What Grimlore Games does

Grimlore Games GmbH is a Munich-based video game development studio founded in December 2013 by THQ Nordic GmbH and operating as a wholly-owned subsidiary within the Embracer Group corporate structure. The studio employs over 50 developers out of a renovated two-floor office in the Maxvorstadt district of Munich and focuses exclusively on top-down games in the RTS and RPG genres, targeting a core, international gaming audience on PC and console platforms. Its product portfolio is anchored by two franchise lines: the SpellForce 3 series — combining real-time strategy and role-playing gameplay with a 30+ hour campaign, multiplayer modes, and a sustained ecosystem of standalone expansions (Soul Harvest, Fallen God, Versus Edition, Reforced) — and Titan Quest II, the sequel to the legendary ARPG, released into Early Access in 2025 and built in Unreal Engine. The studio maintains a proprietary game engine with cross-platform networking integration for Steam, Epic, GOG, PlayStation Network, and Xbox Live, and has invested in a deep modding toolkit (Articy, Data Editor, Level Editor) with Steam Workshop support.

The studio generates revenue through one-time game license sales distributed globally via major digital storefronts, supplemented by a free-to-play multiplayer SKU (SpellForce 3: Versus Edition) and an Early Access revenue model for Titan Quest II. All publishing, marketing, and distribution are handled through THQ Nordic and the broader Embracer Group publishing apparatus. Development of Titan Quest II (codenamed Project Minerva) has been partially supported by the German Games Fund, providing non-dilutive financing. The studio also offers consulting and tooling value to its community through SpellForce 3 modding tools, extending franchise engagement and content longevity well beyond standard release windows.

Customer-facing GTM is direct-to-consumer via digital storefronts, supported by organic social presence on Facebook, Twitter, Instagram, and YouTube, with the official grimloregames.com site hosting news, project updates, and active job listings. Pricing is set by the publisher (THQ Nordic) on a per-title, per-platform basis, with no subscription or live-service monetization in place. The studio is GDPR-compliant in its data handling practices. As a wholly-owned subsidiary within the Embracer Group, Grimlore operates without independent institutional shareholders and does not publicly disclose financial performance.

Name

Grimlore Games

Legal name

Grimlore Games GmbH

Website

https://grimloregames.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Grimlore Games GmbH is a Munich-based, Embracer/THQ Nordic-owned studio developing top-down RTS and RPG titles for PC and consoles, anchored by the SpellForce 3 franchise and the 2025 Titan Quest II release.

Ownership category

akta.pro rank

Headquarters

HQ city

Munich

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Game Sales - One-Time License: Grimlore Games generates revenue through one-time purchase sales of their video games on PC and console platforms. Games are sold as full titles with expansions and downloadable content available for additional purchase.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Grimlore Games develops and publishes top-down video games in the real-time strategy (RTS) and role-playing game (RPG) genres for PC and console platforms. Its catalog is anchored by the Titan Quest II ARPG sequel (currently in Early Access, built in Unreal Engine) and the SpellForce 3 franchise, which combines RTS and RPG gameplay across its base title, the Soul Harvest and Fallen God expansions, the free-to-play Versus Edition, and the Reforced console rework. Games are distributed via Steam, Epic Games Store, GOG, Xbox Store, and PlayStation Store through publisher THQ Nordic.

Product overview

Grimlore Games is a Munich-based game development studio that creates top-down games in the RTS and RPG genres for the core gaming audience. The company's product portfolio centers on two major IP franchises: Titan Quest II (a sequel to the legendary Titan Quest ARPG) and the SpellForce 3 series (which blends RTS real-time strategy with RPG role-playing mechanics). Titan Quest II serves as the studio's current main project, developed in Unreal Engine for PC and consoles. The SpellForce 3 franchise includes the original SpellForce 3 (2017), the Soul Harvest expansion (2019), Fallen God expansion (2020), the free-to-play Versus Edition (2020), and the comprehensive Reforced remake (2021-2022). The company also provides modding tools enabling community-created content for SpellForce 3. Games are published through THQ Nordic and distributed via Steam, Epic Games Store, GOG, PlayStation Network, and Xbox Live.

Differentiator

Problem solved

Functional benefit

Products and services

• Titan Quest II A top-down action role-playing game (ARPG) and the sequel to the legendary Titan Quest, set in an antique, picturesque, handcrafted open-world inspired by ancient Greece. Built in Unreal Engine and aimed at hardcore ARPG players on PC and consoles.
• SpellForce 3 Grimlore's debut title combining RTS and RPG gameplay, including a 30+ hour voiced campaign, hero customization, army building, and multiplayer modes that blend PvP and cooperative play.
• SpellForce 3: Soul Harvest Standalone expansion for SpellForce 3 featuring the new Dwarves and Dark Elves factions, sector-based RTS gameplay with flying units, and over 20 hours of new campaign content.
• SpellForce 3: Fallen God Standalone expansion focusing on the Troll faction with a 15-hour single-player campaign, character-shaping mechanics with multiple endings, new heroes, and ranked multiplayer.
• SpellForce 3: Versus Edition Free-to-play multiplayer version of SpellForce 3 offering RTS/skirmish gameplay against AI or human opponents with Orc, Human, and Elven factions in ranked and unranked PVP matches.
• SpellForce 3: Reforced The complete rework of SpellForce 3, featuring an enhanced campaign experience, improved RTS mechanics, gamepad support, Journey Mode with 20+ hours of content, Arena Mode endless gameplay, and mod support, available on PC, Xbox One, Xbox Series S/X, PS4, and PS5.

Quantifiable outcome

• Titan Quest II released into Early Access
• +1 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature3 records

Partnerships

Two partnerships are on record, tiered core and minor.

• THQ Nordic GmbHcoreStrategic or Co-development PartnerTHQ Nordic GmbH (formerly Nordic Games GmbH) founded Grimlore Games in December 2013 specifically to develop high-quality, innovative games. THQ Nordic owns many well-known, genre-leading IPs that serve as foundation for developing new games. Grimlore Games is dedicated to creating products for international audiences.
• Fallen GodminorStrategic or Co-development PartnerCollaborated with Fallen God to release new modding tools for SpellForce 3 including custom campaign creation capabilities, Articy editor, Data Editor, and Level Editor with Steam Workshop integration.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Creative Assembly: Developer of Total War and the recent Hyenas/Halo Wars titles. Comparable as a strategy-heavy studio that blends RTS mechanics with RPG/layered campaign systems for PC and console.
• Paradox Development Studio: Developer of grand strategy titles (Crusader Kings, Europa Universalis, Hearts of Iron). Comparable as a studio monetising long-lived strategy franchises through expansions and DLC for PC core audiences.
• Obsidian Entertainment: Developer of isometric and top-down RPGs (Pillars of Eternity, The Outer Worlds, Avowed). Closely comparable in genre focus, PC/console delivery, and reliance on publisher relationships for distribution.
• Piranha Bytes: German RPG studio behind the Gothic, ELEX, and Risen series. Highly comparable as a fellow German, mid-size studio building top-down/third-person RPG franchises for an international hardcore audience.
• Relic Entertainment: Developer of Age of Empires, Company of Heroes, and Dawn of War. Comparable as an RTS-focused studio operating in the same real-time strategy genre Grimlore targets with SpellForce 3.
• InXile Entertainment: Developer of Wasteland, Torment, and The Bard's Tale RPGs. Comparable as a mid-size, publisher-aligned RPG studio focused on PC/console releases with deep campaign-driven experiences.
• Beamdog: Developer of enhanced editions and sequels to classic RPGs (Baldur's Gate, Icewind Dale). Comparable as a studio that monetises legacy RPG IPs through remastered releases and continued content updates.
• Deck13 Interactive: Frankfurt-based developer of The Surge series and Lords of the Fallen (2023). Comparable as a German mid-size studio publishing top-down/third-person RPGs internationally via major publishers.
• Larian Studios: Independent PC/console RPG developer behind Baldur's Gate 3 and Divinity: Original Sin. Directly comparable as a mid-size European studio specialising in deep, top-down/isometric RPGs with complex systems and mod-friendly tooling.

Emerging players

• Frost Giant Studios: Independent studio developing Stormgate, a modern RTS. Comparable as an emerging competitor targeting the PC RTS audience that Grimlore serves with the SpellForce franchise.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/grimloregames
• YouTubeyoutube.com/c/thqnordic
• Facebookfacebook.com/thqnordic
• Instagraminstagram.com/thqnordic
• LinkedInlinkedin.com/company/grimlore-games

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Grimlore Games