Swedish game conglomerate Aonic has landed an investment from Metric Capital Partners and major shareholder Active Ownership to the tune of €152 million (or over $157 million).
The majority of that investment comes from Metric, and the “definitive agreement” will allow the publisher to “fund further M&A and support for ongoing developments across the group.”
Aonic’s fundraising hasn’t stopped its subidiaries from laying off developers. In September, nDreams eliminated 17.5 percent of its workforce, which came a year after Aonic had purchased the VR developer for $110 million.
Those layoffs, and the game industry’s larger “turbulent period,” have impacted “multiple areas” of Aonic’s business. Even so, its fundraising announcement noted a 73 percent revenue growth during the 2024-2025 fiscal year.
Since its founding in 2021, Aonic has acquired or invested into a number of studios, including OtherSide Entertainment, nDreams, and Exmox. OtherSide, founded by Paul Neurath and led by Deus Ex creative director Warren Spector, unveiled its debut project Thick as Thieves at last week’s Game Awards.
Earlier this year, the company launched a publishing arm, Megabit, which will distribute Thick as Thieves and future first-party and third-party games.
According to Aonic, it will reveal more information about its “ongoing developments” in 2025.