DON’T NOD launch €40 million capital increase

Completed TransactionsFebruary 2023


DON'T NOD, launching of approximately EUR 40 million capital increase to accelerate its long-term development in the action-RPG segment

  • Capital increase : a reserved offering through an accelerated book-building process and a public offering through the PrimaryBid platform
  • Issue Price of new shares : €10 per share
  • Subscription commitment : a minimum of €35 million from Tencent

Paris, February 16, 2023 - DON'T NOD, an independent studio that creates, develops and publishes video games, today announces the launch of a capital increase for an approximate €40 million to accelerate its post-2025 development strategy.

The fundraising consists of a capital increase with cancellation of the preferential subscription right to the benefit of a specified category of persons (the “Reserved Offering”), as well as a capital increase by way of a public offering with cancellation of the preferential subscription right for individual investors via the PrimaryBid platform (the “PrimaryBid Offering”).

After two years of investment, international deployment, and the implementation of its integrated developer-publisher model, DON'T NOD begins 2023 with 2 new video games slated for release this year – Banishers: Ghosts of New Eden, in partnership with Focus Entertainment and Harmony: The Fall of Reverie. At the same time, DON'T NOD is continuing to develop its 2023/25 pipeline with 4 additional original creations and 2 external co-productions (Studio Tolima and Tiny Bull Studios).

The funds raised from this new offering will be used mainly to accelerate DON'T NOD's development strategy beyond 2025 and achieve its growth goals strengthening:

  • its action-RPG department, to consolidate its presence in this very promising segment, for larger-scale games, richer in terms of game mechanics and allowing players to immerse themselves in even more-engaging stories. With already one successful intellectual property (Vampyr) and a new one to be released in 2023 (Banishers), DON'T NOD is developing a new self-published game (Project 12) that will represent a step up in terms of production value;
  • the marketing and publishing departments, with an acceleration of high-level talent recruitment to expand the company's internal expertise while pursuing distribution partnerships to secure revenues.

In connection with the Reserved Offering, Tencent Holdings Limited (‘Tencent') – a shareholder in DON'T NOD for over 2 years – is confident in the Paris-based studio's future development and has committed to subscribing for a minimum of €35 million through its subsidiary, Proxima Beta Europe BV. Following the fundraising, the composition of DON'T NOD's board of directors will remain unchanged.

This year marks a major milestone for DON'T NOD with the first releases of our highly value-creating 2023/25 pipeline,” said Oskar Guilbert, Chairman and CEO of DON'T NOD. “This fundraising should allow us to finance our next growth cycle beyond 2025 in a segment with strong and proven business potential. Tencent's support, as an industry leader and key shareholder partner, confirms our strategic roadmap and provides the company with the stability essential for its long-term development. This strengthened partnership will enable us to take advantage of the various growth drivers in the video game industry.”


DON'T NOD is an independent French publisher and developer, based in Paris and Montreal, creating original narrative games in the adventure (LIFE is STRANGETM, TELL ME WHYTM, TWIN MIRRORTM), RPG (VAMPYRTM), and action (REMEMBER METM) genres. The studio is internationally renowned for unique narrative experiences with engaging stories and characters, and has worked with industry leading publishers Square Enix, Microsoft, Bandai Namco Entertainment, Focus Entertainment, and Capcom. DON'T NOD creates and publishes its own IPs developed in-house, as well as using its knowledge and experience to collaborate with third-party developers whose editorial visions parallel the company's own.

Step into the studio's immersive and innovative universe at

More about PrimaryBid France

More about PrimaryBid UK