Eschatology Entertainment, a game development studio known for its team of industry veterans, is announcing the closing of an $11.3 million investment round led by KRAFTON, with GEM Capital and The Games Fund joining the round.
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.
Eschatology Entertainment 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.
Eschatology Entertainment’s new 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.”
Fuad Kuliev, Co-Founder of Eschatology Entertainment
“Eschatology Entertainment has an exciting future ahead of them, and we’re delighted to offer support to the team and their innovative ideas.
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.”
Maria Park, KRAFTON’s VP and Head of Corporate Development
About Eschatology Entertainment
Eschatology Entertainment is a PC and console game development studio based in Nicosia, Cyprus. The studio operates fully remotely, uniting 65 employees from 8 countries. With a strong foundation built by industry veterans, Eschatology is committed to creating a new generation of immersive hardcore experiences. Their debut game, an unannounced AAA narrative first-person shooter, is set to push industry boundaries and offer players a unique, atmospheric, and challenging gaming experience.
About KRAFTON, Inc.
Headquartered in South Korea, KRAFTON, Inc. is dedicated to discovering and publishing captivating games that offer fun and unique experiences. Established in 2007, KRAFTON is home to globally renowned developers that include PUBG STUDIOS, Striking Distance Studios, Unknown Worlds, VECTOR NORTH, Neon Giant, KRAFTON Montreal Studio, Bluehole Studio, RisingWings, 5minlab, Dreamotion, ReLU Games and Flyway Games.
Each studio strives to continuously take on new challenges and leverage innovative technologies. Their goal is to win over more fans by broadening KRAFTON’s platforms and services.
KRAFTON is responsible for premier entertainment properties, including PUBG: BATTLEGROUNDS, PUBG MOBILE, The Callisto Protocol, NEW STATE MOBILE, Moonbreaker, Defense Derby and TERA.
About GEM Capital
Founded in 2017 by Anatoliy Paliy, a veteran of PwC, GEM Capital is a prominent gaming-focused investor headquartered in Cyprus. With a recent raise of $50 million from European limited partners for investments in 2024 and 2025, GEM Capital has solidified its position as a key player in the industry.
Managing a portfolio exceeding $150 million, GEM Capital supports over 25 companies, including Mundfish (Atomic Heart) and Sad Cat Studios (Replaced). Known for its active role in gaming investments globally, GEM Capital is the largest such investor in Cyprus and has been recognized by InvestGame and Drake Star for its extensive contributions to the sector.
Additionally, GEM Capital’s nomination for Investor of the Year at the MENA Games Industry Awards 2024 underscores its influential presence and commitment to fostering innovation in gaming markets.
About The Games Fund
The Games Fund (TGF) is the leading gaming VC fund with offices in New York and Cyprus, investing in innovative early-stage games and game tech companies in Europe. TGF was founded in 2021 by games industry veterans and hardcore gamers, holds the largest gaming portfolio in Eastern Europe and Cyprus, and is recognized as the top early-stage gaming investor by Investgame.net and Drakestar partners.
