Two Cyprus-based companies among the world’s 10 most active gaming investors

A leading international market intelligence platform has listed two Cyprus-based companies as being among the 10 most active gaming investors on the global market.

More specifically, InvestGame has listed GEM Capital and The Games Fund in its 2023 full-year report on Gaming Deals, entitled, ‘2023: Striving for Elevation.’

The two companies feature high in two lists included in the report, jointly holding fourth and fifth place in the ‘Ranking by Number of Deals.’.’ It is worth noting that the nine deals undertaken by The Games Fund were worth USD25.8 million of which eight were lead deals worth USD17.8 million. Also, the nine deals made by GEM Capital had a deal value of USD20.8 million with eight involving lead deals with a value of USD15.8 million.

Most Active VC Gaming Funds for 2023

When it comes to ‘Ranking by Deals Value,’ The Games Fund was in 9th place and GEM Capital in 10th.

For both rankings, specific mention was made of The Games Fund’s Zakazane and Red Rover select lead deals, and GEM Capital’s Sad Cat Studios, and Made on Earth Games.

The Cyprus-based businesses are in good company on both lists, being featured alongside the likes of Sisu Game Ventures and Lightspeed Ventures, which topped the two lists respectively.

Founded in 2017 in Cyprus by Anatoly Paliy, GEM Capital’s current mission revolves around elevating Cyprus into a world-renowned hub for talent. At the helm of Gem Capital are Kirill Gurskiy and Roman Gurskiy, twin brothers with roots in Moscow who later relocated to Cyprus.


Maria Kochmola and Ilya Eremeev, the Managing Partners of The Games Fund, are based in New York, while General Partner Illya Parpinskiy is based in Limassol. The company is described as an early-stage VC fund founded by video game industry veterans.

The Games Fund

Click here to see the report in full.

Also read: Co-MDs reveal how GEM Capital is making the most of Cyprus’ emergence as a European gaming nucleus

Also read: Cyprus-based Obelisk Studio secures $2m from The Games Fund

Also read: GEM Capital has exited The Games Fund

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