Cyprus-based Eschatology Entertainment has raised $11.3 million in series A funding to finalize its upcoming Souls-like FPS set in a post-apocalyptic wild west. South Korean developer and publisher Krafton led the round with both GEM Capital and The Games Fund returning to participate.
Currently, the studio has completed pre-production and a showcase vertical slice of its first title. Eschatology’s (growing) team of 65 developers in 8 countries is working towards the game’s launch, but has not set a release window yet.
“With the support of our new partner, Krafton, and the ongoing teamwork with old friends GEM Capital and The Games Fund, we now have all the resources needed to bring our ambitious vision to life. It is not only an opportunity to finish a unique, strong product. It is important for us to narrate this incredible story through different games, opening with an alternative apocalyptic Wild West setting,” said Fuad Kuliev, CEO, creative director and cofounder of Eschatology Entertainment.
In 2022, Dmytro Kostiukevych, Boris Nikolaev, Viktor Antonov and Kuliev founded Eschatology Entertainment. Its leadership team all previously worked for Wargaming, the studio behind World of Tanks, except for Antonov who served as the visual director for Half-Life 2 and Dishonored.
Eschatology’s path forward
Eschatology is the newest studio in Krafton’s investment portfolio. Since 2022, the South Korean publisher and developer has invested in or acquired 27 other studios — including 11 in 2024. Most recently, Krafton acquired Hi-Fi Rush developer Tango Gameworks.
“Eschatology Entertainment has an exciting future ahead of them, and we’re delighted to offer support to the team and their innovative ideas,” said Maria Park, VP and Head of Corporate Development at Krafton. “This is at the very heart of what Krafton’s ‘Scale-Up-the Creative’ strategy is all about – finding the best talent in gaming and working with them to bring their creativity to the whole world.”
Despite Krafton’s investment, the South Korean publisher is currently serving as a financial rather than strategic partner. In fact, Eschatology announced plans to use this funding to establish an internal publishing team.
The studio previously closed a $4 million seed round in November 2022 to fund initial development and hiring. GEM Capital and The Games Fund co-led the round, each contributing half the total capital. Demonstrating their commitment to the project, both investors have returned for this new Krafton-led funding round. In fact, GEM Capital has increased its ownership stake in Eschatology Entertainment through this raise.
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