The Games Fund Research
Investment Thesis & Core Focus
The Games Fund (TGF) is an early-stage venture capital fund founded by video game industry veterans, based with offices in New York and Limassol, Cyprus. The firm invests exclusively in the video games industry, focusing on early-stage game developers, gaming technologies, and services that advance the entertainment medium.
The fund's core belief is that "the video game industry blooms with fantastic opportunities for game developers" as games have become the entertainment of choice for billions worldwide. TGF positions itself as a bridge between international companies and local developers, particularly those in emerging regions underrepresented in VC funding.
Investment Philosophy
TGF explicitly believes in founder-centric support with minimal interference. Their stated approach emphasizes:
- Supporting developers in their vision from the very beginning
- Moving fast and believing in ambitious ideas
- Acting as connectors who bring capital, experience, and relationships—not hands-on operational control
- Speaking the same language (all partners are gamers and developers with deep industry experience)
The fund brings to the table not just capital but personal touch, best practices, and proven expertise. All partners have managed over $300M collectively, built leading companies, and launched top-grossing games.
Stage Focus & Check Size
Primary Focus: Early-stage game development and gaming technology
Stage Preferences:
- Primary: Seed (most active)
- Secondary: Pre-Seed (selective, for exceptional founders)
- Tertiary: Series A follow-ons for existing portfolio companies
Check Size:
- Target range: $1M–$5M for most seed investments
- Pre-seed: $500K–$2M
- Demonstrated range across portfolio: $1M–$3.25M typical
- Notable larger investments: $8M+ for strategic follow-ons (e.g., KEK Entertainment Series A)
Fund Status: TGF operates with a $50M Fund that was raised in 2021 and has been actively deploying since. The fund continues active investment activity, with 2025 showing consistent deal flow across multiple portfolio companies.
Lead Tendency & Conviction
TGF leads and co-leads rounds frequently. Evidence:
- Led $5M round in Red Rover Interactive (now raised $15M Series A with Krafton)
- Led $3M in Juicy Button Games
- Led $2.5M in Drama Studios (Unrecord)
- Led $2M in Obelisk Studio
- Co-led with Krafton on Series A follow-ons
- Demonstrated conviction by increasing stakes in successful companies (Made on Earth Games, Red Rover Interactive)
Board Involvement: Highly likely. TGF emphasizes relationship-driven support and growth guidance between seed and Series A, indicating board-level engagement with portfolio companies.
Recent Activity & Portfolio Growth
2025 and Recent Highlights:
- Ranked #1 most active early-stage gaming VC by both DrakeStart Partners and InvestGame (as of 2024)
- Ranked #4 globally across all stages (all-stage ranking by InvestGame)
- Portfolio company Dark Passenger raised $3M seed (Witcher 3/Cyberpunk 2077 veterans)
- Portfolio company Zakazane signed $8M publishing deal with NEOWIZ (significant exit validation)
- Portfolio company Layer.ai won Game Changers 2025 Award
- Portfolio company Eschatology Entertainment raised $11.3M Series A led by Krafton
- Portfolio company Red Rover Interactive raised $15M Series A led by Krafton
- Hosted annual TGF Summit in Cyprus with 200+ founders, investors, and executives
Track Record Evidence:
- At least 30+ active portfolio companies
- Multiple exits and acquisitions
- Strong Series A follow-on track record with leading publishers (Krafton, NEOWIZ)
- Geographic diversity: UK, Poland, Cyprus, Georgia, Finland, and global reach
Team & Decision-Making
Core Team:
- Maria Kochmola, Co-founder & Managing Partner: Former VP at Belka Games/MyGames (MGVC). Led 35+ gaming investments at MGVC with 6 acquisitions. Named Forbes 30 under 30 in Finance & Investment. Based in New York.
- Ilya Eremeev (Ilia Eremeev), General Partner: Gaming industry veteran. Former 3D artist turned investor. Co-founder recognized for building the fund's thesis. Based in New York.
- Ilya Karpinskiy, General Partner: Gaming industry expertise and strategic investment analysis
- Grigory Bortnik: Team member, supports accelerator initiatives (Narwhal Cyprus gaming accelerator)
- Alena Patorskaya, Head of Legal: Joined 2023. Named Top Legal Counsel at Revera Law Group for 3 consecutive years
- Roman Ilyutkin, Investment Associate: Joined 2024. Financial and strategic analysis focus
- Alexandra Takei, Team Member: Contributor to founder outreach and community building
Decision Process: Partnership-driven collaboration. No formal investment committee mentioned; emphasis on rapid conviction-driven decision-making. Partners meet with founders, assess fit against investment framework, and move fast.
Geographic Reach: Significant presence in Eastern Europe and Cyprus (with Cyprus team), combined with US operations (New York headquarters for fundraising and global outreach). Team actively attends industry events (GDC, DICE, Gamescom, GStar, Google Games Summit Dubai).
Founder & Investment Preferences
What They Love:
- Game developers with founder-product fit and deep passion
- Studios building original IP with creative vision
- Teams with shipped titles (track record in games)
- Ambitious founders who dream big
- Diverse teams (TGF actively champions women gamers and underrepresented developers)
- Studios in emerging regions (Eastern Europe, Cyprus, Central Asia) offering untapped talent pools
What They Avoid:
- No AAA studios
- No gambling or casino games
- No pure hardware plays
- Enterprise-only gaming solutions without consumer focus
- Founders without authentic gaming passion
Stated Approach to Founders: "We are here to support, advise, and not interfere with the vision." This emphasizes founder autonomy combined with strategic guidance and connections.
Notable Portfolio Companies (30+ Active)
High-Profile/Recent Investments:
- Eschatology Entertainment – Souls-like FPS (Valve/Wargaming veterans, raised $11.3M Series A)
- Red Rover Interactive – Multiplayer survival game (raised $5M seed led by TGF, then $15M Series A with Krafton)
- Dark Passenger – Co-op action game inspired by feudal Japan (Warsaw-based, raised $3M)
- Drama Studios – Unrecord (viral ultra-realistic single-player game, most wishlisted on Steam)
- Zakazane – Noir Western RPG (Polish studio, signed $8M publishing deal with NEOWIZ)
- KEK Entertainment – Cross-platform multiplayer action games (raised $8M Series A)
- Jarvi Games – Vice Online multiplayer action sandbox (raised $3M seed)
- Roar Games – Tenet of the Spark (third-person action, Georgia/Europe-based, raised $1.5M)
- Obelisk Studio – Displacement psychological action-horror (Cyprus-based, raised $2M)
- Layer.ai – AI for game art production (won Game Changers 2025 Award)
- Made on Earth Games – Mobile 4X strategy Everbright (raised $3.25M EUR)
- Order of Meta – Mobile extraction game (raised $3.3M)
- Purple Games – Puzzle-adventure genre push
- Hypemasters – WWII RTS mobile game
- Starkit – Broyalty (AAA mobile team-fight RPG)
- Juicy Button Games – Innovative 4X strategy (raised $3M)
- Playpack – Social casual gaming
- MadCurve – Business predictive analytics for game studios
- Holmgard Games – Hardcore competitive multiplayer
- Spektra Games – Car simulation games (Turkey-based, 40M+ downloads)
- Included Games – Mobile games UK-based
- Vandrouka Games – New generation casual games
Geographic Focus
Primary Regions:
- Eastern Europe and Central Europe (Ukraine, Poland, Romania, Georgia, Hungary)
- Cyprus (growing hub with TGF-supported accelerator)
- US (New York base)
- UK
- Finland
- France
- Spain
- Turkey
- Saudi Arabia / MENA (accelerator partnerships)
- South Korea
Industry Recognition
- #1 most active early-stage gaming VC (DrakeStart & InvestGame, 2024)
- #4 globally across all stages (InvestGame, 2024)
- Top 5 gaming VCs worldwide (InvestGame, 2023)
- Multiple VentureBeat features on portfolio investments
- Featured in Inc. Arabia: "TGF Championing Women Gamers"
- Naavik Podcast episode on Eastern European gaming market