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Dream Games

Istanbul, Turkey Interactive Entertainment Private

Dream Games is a Turkish mobile gaming company founded in 2019 by former Peak Games executives. The studio develops and publishes globally successful games, primarily Royal Match and Royal Kingdom. Royal Match is consistently ranked among the top 10 highest-grossing mobile games worldwide, generating approximately $1.4-1.5 billion in annual revenue. Royal Kingdom, launched in November 2024, features PvP gameplay and has been marketed with celebrity partnerships including LeBron James and Shakira.

Overview

Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Founded

2019

Employees

280–300

Total Funding

$2.97B

6 rounds

Latest Valuation

$5B

May 1, 2025

Funding

Total raised $2.97B across 6 rounds

Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Last updated 06-25-2026

Latest Round

Type

Strategic Secondary / Recapitalization (CVC-led)

Date

May 1, 2025

Amount

$1.25B

Valuation

$5B

Lead Investors

CVC Capital Partners
DateRoundAmount RaisedValuationLead Investors
May 1, 2025 Strategic Secondary / Recapitalization (CVC-led) $1.25B $5B CVC Capital Partners
May 1, 2025 Debt (Blackstone-arranged) $1.25B Blackstone
January 18, 2022 Series C $255M $2.75B Index Ventures

Funding by Round

Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Valuation Trajectory

Valuation indexed to 1.0× at the selected entry round. Valuation marks are estimates and may contain errors. Hover each dot to compare.

If you invested at:
1x 2x 5x 2022 2023 2024 2025 Dream Games

Entry · Series B

$1B

Jun 2021

Dream Games today

$5B

May 2025 · latest mark

Dream Games multiple

5.0x

valuation uplift since first round

Y-axis is logarithmic. Hollow dots = estimated valuations. Does not represent realized investor returns.

Prominent Investors

Index Ventures Makers Fund IVP BlackRock Kora Balderton Capital Black Rock

Leadership

  • Soner Aydemir

    CEO and Co-Founder

    LinkedIn
  • Ikbal Namlı

    Co-Founder

  • Hakan Sağlam

    Co-Founder

  • Eren Şengül

    Co-Founder

  • Serdar Yılmaz

    Co-Founder

Competitors

Competitor list is illustrative and may be incomplete, stale, or erroneous.

  • King Digital Entertainment

    Zynga (acquired by Take-Two 2022); creator of Candy Crush Saga and other top-grossing puzzle games.

  • Playrix

    Russian mobile gaming studio behind Homescapes, Gardenscapes, and Merge Dragons.

  • Peak Games

    Turkish mobile gaming company (where Dream Games founders previously worked); creators of Toy Blast and Toon Blast.

  • Miniclip

    Swiss mobile gaming studio; publicly traded (acquired by AppLovin 2024) with games like Clash Royale.

Dream Games Investment FAQ

Public status and buying access

No. Dream Games is a private company and does not have a public stock ticker or trade on a public stock exchange. Its shares are generally held by founders, employees, investors, and other private shareholders. Buyers and sellers may be able to transact in Dream Games shares through private secondary transactions, but any transaction depends on share availability, buyer and seller agreement, transfer restrictions, company approval rights, and any applicable right of first refusal. There is no guarantee that Dream Games will complete an IPO or other liquidity event.

Yes, it is sometimes possible to buy Dream Games shares pre-IPO through private secondary transactions. This depends on finding a willing seller, company approval, and satisfying any transfer restrictions or rights of first refusal.

Buyers interested in buying Dream Games shares on the secondary market typically do so through SetterVC and other secondary-market platforms, subject to eligibility requirements, share availability, transfer restrictions, and issuer approval. Buyers may need to satisfy sophistication, accreditation, institutional, platform, regulatory, or other eligibility requirements before participating. Once eligible, buyers may be able to view listings, make bids, and work with a licensed broker through the transaction process. Buyers should ensure they have appropriate legal and financial advisors guiding them before completing any transaction.

The company's latest round valuation was approximately $5B as of May 1, 2025. The latest round valuation is often used as one reference point in secondary-market pricing, but secondary prices may be above or below that valuation at any given time. Secondary pricing can shift significantly based on post-round conditions, such as changes in company performance, supply-demand dynamics, share class, transaction size, transfer restrictions, or broader market shifts. Any implied valuation from a past round should be confirmed with a broker or through live market listings before relying on it.

Valuation and funding

Dream Games was most recently valued at approximately $5B as of May 1, 2025. This is a private valuation and may differ from secondary pricing. Secondary shares may trade above or below this mark based on various factors. SetterVC and Setter Capital does not verify the accuracy of these valuations. Buyers and sellers should always confirm current valuations before completing any transaction.

Dream Games's valuation has changed over time based on funding rounds, tender offers, secondary-market indications, and other reported or collected valuation marks. Dream Games's valuation moved from approximately $1B as of June 30, 2021 to approximately $5B as of May 1, 2025. This comparison reflects company-level valuation marks and does not represent realized investor returns. Secondary-market prices may differ from these valuations based on share class, transaction size, transfer restrictions, supply and demand, company performance, and broader market conditions. SetterVC and Setter Capital does not verify the accuracy or completeness of valuation data, and buyers and sellers should confirm current information before relying on it.

Dream Games's latest disclosed funding round was a Strategic Secondary / Recapitalization (CVC-led) round in May 1, 2025. The round raised approximately $1.25B at an approximately $5B valuation, with CVC Capital Partners listed as disclosed lead or major investors. Primary funding rounds are different from secondary transactions: in a primary round, capital goes to the company, while in a secondary transaction, investors buy existing shares from current shareholders. Funding-round data reflects publicly reported or collected information and may be incomplete. The latest round valuation should be confirmed before it is used as a pricing reference.

Dream Games has raised approximately $2.97B in disclosed funding across 6 rounds. These figures reflect primary capital raised by the company and do not include every possible secondary transaction, undisclosed round, debt facility, or private transfer. Reported funding totals can change as new rounds are announced or older round details are corrected. Eligible users can use SetterVC to track Dream Games's funding history alongside private-market activity where available.

Dream Games's disclosed investors include Index Ventures, Makers Fund, IVP, BlackRock, Kora and Balderton Capital. Investor lists are based on public reporting, company announcements, and collected funding-round data, and may be incomplete. Participation in a prior funding round does not mean those investors are currently buying or selling shares. On SetterVC, eligible users can review Dream Games's funding history, valuation history, and private-market activity alongside other venture-backed companies.

Market context

Dream Games's most-cited competitors include King Digital Entertainment, Playrix, Peak Games and Miniclip. Investors often compare these companies by sector, product focus, valuation, funding raised, growth signals, investor base, and private-market activity.

Secondary-market demand for Dream Games shares can be affected by company performance, revenue growth, profitability, funding history, valuation, investor interest, sector momentum, public-market conditions, expected timing of a liquidity event, and the availability of shares for sale. Demand can also be affected by transfer restrictions, company approval rights, right of first refusal processes, limited information, and the price expectations of buyers and sellers. Strong demand does not guarantee strong pricing, liquidity, or investment returns. Weak demand does not necessarily reflect the company's long-term prospects. Demand signals should not be treated as a recommendation or prediction of investment performance. Buyers and sellers should treat demand signals as informational and conduct their own diligence before transacting.

Selling and transaction mechanics

Sellers often rely on intermediaries and platforms, such as SetterVC and other secondary-market platforms, to identify potential buyers. The exact process varies by company and transaction, but sellers often begin by confirming their ownership, desired price, transferability, and any company approval or notice requirements. If the seller agrees with a buyer on acceptable price and terms, the company may need to be notified through a share transfer notice or similar process. If a right of first refusal, company approval right, or other transfer restriction applies, the seller may need to wait until that process is completed. The parties may then execute a purchase and sale agreement, complete required transfer documentation, and close if all required conditions are satisfied. Sellers should always seek proper legal and financial advice before completing the transaction.

Yes, current and former Dream Games employees, early investors, and other existing shareholders may be able to sell vested shares before an IPO through a private secondary sale. This is not automatic; it depends on whether the shareholder has transferable shares, whether there is buyer demand, and whether the company's governing documents permit the transfer. Many companies require prior notice, company approval, or a right of first refusal before shares can be sold. Sellers should also seek proper legal and financial advice before proceeding.

A Dream Games secondary transaction usually involves an existing shareholder selling shares to a buyer before a public listing. The buyer and seller typically agree on price, number of shares, share class, and closing conditions. The seller may then need to notify Dream Games through a share transfer notice or similar process. If Dream Games or existing investors have approval rights, transfer restrictions, or a right of first refusal, those steps may need to be completed before the transfer can close. The parties typically enter into a purchase and sale agreement, complete any required transfer documentation, and close only if the necessary conditions are satisfied. Timing and certainty can vary by company and transaction.

In most private secondary transactions, parties commonly use a purchase and sale agreement that outlines price, terms, and conditions. They may also use share transfer documentation, often a stock transfer notice, share transfer notice, transfer instruction, or similar document, along with any required company approval or right of first refusal materials. Proof of ownership, such as a cap table entry, share certificate, brokerage statement, issuer confirmation, or administrator confirmation, may also be important. Buyers often request recent company financials, but private companies may limit disclosure. Since every deal varies, buyers and sellers should consult legal and financial advisors to understand which documents are needed.

Risk, diligence, and investor caution

Buying Dream Games shares pre-IPO is risky. Shares are illiquid, no IPO or liquidity event is guaranteed, valuations can change, transfers may require company approval, and private companies may provide limited financial disclosure. Be prepared for total loss. SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, verify information, and seek independent legal and investment advice before proceeding.

Private secondary shares are typically illiquid. Unlike public stocks, there is no active public market, so selling them can be difficult and time-consuming. Sales depend on finding a willing buyer and often require company approval. Investors should be prepared to hold the shares for an extended period, with no guarantee of a future sale. Always assess your need for liquidity before investing.

SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, including verifying ownership, transferability, legal structure, company approval, and assessing the company's prospects. SetterVC and Setter Capital do not provide advice on whether an investment is good, what price to pay, or what the best bid or ask is. SetterVC and Setter Capital may share documents in some circumstances, but it does not guarantee their accuracy or completeness. Due diligence is essential. Seek legal and investment advice as needed.

Before buying Dream Games shares, a buyer should try to review the share class, price per share, implied valuation, transfer restrictions, ROFR process, company approval rights, seller ownership evidence, recent financing or tender-offer information, available financial information, information rights, resale restrictions, tax considerations, and expected liquidity paths. Not all information may be available for a private company. Buyers should confirm available diligence, process details, and information needs with their own legal, tax, and investment advisers.

SPVs carry risks. Examples include the need to confirm the company allows SPV-based transfers, verify that the SPV truly owns the shares or interests it claims to own, and ensure it has not sold more interests than it holds. Due diligence is essential. Seek legal and investment advice as needed.

Forward contracts carry risks. Examples include the seller refusing to transfer the shares at the future date, even if the seller owns them, the seller going bankrupt with creditors claiming the shares, or the seller committing the same shares to multiple parties. Due diligence is essential. Seek legal and investment advice as needed.

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