Investment group GEM Capital reflected on a successful 2025, with managing directors Kirill and Roman Gurskiy highlighting achievements across their gaming portfolio. Five upcoming projects from their companies ranked among the top 150 most anticipated games worldwide. The year featured strong releases, demos, and investment milestones amid a consolidating industry.
In a year-end interview published on December 29, 2025, Kirill and Roman Gurskiy, managing directors of GEM Capital's gaming division, shared insights into their portfolio's progress. "We are pleased that among the top 150 most anticipated games, there are five projects from companies in our portfolio," they stated, emphasizing the rankings: Heroes of Might & Magic: Olden Era at 11th, ILL at 16th, REPLACED at 60th, Atomic Heart 2 at 104th, and The CUBE at 138th.
Mundfish marked key milestones with the third DLC for Atomic Heart, "Charms of the Deep Sea," which earned a 95% Steam rating. The game's soundtrack amassed over 1.1 million listeners from 177 countries, totaling more than 630,000 hours on Spotify. At Summer Game Fest, Mundfish unveiled Mundfish Powerhouse and trailers for The CUBE, an MMO RPG shooter; ILL, a horror title with Team Clout; and Atomic Heart 2. These trailers secured top-five spots among the most wishlisted games shown.
Unfrozen's demo for Heroes of Might & Magic: Olden Era peaked at 24,000 concurrent players during October's Steam Next Fest, ranking 16th in Steam demo history. It garnered over one million wishlists and praise from outlets: "I've been playing Heroes of Might and Magic since I was six, and after spending 10 hours in the massive Olden Era demo on Steam, I can say: the series has never felt so cool," wrote GamesRadar+. A publishing deal with Hooded Horse involved partners Unfrozen, Ubisoft, and GEM.
Sad Cat announced REPLACED, a cinematic 2.5D platformer, for March 12, 2026, with over 600,000 wishlists. IGN called it "something that might become an enduring classic of indie games alongside Limbo, Braid, Inside, and Balatro."
Weappy launched Hollywood Animal in Early Access, exceeding 3,500 Steam reviews, and revealed The Eternal Life of Goldman. Mobile ventures advanced too: Hypemasters secured funding from Impact46 for MENA expansion; AppMagic doubled revenue and launched Steam analytics, earning an Honourable Mention at the 2025 Mobile Games Awards; Skich won similar recognition in the Best App Store category after iOS and Android launches. Studio 42 joined the portfolio.
On investments, the Gurskiys noted 130 M&A deals worth $65 billion in the first nine months, including Electronic Arts' acquisition, but early-stage funding fell to $1.5 billion from $4.2 billion. They anticipate 2026 releases and new deals, focusing on strong teams amid rising competition and lower valuations.
