Cold River Games Secures $2 Million for Crystalfall ARPG Launch

Cold River Games, a Swedish game development studio, has successfully secured $2 million in funding for its upcoming action role-playing game (ARPG), Crystalfall. The funding round was led by Beam Investments, with additional support from Partnerinvest Norr, CoinFund, Avalanche Foundation, and A100X. This investment will enable Cold River Games to further develop Crystalfall, a steampunk-themed ARPG with potential web3 features, which is set to launch on Steam in 2025.

The studio, founded in 2021 by CEO Åke André and creative director Daniil Sanders, has a team with a proven track record in the gaming industry. The team has contributed to award-winning titles such as Path of Exile, Stellaris, and Pillars of Eternity. Crystalfall is designed to be an old-school ARPG set in a steampunk world, where players take on the role of mutated hybrids wielding steampunk weapons. The game focuses on item progression and theorycrafting, elements that have been well-received by fans of the genre.

Åke André expressed gratitude for the funding, noting the challenging market conditions for game studios. "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."

Parker Heath, gaming lead at Avalanche Foundation, highlighted the innovative aspects of Crystalfall. "Crystalfall isn’t just another ARPG," he said. "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."

Cold River Games has been exploring the integration of blockchain technology to enhance the game economy and protect players from scams and duping. "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," André explained. "Blockchain technology can be a solution that not only allows for an open ecosystem driven by players, but also protects the individual player."

The studio has also announced new features for Crystalfall, including a Technomancer character wielding a magitech staff and an expanded talent tree. The game's steampunk-themed dungeons and lootable skills with procedural skill trees are designed to appeal to fans of theorycrafting and ARPGs.

Cold River Games plans to use the funding to complete the development of Crystalfall and launch it in 2025. The game has already garnered significant interest, with over 12,000 players joining the company’s Discord server and more than 20,000 people on the wishlist. The studio aims to deliver a high-quality gaming experience that stands out in the ARPG genre.