Fatshark AB
Fatshark AB is an independent Swedish game developer founded in 2007 that designs, develops, and publishes premium cooperative action games — primarily set in Games Workshop's Warhammer universes — for PC and console consumers worldwide, with a multi-year live-ops model across its flagship Vermintide and Darktide franchises.
- Company typePrivate
- Founded2007
- HeadquartersStockholm, Sweden
- Headcount101–250
- GTM typeB2C
- OfferingSoftware
What Fatshark AB does
Fatshark AB is an independent Swedish game development studio founded in 2007 and headquartered in Stockholm, operating in the premium cooperative action games segment. The studio specializes in first-person melee-and-shooter games set in Games Workshop's Warhammer universes, built on a proprietary engine optimized for cooperative play, dynamic enemy AI, and class-based progression systems. Its core product portfolio spans three flagship titles — Warhammer: End Times - Vermintide (2015), Warhammer: Vermintide 2 (2018), and Warhammer 40,000: Darktide (2022) — supplemented by a continuous DLC pipeline including new careers (Grail Knight, Outcast Engineer, Skitarii), expansions (Winds of Magic), game modes (Expeditions, Chaos Wastes), and seasonal content, plus third-party publishing of titles like Dreadlands.
The studio generates revenue through a multi-stream model: one-time license sales of base games on Steam, Xbox, and PlayStation at $19.99-$44.99 price points; paid DLC and expansion content ranging from $3.99 to $19.99; in-game store cosmetics (Lohner's Emporium); and platform partnerships including Xbox Game Pass. Go-to-market is primarily product-led and community-led, leveraging Steam wishlists, Twitch streaming (21M+ minutes watched during Vermintide 2 launch week), official forums, Discord, and event-driven announcements (Swedish Game Awards, Warhammer Skulls). Customer segments are horizontal consumer personas spanning cooperative PC and console gamers, Warhammer franchise enthusiasts, and streaming content creators. Distribution is global via Steam, Microsoft Store, Xbox Store/Game Pass, and PlayStation Store.
Operationally, Fatshark has scaled from 65 employees in 2017 to a current 101-250 headcount through organic growth and the 2018 acquisition of A Sweet Studio AB (9 employees), backed by a $56M investment from Tencent in January 2019. Leadership continuity is anchored by founder/CEO Martin Wahlund since inception. The studio maintains a multi-year live-ops commitment to both Vermintide 2 and Darktide, evidenced by recent 2025-2026 content launches and a 10-year Tide franchise anniversary celebration.
Fatshark AB firmographics
Firmographics- Name
- Fatshark AB
- Legal name
- Fatshark AB
- Website
- https://fatshark.se
- Company type
- Private
- Founded year
- 2007
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Fatshark AB is an independent Swedish game developer founded in 2007 that designs, develops, and publishes premium cooperative action games — primarily set in Games Workshop's Warhammer universes — for PC and console consumers worldwide, with a multi-year live-ops model across its flagship Vermintide and Darktide franchises.
- Ownership category
- akta.pro rank
Where Fatshark AB is headquartered
LocationHeadquarters
- HQ city
- Stockholm
- HQ country
- Sweden
- HQ region
- Europe
Offices1 record
Markets served
Fatshark AB business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations
Revenue model
- Game Sales (Base Games): Primary revenue from selling base game copies across PC (Steam) and console platforms (Xbox, PlayStation). Vermintide 2 launched at $29.99 standard/$44.99 premium; Darktide as premium title.
- DLC and Expansions: Paid downloadable content including new classes (Skitarii at $11.99), expansions (Winds of Magic at $19.99), premium careers (Outcast Engineer at $3.99), and map packs
- In-Game Store (Premium Cosmetics): Lohner's Emporium of Wonders selling Shilling Cosmetics and Premium Cosmetics. Cosmetic upgrades and bundles for character customization.
- Season Pass / Season Content: Season-based content updates with new portrait frames, cosmetics, and gameplay features. Seasons 3 and 4 introduced for Vermintide 2 with seasonal leaderboard resets.
- Console and PC Gaming Platforms: Revenue from Microsoft Store (Xbox), PlayStation Store, and Steam distribution with platform-specific releases and Game Pass availability.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Pay-as-you-go | Darktide Skitarii Class DLC |
| One time/ perpetual license | Pay-as-you-go | Vermintide 2 Standard Edition |
| One time/ perpetual license | Pay-as-you-go | Vermintide 2 Premium Edition |
| One time/ perpetual license | Pay-as-you-go | Vermintide 2 - Winds of Magic Expansion |
| One time/ perpetual license | Pay-as-you-go | Outcast Engineer Career |
| One time/ perpetual license | Pay-as-you-go | Dreadlands Early Access |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels10 records
Fatshark AB product offering
Product offeringCore offering
Fatshark AB designs, develops, and publishes high-profile cooperative first-person action games for PC and consoles, built primarily around Games Workshop's Warhammer IP. Core products include the Vermintide series (melee-focused co-op action) and Warhammer 40,000: Darktide (cooperative FPS shooter), with revenue generated from premium base-game sales, paid DLC and expansions, and in-game cosmetics.
Product overview
Fatshark AB is an independent Swedish game developer specializing in cooperative action games. The company develops and publishes titles primarily set in the Warhammer universe, operating on a platform-plus-content model. Their core products include Warhammer 40,000: Darktide (a first-person cooperative shooter), Warhammer: Vermintide 2 (a melee action co-op game), and the original Warhammer: End Times - Vermintide. Revenue is generated through base game sales supplemented by extensive DLC offerings including premium careers (Grail Knight, Outcast Engineer), expansions (Winds of Magic), game modes (Expeditions), and new playable classes (Skitarii). The company also publishes third-party titles such as Dreadlands. All major titles support continuous post-launch content updates and seasonal events.
Differentiator
Problem solved
Functional benefit
Products and services
- Warhammer 40,000: Darktide A cooperative action first-person shooter set in the grimdark Warhammer 40,000 universe, where players fight as Imperial troops against various enemies in hive city environments. Released for PC and Xbox Series X|S with ongoing seasonal content.
- Warhammer: Vermintide 2 A melee action first-person cooperative game set during the apocalyptic End Times of the Warhammer Fantasy world, featuring 15 hero careers across five characters and Chaos as a new enemy faction. Released on PC, Xbox One, and PlayStation 4 with ongoing seasonal content and expansions.
- Warhammer: End Times - Vermintide The original cooperative action first-person shooter and melee combat adventure set in the End Times of the Warhammer Fantasy universe. The studio's first Warhammer title, surpassed 500,000 copies sold by March 2016 and over 1 million by October 2018.
- Dreadlands A turn-based skirmish game published by Fatshark and developed by Blackfox Studios, set in a living post-apocalyptic shared world. Fatshark serves as publisher, handling distribution via Steam.
- Winds of Magic Expansion A paid standalone expansion DLC for Warhammer: Vermintide 2 that introduces the Beastmen as a new enemy faction, the Dark Omens level, the Winds game mode, raised level cap, new weapons and talents for all heroes, a new difficulty tier, and competitive leaderboards.
- Skitarii Class DLC for Warhammer 40,000: Darktide A standalone paid class DLC for Warhammer 40,000: Darktide that adds the Skitarii Alpha Primus playable class with a full Adeptus Mechanicus weapon set and a new non-linear radial talent tree called 'The Cog' for deeper customization.
- Grail Knight Career DLC A standalone paid career DLC for Markus Kruber in Warhammer: Vermintide 2, featuring a Bretonnian Knight skin, new talent tree, new weapon types, and new abilities.
- Outcast Engineer Career DLC A standalone paid career DLC for Bardin Goreksson in Warhammer: Vermintide 2 featuring experimental weaponry, Masterwork Pistol, Cog Hammer, and the Steam-Assisted Crank Gun ability. Priced at $3.99 individually or $9.99 bundled with a Cosmetic Upgrade.
Quantifiable outcome
- Vermintide 2 reached 500,000 units sold within first week of PC launch (March 2018)
- +4 more outcomes
Companies that use Fatshark AB
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles4 records
Fatshark AB technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Fatshark AB partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- Swedish Game Awards (Founding Partners)coreFatshark is a founding partner of the Swedish Game Awards alongside Paradox Interactive, Arrowhead Game Studios, Epic Games, Embark Studios, and DICE. This represents a collaborative effort to establish and support the Swedish gaming industry awards and event.
- Dan Abnett / Black LibrarycoreRenowned Black Library author Dan Abnett, known for Warhammer 40,000 novels including Eisenhorn and Gaunt's Ghosts series, is collaborating with Fatshark as a writer for Warhammer 40,000: Darktide, bringing authentic Warhammer lore to the game.
- Games WorkshopcoreGames Workshop is the IP licensor for Warhammer 40,000 and Warhammer Fantasy franchises. Fatshark develops and publishes games based on these IPs including Warhammer: Vermintide, Vermintide 2, and Warhammer 40,000: Darktide. The partnership involves licensing the Warhammer IP for video game adaptations and merchandise (merch.warhammer.com/vermintide-ii).
- Blackfox StudioscoreBlackfox Studios, founded in 2017 and led by former Fatshark senior developer Peter Nilsson, developed Dreadlands. Fatshark serves as publisher for this turn-based skirmish game set in a post-apocalyptic shared world. Peter Nilsson previously worked at Fatshark as Senior Programmer before founding Blackfox Studios.
- A Sweet Studio ABcoreFatshark acquired Swedish game developer A Sweet Studio AB in October 2018. All nine employees moved to the Fatshark Stockholm office to work on Warhammer: Vermintide 2 content. Gustav Linde, former CEO and founder of A Sweet Studio, joined as part of the acquisition with 20 years of game development experience.
- Jesper KydcoreBAFTA award-winning Danish composer Jesper Kyd created original soundtracks for Warhammer: End Times - Vermintide and Vermintide 2. His scores feature Norse/Viking-inspired tribal music, ritualistic percussion, and custom-made instruments specific to the Vermintide universe.
- Toadman InteractiveminorToadman Interactive partnered with Fatshark to develop Bloodsports.TV, a gladiator-style arena co-op game set in the Krater universe. Fatshark announced the game as a spin-off from the Krater: Shadows over Solside universe.
Scale indicators9 records
Recent moves8 records
Expansion highlights5 records
Fatshark AB competitors and assessment
Company assessmentDirect peers
- Arrowhead Game Studios: Swedish independent game studio best known for Helldivers and Magicka, with similar size (~100 employees) and Stockholm roots. Closest peer by geography, independent-indie-AAA positioning, and focus on cooperative multiplayer action.
- Coffee Stain Studios: Swedish developer/publisher of Deep Rock Galactic and Satisfactory, based in Skövde. Directly comparable as a Scandinavian indie studio publishing premium co-op games with ongoing live-ops content.
- Ghost Ship Games: Danish developer of Deep Rock Galactic, a leading premium co-op horde shooter. Direct competitor in the same product category (cooperative first-person action with class progression) as Vermintide 2 and Darktide.
- Torn Banner Studios: Canadian indie developer of Chivalry and Chivalry 2, focused on melee action multiplayer. Comparable as an independent studio of similar size specializing in multiplayer melee combat experiences.
Regional players
- Embark Studios: Stockholm-based indie studio founded by ex-DICE leadership, focused on multiplayer shooters. Comparable as a Swedish indie studio of similar scale building premium online multiplayer experiences, though in a different sub-genre (competitive shooters).
Broad incumbents
- Saber Interactive: Privately-held developer and publisher of co-op games including World War Z and Warhammer 40,000: Space Marine 2. Comparable as a larger co-op action specialist that also licenses Warhammer IP, providing direct competitive context for Darktide.
- Rebellion Developments: British independent developer/publisher of Sniper Elite, Zombie Army, and Warhammer 40K games. Comparable as an indie studio with a multi-franchise, multi-genre catalog and own-IP-plus-licensed-IP strategy.
- Techland: Polish independent studio behind Dying Light, a premium co-op action franchise with sustained live-ops. Comparable as a Central European indie-AAA studio running long-lived co-op action titles with continuous post-launch content.
- Larian Studios: Belgian independent developer of Baldur's Gate 3 and Divinity. Comparable as a European indie studio that scaled to AAA commercial and critical success while remaining independent and founder-led.
Emerging players
- Grinding Gear Games: New Zealand-based developer of Path of Exile and Path of Exile 2. Comparable as a privately-held indie studio running long-lived cooperative action RPGs with continuous free content updates and cosmetic monetization.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Fatshark AB social profiles
Digital presenceFatshark AB financial estimates
Financial estimateRevenue estimate
Valuation estimate
Fatshark AB leadership team
Management profileNumber of profiles
Profiles6 records
Fatshark AB subsidiaries and ownership
Company hierarchySubsidiaries1 record
Fatshark AB funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Fatshark AB M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Fatshark AB
What does Fatshark AB do?
Fatshark AB designs, develops, and publishes high-profile cooperative first-person action games for PC and consoles, built primarily around Games Workshop's Warhammer IP. Core products include the Vermintide series (melee-focused co-op action) and Warhammer 40,000: Darktide (cooperative FPS shooter), with revenue generated from premium base-game sales, paid DLC and expansions, and in-game cosmetics.
Is Fatshark AB a public or private company?
Fatshark AB is a private company. It is classified as venture growth investor backed and is currently operating.
When was Fatshark AB founded?
Fatshark AB was founded in 2007. It employs 101 to 250 people.
Where is Fatshark AB based?
Fatshark AB is headquartered in Stockholm, Sweden, in the Europe region.
How does Fatshark AB make money?
Five revenue lines are on record. Game Sales (Base Games) is the primary driver. The others are DLC and Expansions, in-Game Store (Premium Cosmetics), season Pass / Season Content and console and PC Gaming Platforms.
Who are Fatshark AB's main competitors?
Direct peers on record are Arrowhead Game Studios, Coffee Stain Studios, Ghost Ship Games and Torn Banner Studios. Embark Studios is listed as a regional player. Broad incumbents are Saber Interactive, Rebellion Developments, Techland and Larian Studios. Grinding Gear Games is listed as an emerging player.
Does Fatshark AB have an API?
No public API is recorded for Fatshark AB.