Swedish studio Cold River Games has raised $2 million for its free-to-play action role-playing game Crystalfall.
Beam Investments led the round, with more investment from Partnerinvest Norr, CoinFund, Avalanche Foundation, and A100X. Cold River Games plans to release its game, which may have Web3 elements, on Steam on the PC in 2025.
Cold River Games (CRG) is a game development studio founded in 2021 by CEO Åke André and creative director Daniil Sanders, based in Umeå, Sweden.
André said he was grateful to raise the money as it’s harder to do so.
“I’ve seen a lot of studios that have failed to raise money lately because the market is very tough,” he said. “It’s a positive in the sense that the money was very easy to come by. In the past, I think VCs were just throwing money to the left or right. And later they wanted more KPIs and were more conservative. It means a lot we were successful with a Swedish investor coming into a Swedish game studio. I’m very happy.”
The team has a track record of working on award-winning game titles such as Path of Exile, Stellaris, and Pillars of Eternity. With a focus on item progression and theorycrafting, their upcoming game Crystalfall is an old school ARPG set in a steampunk world where you play as mutated hybrids wielding steampunk weapons.
“Crystalfall isn’t just another ARPG,” said Parker Heath, gaming lead at Avalanche Foundation, in a statement. “It’s a bold bet on where the future of gaming is headed. The Cold River Games team has the pedigree, vision, and execution to break through not only in web3, but across the entire industry. At Avalanche, we’re backing builders who raise the bar, and this team is doing exactly that.”
In previous rounds, Cold Rivre Games was supported by Lyrik Ventures, MH Ventures and SNZ, who continue to champion the development team.
“We are incredibly grateful to have such strong partners backing our studio and believing in our vision for Crystalfall,” said André.
With their focus on loot and item progression, Cold River Games has been looking into how blockchain technology can create value for ARPG players.
“While our main priority has always been to make a fun game, maintaining a secure game economy is an important part of games focused on loot progression,” said André.
He goes on to explain that blockchain technology can be a solution that not only allows for an open ecosystem driven by players, but also protects the individual player.
“While this technology isn’t suitable for all types of games, we find that it has a place in ARPGs where it can enhance the barter economy,” he said.
With the use of blockchain, items become traceable, reducing risk of scams and duping while also gaining item legacy as items shift hands between players. CRG’s focus has been on removing user friction and optimizing user experience to the degree that blockchain does not disrupt the normal game experience.
CRG has recently announced a new character, a Technomancer wielding a magitech staff, along with a newer and bigger talent tree, recognizable to fans of theorycrafting. With steampunk themed dungeons and skills that drop as lootable items with procedural skill trees, Crystalfall is the go-to choice for players looking for a new ARPG to sink their teeth into, André said.
Origins
André said the studio got started in 2021, and he noted the team members have been making games since 2000. They spent time in leadership roles at Grinding Gear Games, Paradox and Fat Shark.
“We have been running a few studios before,” he said.
The company now has 23 people. André said the intent is to use the funding to complete the game and launch it. The game has an isometric view reminiscent of games like Diablo or Torchlight. It has a Steampunk look and feel, which André believes is an underserved niche.
The company has run tests and it has good traction. About 12,000 players have joined the company’s Discord server and there are about 100 ambassadors that have been helping on the journey. The wishlist is more than 20,000 people.
