Cyprus attracted €2.76 billion in mergers and acquisitions (M&A) deal value and €137 million in fundraising across 21 exits and 72 funding rounds between 2020 and 2025, the Cyprus Game Makers Association (CYGMA) 'Cyprus Video Game Industry Report 2025' has revealed.
The report also reveals the top nine M&A deals in Cyprus gaming between 2017 and 2025 and lists the top nine fundraising successes in Cyprus gaming between 2020 and 2025.
As seen in the above table, the report lists major deals that took place within the sector in recent years, including:
Major Deals (2017–2025)
Largest Exits:
Easybrain sold to Miniclip in 2025 for €1.06 billion (largest in Cyprus gaming history).
Outfit7 sold to United Luck Consortium in 2017 for €885 million.
MY.GAMES reorganized in 2022 for €568 million.
Easybrain sold to Embracer Group in 2021 for €566 million.
Melsoft sold to Moon Active in 2020 for €265 million.
Other Notable Deals:
Belka Games to AppLovin (€136 million, 2019), Cubic Games to GDEV (€53 million, 2022), Deus Craft and BeINGAME to MY.GAMES (2020).
"The headline exits are heavily concentrated. Easybrain's €1.06 billion sale to Miniclip in 2025 stands as the largest disclosed gaming exit in Cyprus history. MY.GAMES's €568 million reorganisation in 2022 and Easybrain's earlier sale to Embracer in 2021 (up to €677 million including earn-out) round out the top three since 2020, with Melsoft's €265 million sale to Moon Active in 2020 close behind," the report underlines adding, "Smaller deals predominantly featured Cyprus-headquartered buyers — GDEV in particular — acquiring other Cyprus studios. Beyond M&A, GDEV's own 2021 listing on NASDAQ via SPAC is a notable Cyprus exit in its own right."
Together, the lists make the section's central point concrete. Capital comes in from Asia (Krafton, Tencent, Korea Investment Partners), Europe (Embracer), international platforms (Miniclip) and headline individuals (Ronaldo). It also moves between Cyprus companies themselves. The market is plural, active and global in its reach — and what's visible in the public record is only part of a larger picture."
The actual figures are likely even higher, the report points out, noting that private companies are not required to publicly disclose M&A transactions or their financial terms. This means that the numbers quoted in the report refer to publicly disclosed deals only. "A meaningful volume of private, unannounced activity sits outside them and is not tracked here, so the real market is larger than these numbers show," the report suggests.
As revealed in the report, Cyprus accounts for 4.4% of global gaming M&A deals over €10 million and 1.5% of their value, which is significant for a country of its size.
The market sees many deals with smaller average values, punctuated by a few large exits, giving Easybrain and MY.GAMES as examples.
CYGMA, meanwhile, also notes that the M&A market is two-sided, meaning that both external acquirers (from Asia and Europe) invest in Cyprus while Cyprus-based companies are themselves active acquirers, mainly targeting other Cyprus companies. The companies GDEV, MY.GAMES and Azur Games were listed as active consolidators.
Funding
When it comes to Early-Stage Funding, the report reveals that while Cyprus captured 2.5% of global early-stage gaming funding rounds (2020–2025), but only 0.7% of the value, reflecting many small rounds.
As pointed out in the report, "The top fundraisers pulled in a mix of capital. Strikerz's €35.4m round in 2023 included Cristiano Ronaldo as an investor — the largest single fundraise on the island. Eschatology Entertainment (€13.5m) and KEK Entertainment (€9.7m) drew capital from Asian publisher-investors Krafton and Korea Investment Partners. Mundfish secured €8.8m from Tencent. Cyprus-based GEM Capital appears across multiple smaller rounds, anchoring local follow-on activity. Mika Games — with two disclosed lead investments in Cyprus studios — is emerging as another local backer."
It found that Pre-Seed and Seed rounds dominate and that Series A appears in cycles while late-stage rounds are rare. Most companies exit via acquisition rather than large growth rounds.
As noted in the report, "Pre-Seed and Seed rounds form the steady base — typically between three and twelve a year, reflecting the constant flow of new studios. Series A is more cyclical: 2024 surged to twelve rounds and around €25.7m raised, before cooling in 2025. Late-stage rounds (Series B and beyond) are rare: only three in six years, headlined by Strikerz's €35.4m round in 2023."
It continued that, "Cyprus companies that reach scale tend to exit through acquisition rather than raise large growth rounds publicly."
In terms of User Acquisition (UA) Financing, CYGMA reported that in 2025 alone, €128.3m in UA financing was committed to Cyprus studios, nearly matching all equity capital raised in the previous six years. UA financing is non-dilutive capital lent against future revenue of live games, used mainly by mobile publishers.
As underlined in the report, "Capital activity is the clearest external signal of industry momentum. The Cyprus video games industry has attracted external capital and built strategic acquirers of its own."
You can view the full 'Cyprus Video Game Industry Report 2025' here.
Also read: Cyprus takes the global top place per capita in the video game industry, CYGMA report finds
