Cyprus-based Obelisk Studio secures $2m from The Games Fund

Obelisk Studio, a Cyprus-based, established AAA co-development company with a decade of experience working on household name franchises and independent games, announced that it has secured $2m from The Games Fund, a specialist early-stage VC fund that invests in innovative video game developers and GameTech companies.

“The raise will fund Obelisk’s pivot into the development of independent first-party titles,” thec company explained.

Displacement, the studio’s first IP, is a psychological action-horror game that explores the dark side of human nature in an atmosphere of isolation and madness and spiced with intense violent melee combat.

Over the past decade, the 20-strong Cyprus-based Obelisk Studio has been a major co-development partner for Sons of the Forest, which sold over 2 million copies in the first 24 hours, and other iconic IPs, including Call of Duty, Dota 2, Fallout 76, New World and David Fincher’s episode for Love, Death & Robots. Following the new investment, Obelisk is reinforcing the handpicked Displacement team with top-tier developers and designers who previously played key roles in the development of critically acclaimed games like Pioneer.

Artem Dorokhin, Co-Founder and CEO of Obelisk Studio, commented: “We’re so happy to see the excitement that ‘Displacement’ sparks in people when we recruit and tell them about the game we work on! They see the potential even at this early stage and share our vision that the market and players are waiting for a true hardcore horror game. The Games Fund has placed a lot of trust and support in Obelisk. Thanks to their resources and extensive connections in the industry, we’ve built all the critical infrastructure, made key hires, and kickstarted the company in record time.”

Alexander Vershinin, Co-Founder and Creative Producer of Obelisk Studio, said: “While humor and drama may be culturally specific, fear is universally understood, tapping into our most primal instincts as human beings. The action-horror genre, once considered niche, has grown to the point where it can hardly be classified as niche anymore. In collaboration with specialists in the psychology of extreme survival, we are making the ‘Displacement’ the most authentic psychological horror experience possible, full of raw emotions and literally driving players crazy.”

This investment aligns with The Games Fund's approach of funding unique and innovative gameplay experiences, it said in its announcement.

Ilya Eremeev, Co-Founder and Managing Partner of The Games Fund, added: “We believe that a well-crafted AA game, one that honours and builds upon the legacy of classic horror titles with soul and grit, is a clear opportunity. With one of the most experienced teams in the region, ethical management practices, and exciting original IP, the Obelisk team is attracting the best talent on the market and developing an inspiring and beautiful but truly chilling horror game. We are committed to continuing our support and investment in the growing gaming industry of Cyprus, one of our key regions, ensuring that the incredibly talented game developers will not be left alone in the dark.”

The Games Fund’s inaugural fund raised $50 million to invest in gaming companies and founders from emerging markets in central and eastern Europe, such as KEK Entertainment, Jarvi Games, and Red Rover Interactive.