Turkey’s Dream Games hits $5B valuation in CVC-led deal, early VCs exit as founders retain control

🎮 Istanbul-based Dream Games, creator of mobile hit Royal Match, has secured a strategic investment from CVC at a reported valuation nearing $5B – up from $2.75B in 2022.

The deal sees early backers like Balderton and Index Ventures exit after five years, with CVC becoming the sole equity partner and the five Turkish co-founders retaining majority control.

Backed by over $2B in combined equity and debt financing (including from Blackstone), the move positions Dream Games to expand its “Royal Universe” following a breakout 2023 with $1.5B in revenue and the launch of Royal Kingdom.

The deal marks one of the rare large-scale liquidity events in the mobile gaming sector amid a challenging exit environment.