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Fatshark

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Independent video game development studio specializing in designing, developing, and publishing high-profile games for PC and consoles

Stockholm, SwedenFounded 2007Consumer Services
Valuation $250–500M Last recorded · 2021
Revenue $10–50M Latest reported FY
Headcount 100–500 Current team size
Total funding $50–100M Disclosed equity funding
Unlock exact values This page shows ranges. Dealroom has the exact numbers for Fatshark and the history behind them.

About Fatshark

Fatshark AB is a Swedish video game development studio headquartered in Stockholm, established in 2008. The company was founded by Martin Wahlund, Joakim Wahlund, Rikard Blomberg, and brothers Johan and Robert Bäckström, who brought together their collective experience from another Swedish gaming company, GRIN. This background in the gaming industry provided a solid foundation for their new venture. In a significant strategic move, Chinese technology conglomerate Tencent acquired a majority stake in Fatshark in January 2021, following an initial minority investment in 2019, to support the studio's future projects.

Fatshark operates within the PC and console gaming market, focusing on developing and publishing its own titles. The company's business model is centered on the direct sale of its games through digital distribution platforms like Steam for PC, as well as the respective online stores for PlayStation and Xbox consoles. Revenue is generated not only from the initial game purchase but also through the sale of downloadable content (DLC), which includes new missions, characters, and cosmetic items, thereby extending the lifecycle and monetization of their core products.

The studio has carved out a distinct niche by creating cooperative multiplayer games that emphasize teamwork and challenging group experiences. Its portfolio includes titles like "Lead and Gold," "Krater," and "Bloodsports.tv." However, Fatshark is most recognized for its games set in the Warhammer universe. "Warhammer: End Times - Vermintide" and its sequel, "Warhammer: Vermintide 2," are first-person co-op games where a team of four players battles against hordes of Skaven rat-men and Chaos warriors. These titles are praised for their intense, visceral combat and strong cooperative gameplay loops. Building on this success, the company released "Warhammer 40,000: Darktide" in 2022, a similar co-op formula set in the futuristic, dystopian world of Warhammer 40,000, where players fight against heretical cultists.

Source: Dealroom company data

At a glance

Founded
2007
Headquarters
Stockholm, Sweden
Sector
Consumer Services
Power Law
Colt$25–100M revenue

Investors

1 investor on the cap table

From Dealroom's funding and investor records, grouped by the round each investor first entered.

Series A1 investor entered at this stage

Employees mapped 225 incl. 1 AI specialist
Founders Hidden — book a demo/100 quality score
Key operators 23 quality Hidden — book a demo/100
Potential founders Hidden — book a demo likely future founders
Startup mafia Hidden — book a demo alumni-founded startups
Talent movements Hidden — book a demo in · Hidden — book a demo out past 12 months

Source: Dealroom Talent Intelligence.

Global footprint

Workforce and web traffic by country
Workforce by country
6 countries with
team presence
🇸🇪 Sweden94.5%
🇬🇧 United Kingdom3.3%
🇵🇹 Portugal0.6%
🇵🇱 Poland0.6%
🇯🇵 Japan0.6%
Top 5 of 6 shown
Web traffic by country
110K monthly visits
across markets
🇺🇸 United States22.5%
🇬🇧 United Kingdom8.8%
🇸🇪 Sweden5.3%
🏳️ Russian Federation4.9%
🇸🇬 Singapore4.1%
Top 5 markets shown

Market sentiment

Posts on X, past 7 days

An AI-synthesised read of the highest-engagement posts about Fatshark on X, ranked by likes and reposts, corporate channels excluded.

Reading the room on X — pulling top posts and synthesizing themes…

Source: X recent search ranked by engagement (likes + retweets) · Synthesis by Claude · Cached for 1 hour

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