PlayRaven
Boutique game development studio employing an international team of hand-picked industry veterans with years of experience from famous companies such as Remedy Entertainment, Rockstar Games, Supercell, Wooga and Unity.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
| N/A | €0.0 | round | |
| investor investor investor investor investor | €0.0 | round | |
| investor | €0.0 | round | |
N/A | Acquisition | ||
| Total Funding | 000k | ||
| EUR | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % growth | (5 %) | (32 %) | 33 % | (44 %) | (70 %) | (79 %) | 315 % |
| EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % EBITDA margin | 9 % | 11 % | 40 % | 67 % | - | - | - |
| Profit | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % profit margin | 5 % | 6 % | 5 % | 4 % | - | (6 %) | 18 % |
| EV | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| R&D % of revenue | 134 % | 98 % | - | - | - | - | - |
Source: Company filings or news article
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PlayRaven Oy was a Finnish mobile game development studio that specialized in creating strategy games for touch-screen devices. Founded in Helsinki in 2013, the company was established by a team of five seasoned industry veterans: Lasse Seppänen, Teemu Haila, Tiago Rocha, Jarkko Kainulainen, and Kalle Marjola. The founding team brought a wealth of collective experience from prominent Finnish game studios like Remedy Entertainment and Digital Chocolate, having worked on over 50 titles combined prior to starting their own venture. CEO and co-founder Lasse Seppänen, for instance, had an extensive career that included producing the acclaimed title Alan Wake at Remedy Entertainment.
The studio's business model focused on the free-to-play market, developing games with a strong emphasis on strategy, often inspired by historical events and real-world settings. Their debut title, "Spymaster," launched in 2014, was a strategy game set during World War II where players managed a network of spies. This was followed by other titles such as "Robocide" and "Winterstate," which aimed to adapt the real-time strategy (RTS) genre for mobile interfaces. The company sought to fill a perceived gap in the market for more mature, less cartoonish mobile games. PlayRaven successfully raised $6.4 million over two funding rounds in 2014, attracting notable investors including Creandum and early backers of Supercell.
A significant milestone in the company's journey occurred on November 30, 2018, when it was acquired in its entirety by Rovio Entertainment, the creator of Angry Birds. The acquisition was a strategic move for Rovio to bolster its capabilities and accelerate its expansion into the mobile strategy game genre. At the time of the acquisition, PlayRaven had a team of 25 employees. The deal allowed the PlayRaven team to continue their work on strategy games with the backing and resources of a major industry player. Before the acquisition, PlayRaven had also partnered with CCP Games to develop "Eve: War of Ascension."
Keywords: mobile games, strategy games, game development, Finnish startup, Helsinki, free-to-play, Spymaster, Robocide, Winterstate, Lasse Seppänen, Rovio Entertainment, acquisition, Remedy Entertainment, Digital Chocolate, venture capital, real-time strategy, F2P, mobile gaming, game studio, European tech