Cold River Games Raises $2 Million

Cold River Games, a Swedish game development studio based in Umeå, has raised $2 million in funding to support the development of its upcoming action role-playing game, Crystalfall. The game, which will be free to play, is expected to launch on PC via Steam in 2025. The funding round was led by Beam Investments and also included contributions from Partnerinvest Norr, CoinFund, the Avalanche Foundation, and A100X. Previous backers such as Lyrik Ventures, MH Ventures, and SNZ have continued their support for the studio.

Cold River Games Raises $2 Million for Crystalfall

Cold River Games Raises $2 Million for Crystalfall

Cold River Games was founded in 2021 by CEO Åke André and creative director Daniil Sanders. The studio comprises 23 team members, many of whom have held senior positions at companies like Grinding Gear Games, Paradox, and Fatshark. Members of the team have previously worked on well-known titles including Path of Exile, Stellaris, and Pillars of Eternity. Drawing on this background, Crystalfall is designed as a traditional isometric ARPG, similar in perspective to games like Diablo and Torchlight, but set in a steampunk universe.

The gameplay centers around item progression, character builds, and strategic theorycrafting. The developers have introduced features such as a new character class called the Technomancer, who uses a magitech staff, and an expanded talent tree that aims to appeal to players interested in deep customization. Skills in Crystalfall are tied to lootable items with procedurally generated trees, offering variability and build diversity within the steampunk setting.

Cold River Games Raises $2 Million for Crystalfall

Exploring Web3 Technology in a Gameplay-First Approach

While the game’s primary focus remains on delivering an enjoyable and balanced ARPG experience, the studio is also exploring how blockchain technology can be integrated to support secure item trading and progression systems. According to an interview with GamesBeat, André said the team sees potential for web3 to enhance aspects of the in-game economy, particularly in how players trade and value items. He emphasized that although not all games benefit from blockchain, it may suit ARPGs by enabling open economies and reducing common problems such as item duplication and scams.

The developers aim to apply this technology in a way that does not interfere with gameplay. Instead, it is intended to operate in the background, helping to secure item ownership and allow for traceability. This could provide benefits such as item legacy and provenance as objects change hands between players. André explained that user experience remains the top priority and that any use of blockchain will be implemented with minimal disruption to how players interact with the game.

Cold River Games Raises $2 Million for Crystalfall

Community Engagement and Early Interest

Cold River Games has seen early traction in its community-building efforts. More than 12,000 users have joined the company’s Discord server, and around 100 ambassadors have been involved in providing feedback and assisting with outreach. On Steam, the game has accumulated over 20,000 wishlists, indicating notable interest ahead of its full release.

André noted that raising funds in the current economic environment has been difficult for many game studios, making this investment round particularly significant. He expressed appreciation for the support from both Swedish and international investors and highlighted the importance of local backing in a competitive global market.

Targeting a Niche Within the ARPG Genre

Crystalfall stands out through its use of a steampunk setting, which the developers believe is underrepresented in the ARPG genre. The game’s aesthetic and mechanical design are intended to appeal to players who enjoy item-based progression and detailed build planning. With a clear development roadmap, growing community engagement, and a structured approach to incorporating web3 elements, Cold River Games is positioning Crystalfall as a distinctive addition to the PC ARPG space. The studio plans to use the funding to complete development and deliver the game by its planned 2025 release window.