Trophy Games raises DKK 26.6M in directed share issue with Eiffel, ATP and BankInvest

Danish gaming company Trophy Games Development has completed a directed share issue raising approximately DKK 26.6M (roughly €3.6M) in gross proceeds. The accelerated bookbuilding attracted existing shareholders ATP and BankInvest alongside new investor Eiffel Investment Group, a French firm that specialises in financing European SMEs. The company issued 1,806,000 new shares at DKK 14.75 each — a slight discount to the 20-day volume-weighted average price of DKK 15.18.

Trophy Games said it sees "attractive opportunities in the gaming sector" and wants the financial flexibility to pursue acquisitions of complementary businesses, gaming assets, technologies, and intellectual property. Chief executive officer Søren Gleie framed the raise as positioning the company to "accelerate growth and create long-term value."

The raise is modest by gaming industry standards, which limits the scale of any acquisition Trophy Games can pursue. A subscription price below the recent trading average suggests investors demanded a discount, and the 6.5% dilution may not sit well with smaller shareholders who were excluded from the directed issue. Whether the company can convert this capital into meaningful deals remains to be seen.

Eiffel Investment Group's entry as a new shareholder marks a notable cross-border bet on a Nordic micro-cap at the early growth stage, suggesting that European SME-focused funds are increasingly looking beyond their home markets for gaming consolidation plays. With Trophy Games focused on multiplayer strategy and manager games, the acquisition-led roadmap points to a broader pattern of smaller listed studios using public-market capital to roll up niche gaming IP — a strategy that only works if deal flow and integration keep pace with dilution.