Dream Games Raises $255M at $5B Valuation — The Turkish Gaming Powerhouse Levels Up

Turkish gaming studio Dream Games continues its meteoric rise with a fresh $255 million Series C raise, taking its valuation to $5 billion. The Istanbul-based company, best known for its blockbuster mobile puzzle game Royal Match, now cements its position as one of the world’s leading mobile gaming startups.

A Global Hit from Istanbul

Founded in 2019, Dream Games has quickly emerged as one of the most successful tech companies out of Turkey. Its flagship title, Royal Match, is a puzzle game that competes directly with global giants like Candy Crush Saga, yet consistently ranks in the top charts on both iOS and Android. The game combines intuitive gameplay, high production value, and addictive mechanics — a formula that’s turned it into a global favorite and a financial success.

What’s even more impressive is that the studio has achieved this with a team of just over 100 employees. The company’s culture emphasizes craftsmanship, quality, and long-term thinking, and it shows. Unlike many gaming startups chasing hyper-casual trends, Dream Games has focused on perfecting a single product and continuously optimizing it over time.

Backed by the Best

This latest round is led by Index Ventures, a longtime backer of the company, with participation from a high-profile group of investors including Makers Fund, BlackRock, IVP, Kora, Balderton Capital, and IVP. Dream Games had previously raised $225 million in 2021 when it reached unicorn status — this new round more than doubles its valuation in less than three years.

The funding will primarily be used to scale Royal Match globally, invest in user acquisition, and grow the team. Dream Games is also expected to explore new game development, though the company’s product-centric DNA suggests any new releases will follow only after careful iteration and polish.

What Sets Dream Games Apart?

Dream Games is part of a broader trend of emerging market studios proving that world-class gaming doesn’t need to be centered in Silicon Valley or Seoul. With Istanbul now a growing hub for gaming talent, the company has helped put Turkey on the map as a serious player in the global gaming industry.

A few things stand out about their approach:

• Focus on depth over breadth: While many startups chase multiple games, Dream Games puts all its energy into making Royal Match better, deeper, and more rewarding over time.
• Steady profitability: Even before the recent raise, the company was already profitable — a rare feat in today’s burn-heavy startup world.
• Retention-first strategy: Their high player retention is a result of thoughtful game design and constant improvements, not just aggressive marketing.

The Road Ahead

With Royal Match still going strong and over $250M in fresh capital, Dream Games now has both the runway and the global reputation to scale even further. It’s expected to use the funds to double down on growth, continue hiring top-tier talent, and possibly develop a new title — though details remain under wraps.

As the gaming industry continues to shift toward mobile-first experiences and digital entertainment expands globally, Dream Games serves as a compelling case study in how focus, discipline, and a clear product vision can outperform louder competitors.

The $5 billion valuation isn’t just a number — it’s a signal. The gaming world is no longer defined by geography, and Istanbul is now on the leaderboard.