Dream Games, the Istanbul-based creator of Royal Match, cements its status as Turkey‘s most valuable tech company with a finalized $5 billion valuation following a strategic move by CVC Capital Partners.
The Turkish technology sector has recorded its most significant financial milestone of 2025 as Dream Games officially concluded a landmark transaction in late November. The deal involves the global private equity firm CVC Capital Partners acquiring a majority stake in the gaming giant, placing the company’s valuation at a staggering $5 billion. This valuation not only doubles the studio’s previous worth but also firmly establishes it as a heavyweight in the global mobile entertainment industry, surpassing many of its Western counterparts in both revenue and market capitalization.
Founders Retain Command
A distinctive aspect of this agreement, which has drawn praise from financial analysts, is the governance structure. Unlike a traditional buyout where a conglomerate absorbs a startup, the five co-founders of Dream Games, led by CEO Soner Aydemir, have retained operational control and a significant shareholding. The influx of capital from CVC was primarily directed toward purchasing the stakes of early venture capital backers, such as Index Ventures and Balderton Capital.
This “secondary sale” has provided a massive liquidity exit for the initial investors while allowing the founders to steer the company’s long-term vision without the pressure of quarterly fundraising. Industry experts view this as a sign of maturity for the Turkish startup ecosystem, proving that local entrepreneurs can build global giants while maintaining independence.
Dominance of the Royal Universe
The valuation is underpinned by the unprecedented success of Royal Match, which has reigned as the highest-grossing mobile puzzle game throughout 2025. By consistently outperforming legacy titles like Candy Crush Saga, the game has generated billions in revenue through its ad-free, high-quality user experience.
With the deal now closed, Dream Games is accelerating the expansion of its portfolio. The studio is focusing resources on its second major title, Royal Kingdom, which aims to replicate the success of its predecessor. The partnership with CVC is expected to provide the financial muscle needed for aggressive user acquisition campaigns in North America and Asia, further entrenching the brand’s dominance.
Silicon Bosphorus on the Map
This $5 billion valuation serves as a beacon for “Silicon Bosphorus,” Istanbul‘s thriving tech hub. Economists predict that Dream Games‘ success will catalyze a new wave of foreign direct investment into Turkey‘s gaming sector. As the company expands its workforce in its Istanbul and London offices, it continues to attract top-tier engineering and artistic talent, solidifying the country’s reputation as a premier exporter of digital creativity.
1 Comment
It’s impressive to see a Turkish gaming company reach such heights—really puts Istanbul on the map in the tech world. Dream Games’ growth shows there’s serious potential outside the usual Silicon Valley scene. Excited to see what they do next!