GEM Capital co-invests in Cyprus-based casual games company Studio42

06:01 - 17 May 2025

Technology

GEM Capital, one of the top gaming VC investors with offices in Paphos and Dubai, has partnered up with Play Ventures and Arcadia Gaming Partners to invest in Studio42, founded by former Belka Games leaders.

“Studio 42, led by Aleksandr Bogdanov, Ivan Larionov, and Pavel Sudakov, is one of the best teams in Cyprus behind multiple top-grossing titles in the casual games space,” GEM Capital said announcing the news on its social media. “During Aleksandr’s seven-year tenure as CEO of Belka Games, the company’s revenue and team size each grew more than tenfold.
We are proud of our partnership with Aleksandr, Ivan, and Pavel and grateful that they chose us as their investors in this oversubscribed round,” it added.

Kirill Gurskiy, Managing Director of GEM Capital, posted on his LinkedIn: “GEM Capital just invested in Studio42 started by the super talented folks who used to be in charge at Belka Games. We're really stoked about this one!”

He added, “Seriously blown away by what Aleksandr Bogdanov, Ivan Larionov, and Pavel Sudakov did at Belka Games – a tenfold increase in revenue and team? That's wild! They're a top-notch crew in Cyprus. So, no surprise that as soon as their departure from Belka was public, we jumped on the phone with them right away!”

Aleksandr, Ivan, and Pavel nailed it with this, said Gurskiy. “‘The best ideas are often the simplest, genius lies in simplicity.’ Couldn't agree more!”

He also gave a shoutout “to our awesome co-investors”, Play Ventures and Arcadia Gaming Partners.

GEM Capital co-invests in Cyprus-based casual games company Studio42

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