Nicosia-based Eschatology Entertainment, a game development studio known for its team of industry veterans, announced the closing of a €10.2 million investment round led by KRAFTON, with GEM Capital and The Games Fund joining the round. This way, GEM Capital has further expanded its ownership in the company, demonstrating strong commitment to the team. This investment will support development of the studio’s upcoming Souls-like FPS set in an Apocalyptic Wild West, enabling the team to finalize critical development stages and ensure the smooth production and launch of the game.
In 2022, Fuad Kuliev, Dmytro Kostiukevych, Boris Nikolaev, and Viktor Antonov founded Eschatology Entertainment and assembled a world-class multicultural team with broad entertainment and game development experience.
Eschatology Entertainment is a team of extraordinary professionals with backgrounds in studios including Valve, Wargaming, 4A Games, Bluehole Studio, GSC Game World and Frag Lab. The team’s track record includes upscaling the world-renowned game project World of Tanks to new regions, as well as other globally successful MMOs. The Visual Director of the studio was behind the art style of Half-Life 2 and Dishonored titles. Other team members have managed, published, and launched Master of Orion, Caliber and Shatterline, among other games.
The studio’s previous $4 million investment round (co-led by GEM Capital and The Games Fund) enabled the initial development phases and assembling an outstanding team. With this new $11.3 million capital injection, Eschatology is on track to release its first project. The game is now in its most active production phase, following the completion of pre-production and a showcase vertical slice. This investment ensures a seamless production process, high-quality development and timely release. Additionally, Eschatology plans to establish a publishing team, reflecting their ambitions beyond this initial project.
“This deal is more than just a financial investment; it’s a collaborative journey that allows us to fully immerse ourselves in creating a world rich in atmosphere, history, and tough challenges. With the support of our new partner, KRAFTON, and the ongoing teamwork with old friends GEM Capital and The Games Fund, we now have all the resources needed to bring our ambitious vision to life. It is not only an opportunity to finish a unique, strong product. It is important for us to narrate this incredible story through different games, opening with an alternative apocalyptic Wild West setting,” said Fuad Kuliev, co-founder of the studio.
“Eschatology Entertainment has an exciting future ahead of them, and we’re delighted to offer support to the team and their innovative ideas,” said Maria Park, KRAFTON’s VP and Head of Corporate Development. “This is at the very heart of what KRAFTON’s ‘Scale-Up-the Creative’ strategy is all about – finding the best talent in gaming and working with them to bring their creativity to the whole world.”
