GEM Capital

Founded in 2017 and headquartered in Paphos, Cyprus, GEM Capital is a prominent venture capital firm specializing in gaming investments. With a focus on growth capital and A-B rounds, the firm invests globally, supporting promising projects with international ambitions and scalable business models.

Alex Bykhovskiy

Partner

Kirill Gurskiy

Managing Director

Roman Gurskiy

Managing Director

29 past transactions

Skich

Pre Seed Round in 2025
Skich is a mobile app store focused on gamers, offering an extensive collection of games across 240 genres. It facilitates game discovery through user-generated content, expanded categorization, and social features, enabling users to find and download games up to five times more than other platforms.

Eschatology Entertainment

Series A in 2024
A Cyprus-based game developer specializing in immersive hardcore experiences within a unique living game world, featuring apocalyptic themes and narrative-driven gameplay.

AppMagic

Series A in 2024
AppMagic is a SaaS company specializing in mobile apps market intelligence. It offers an analytics tool enabling users to conduct complex market research efficiently. The platform provides insights into market segments, app classification, publishing trends, and publisher metrics, empowering businesses to make data-driven decisions.

Game Garden

Venture Round in 2024
Founded in 2009, Game Garden is a leading developer of family-oriented mobile and social network games. With over 25 million players worldwide, the company consistently ranks high on Apple App Store, Google Play, and Amazon Store. Known for exceptional programming, art, and game design, Game Garden offers a wide range of genres including puzzle, role-playing, and casual games.

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
A Cyprus-based game developer specializing in immersive hardcore experiences within a unique living game world, featuring apocalyptic themes and narrative-driven gameplay.

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 mobile app store focused on gamers, offering an extensive collection of games across 240 genres. It facilitates game discovery through user-generated content, expanded categorization, and social features, enabling users to find and download games up to five times more than other platforms.

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
Founded in 2018, Vestan specializes in developing software for streaming and communication. It is renowned globally for its advancements in virtual reality (VR) streaming technology.

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
Founded in 2017, 110 Industries is a London-based video game developer and publisher. The company creates and distributes games for gaming consoles and cloud gaming services, aiming to deliver engaging entertainment experiences.

Game Garden

Seed Round in 2020
Founded in 2009, Game Garden is a leading developer of family-oriented mobile and social network games. With over 25 million players worldwide, the company consistently ranks high on Apple App Store, Google Play, and Amazon Store. Known for exceptional programming, art, and game design, Game Garden offers a wide range of genres including puzzle, role-playing, and casual games.

Owlcat Games

Seed Round in 2019
Owlcat Games is a game development studio that creates isometric, party-based computer role-playing games. The company develops fantasy RPG titles, including isometric adventures set in the Pathfinder universe, and designs experiences inspired by tabletop role-playing games. It operates studios with offices in Cyprus and Russia.

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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