- Graffiti Games reached a value of $4.5 million as the individual investors decided to invest in the company.
- The company takes pride in having published 10 games on 23 different gaming platform versions.
- Graffiti Games claims to have more than 30 global distribution partners which include big names like Nintendo, Sony, Google Stadia, and Amazon.
The non-brokered private placement brought the money from individual investors and made the company reach a value of $4.5 million, according to CEO Alex Josef. The company was started three years ago with co-founder Mihalis Belantis.
The company has published 10 games with 23 different platform versions and has launched major updates until now. The team at Graffiti consists of only seven people and plans to use the fund to acquire fresh projects and recruit more people, Josef said.
“We had a successful launch of Blue Fire and we’ll take it into a physical release, along with another title that is coming up,” Josef said. “The funds will provide additional liquidity, funds for marketing, and project acquisition. We’ll be able to have higher budgets than we have had so far.”
Among the list of new upcoming games, one of them is Blue Fire from Robi Studios based in Argentina. It made its debut in early February on the Nintendo Switch and Steam, and will soon reach other platforms within a couple of weeks according to Josef. The $20 adventure-platformer game reached number 6 on the bestseller list on the Nintendo eShop, while number 1 on Steam’s new and trending section. The trailer of the game has acquired more than 600000 views.
The early success helped Graffiti Games to prove their model which also met the development cost for Blue Fire within the first 24 hours. In 2020 Graffiti Games had its revenue rise by 10% over the previous year and sold more than 200,000 game units across all the platforms. It has more than 30 Global distribution partners which include names like Steam, Nintendo, Sony, Microsoft, Google Stadia, and Amazon.
Since it is a small game publisher, it finds difficulty in determining indie games that have a lot of potentials but not games that require more money than Graffiti Games can allocate to its portfolio companies. This implies that Graffiti always welcomes promising indie game developers, according to Josef. The company claims to invest hundreds of thousands of dollars for each game and some possibly in the low millions. One of the biggest milestones of 2021 is that Graffiti struck the first deal to get Blue Fire into a physical retail company that deals with GameStop and Best Buy.
Josef said that the company takes pride in being a developer-friendly company. It formed its first publishing contract in negotiations with the first developer, Serenity Forge, and structured the deals in collaborative ways.
“Every deal is different, based on what the developer values, like owning their intellectual property,” Josef said. “A lot depends on the quality of the game. A lot of our deals we are evaluating now are referrals from other developers.”