

Pre Seed Round in 2021
Unfrozen Studio is a game development company founded in 2016 by Denis Fedorov and Vladimir Zatolokin, with its headquarters located in Limassol, Cyprus. The studio specializes in creating tactical games and role-playing games within the roguelike genre, leveraging over 15 years of combined experience in the gaming industry. Unfrozen is known for its titles such as Iratus: Lord of the Dead and Iratus: Wrath of the Necromancer, which are available on platforms like Steam and GOG. The company is actively engaged in the development of a new unannounced project while also providing ongoing support and updates for its existing games.

Vestan

Pre Seed Round in 2021
Vestan Limited, founded in 2018 and based in Nicosia, Cyprus, specializes in the development of software and technologies for streaming and communication. The company is recognized as a global leader in VR streaming technology, focusing on the reliable broadcasting of live-streamed 4K quality virtual reality images. Vestan's offerings include innovative camera systems equipped with high frames per second recording capabilities, which enable clients to effectively integrate VR content into their projects while optimizing data transfer costs. Through its advancements in streaming technology, Vestan aims to enhance the user experience in virtual reality applications.

Gameram

Seed Round in 2021
Gameram is a social networking platform specifically designed for gamers, facilitating the connection of individuals based on their gaming preferences and objectives. It enables users to find teammates for gameplay, fostering opportunities for collaboration and engagement within the gaming community. Additionally, Gameram allows users to share their gaming successes through screenshots, promoting discussions about games and enriching the overall gaming experience. By focusing on the social aspects of gaming, Gameram aims to create a vibrant community where players can build friendships, collaborate, and exchange insights related to their gaming journeys.

Weappy Studio

Seed Round in 2021
Weappy Studio is an independent game development company based in Minsk, Belarus, established in 2014. The studio specializes in creating and publishing free-to-play video games, focusing on strategic and real-time management genres. Its games are designed for multiple platforms, including Microsoft Windows, OS X, and Linux, providing a diverse gaming experience for users. Weappy Studio aims to engage players through innovative gameplay and immersive storytelling, contributing to the growing landscape of the gaming industry in Belarus.

TraceAir

Series A in 2021
TraceAir is a construction site development acceleration platform that offers software and services tailored for land developers, home builders, and contractors. The company specializes in construction site monitoring, utilizing advanced technology, including drones, to provide insights that measure, verify, and quantify progress during the site work stage. By connecting real-world construction activities with planned virtual designs through a visual map-based interface, TraceAir enhances decision-making and planning for builders. This approach not only significantly reduces budget and timeline uncertainties but also allows for improved project quality and cost control, enabling timely project completion within budget constraints.

Mundfish

Series A in 2021
Mundfish is a video game development company that specializes in creating first-person shooter and action role-playing games. The company focuses on delivering engaging and original gameplay experiences across multiple platforms, including PC and various gaming consoles. Mundfish is committed to innovative game design, programming, and production, crafting immersive adventures set in alternate universes. This approach allows gamers to enjoy unique entertainment experiences tailored to their preferences.

110 Industries

Series A in 2020
110 Industries Limited is a gaming company based in London, United Kingdom, that develops, publishes, and distributes video games for gaming consoles and cloud gaming services. Established in 2017, the company focuses on creating engaging entertainment experiences that resonate with players. Committed to producing AAA video games, 110 Industries emphasizes a strong artistic vision and narrative-driven design in its projects. The company values community involvement and fosters a collaborative environment among its employees and partners, believing that creativity and teamwork are essential to its success. By providing tailored solutions in the gaming industry, 110 Industries aims to deliver high-quality visual entertainment while maintaining a close connection to the communities in which it operates.

Game Garden

Seed Round in 2020
Game Garden Limited, founded in 2009 and based in Nicosia, Cyprus, is a prominent developer of mobile and social network games. With a player base exceeding 25 million globally, the company focuses on creating family-oriented games and has achieved significant success in its market segment, earning high ratings from users. Game Garden's portfolio includes a variety of game categories, such as puzzle, role-playing, and casual games, reflecting its commitment to providing diverse entertainment options. The company is recognized for its exceptional programming, art, and game design capabilities, supported by a team of highly skilled professionals. Its games consistently rank at the top of major platforms, including the Apple App Store, Google Play, and Amazon Store.

Owlcat Games

Seed Round in 2019
Owlcat Games Ltd is a game development studio founded in 2019, with headquarters in Nicosia, Cyprus, and additional offices in Russia. The company specializes in creating computer role-playing games, particularly focusing on isometric, party-based formats set within the Pathfinder fantasy universe. Owlcat Games aims to design engaging tabletop role-playing experiences, catering to the interests of gamers and enthusiasts in this genre.

Mundfish

Pre Seed Round in 2019
Mundfish is a video game development company that specializes in creating first-person shooter and action role-playing games. The company focuses on delivering engaging and original gameplay experiences across multiple platforms, including PC and various gaming consoles. Mundfish is committed to innovative game design, programming, and production, crafting immersive adventures set in alternate universes. This approach allows gamers to enjoy unique entertainment experiences tailored to their preferences.

Deus Craft

Seed Round in 2019
Deus Craft is a mobile games development studio located in Limassol, Cyprus. The company specializes in creating casual and arcade games across a variety of genres, including time management, match games, 3D experiences, first-person shooters, and hidden-object puzzle adventures. Additionally, Deus Craft develops miniature games and titles aimed at children, showcasing a diverse portfolio that caters to a wide audience of gamers.
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