GEM Capital Research
Investment Thesis
GEM Capital is an international private equity and venture capital investment company, established in 2017, with offices in Paphos (Cyprus) and Dubai (UAE). Its stated focus is two areas: Games & Entertainment and Enterprise Venture, though it says it will consider outstanding targets in other industries. In practice the firm is overwhelmingly a gaming investor. It describes itself as the largest gaming investor in Cyprus, and it is ranked among the most active gaming investors globally by InvestGame and Drake Star (Kirill Gurskiy has cited a number two ranking from Drake Star). It was named Best Investor by App2top and nominated for Investor of the Year at the MENA Games Industry Awards in 2024 and 2025.
In games, GEM invests globally but concentrates on studios with Eastern European, Cypriot and Middle Eastern origins, building games and entertainment products for mobile, PC and console, and VR, plus game-tech companies. It states there are no regions or genres it avoids, and that founders, team and vision are the key to its decisions. It prefers equity over project financing and does not invest in real-money gambling or blockchain games. The portfolio page is organized into PC and Console First, Mobile First, Ecosystem and Gametech, and Enterprise Venture.
Stage Focus and Check Size
Target stages are Pre-Seed, Seed and Series A. The firm usually writes $1M to $2M as an initial equity cheque and is ready to follow on. It is open to co-investing with other VC funds. Its second fund, GEM II (launched 2023), was announced as a $50M plan to back game studios from midcore to free-to-play over roughly two years. The team page claims more than $400M under management across the group.
Lead Tendency
The FAQ asks whether GEM leads or follows but the answer is not rendered in the page text we could read. The firm's stated openness to co-investment and its initial $1M to $2M cheque suggest it can lead small early rounds and also participate alongside other funds, so lead tendency is recorded as both, with moderate confidence.
Recent Activity
GEM II had its first exit in May 2026, when Sensor Tower announced its acquisition of AppMagic, in which GEM had invested $3M in July 2024; the exit came less than three years after the investment. GEM also exited TraceAir in 2025 and lists exits for Owlcat Games, Deus Craft and others on its portfolio page. New additions to the portfolio page in 2026 include Nova Assembly, Odd Meter and mysky. Managing Director Kirill Gurskiy told Mobile Gamer in August 2026 that the firm is seeking veteran founders, first movers and indies after the AppMagic exit. The fund appears to be actively deploying.
Portfolio Highlights
The firm says it has more than 30 projects from Europe, the US and the Middle East. Highlights named on its site: Mundfish (Atomic Heart), Unfrozen (Heroes of Might and Magic: Olden Era, Iratus), Owlcat Games (Pathfinder: Wrath of the Righteous), Sad Cat Studios (Replaced), AppMagic, Weappy (This Is the Police), Odd Meter (Indika), Deus Craft (Grand Hotel Mania), Red Rover Interactive (Enginefall). Other listed companies include Skich, Gameram, Order of Meta, Hypemasters, Game Garden, and non-gaming Enterprise Venture names Remilk (animal-free dairy proteins) and TraceAir (drone data for construction, exited 2025).
Team
Roman Gurskiy and Kirill Gurskiy are Managing Directors. Kirill has about ten years in the games industry, investments and finance and is a CFA charterholder. The team also includes an investment manager, two investment associates, a head of business development in Dubai, legal counsel, a CFO and a finance manager. Advisors are Robert Bagratuni (Chief PC and Console Advisor) and Philipp Gladkov (Chief Mobile Games Advisor).
Decision Process and Founder Preferences
Decisions look partnership-based, led by the two managing directors with sector advisors. The firm values creative founders with international ambitions and scalable business models, and in 2026 publicly said it wants veteran founders, first movers and indies. Warm intros are not stated as required; the site has an Apply page.
Geographic Focus
Global in scope, with a clear lean to Eastern Europe, Cyprus and the Middle East origins, using networks across Europe, the Middle East, Asia and the US.
Gaps
The FAQ answers (lead vs follow, investors in GEM, sweet spot) did not render. Stage per portfolio company is not given on the site, so none is recorded.