What VARSAV Game Studios does

VARSAV Game Studios S.A. is a Polish publicly traded game development studio, indie publisher, and strategic investor in the gaming industry, listed on the Warsaw Stock Exchange NewConnect market under the ticker VGS. The company traces its origin to Your Image S.A. (2016) and was rebranded to VARSAV Game Studios S.A. in 2018. Headquartered in Warsaw at Aleje Jerozolimskie 123a, VARSAV operates a 40-person production studio focused on developing its own IP — animal-themed games including Bee Simulator (released 2019, published by BIGBEN Interactive), Giants Uprising, and the upcoming Barkour (previously known as Project CHASE). The studio also functions as co-publisher and co-developer for titles produced by affiliated Polish studios, most notably Everdream Valley via its 55.32%-owned subsidiary Mooneaters S.A., as well as The Path of Calydra and Tattoo Punk.

The studio builds games using industry-standard game engines for deployment across PC (Steam, GOG, Epic Games Store), PlayStation 4/5, Xbox One, and Nintendo Switch, with a recently added VR channel through Meta's Oculus Quest 2 and Quest 3 via a Meta Platforms Technologies co-publishing and co-financing agreement. Beyond internal development, VARSAV operates a portfolio investment strategy, holding financial stakes in five Polish game studios (Ovid Works S.A., Mooneaters S.A., Perimeter Games Sp. z o.o., Cyber Rain Games Sp. z o.o., and Warhound Games Sp. z o.o.), positioning it as a hybrid developer-publisher-investor in the Polish gaming ecosystem. Distribution relies on strategic publishing partnerships — most centrally Untold Tales S.A. (covering Bee Simulator: Ultimate Edition, Giants Uprising, and Everdream Valley co-publishing) and BIGBEN Interactive — supplemented by direct digital storefront sales.

VARSAV's revenue is generated through one-time game sales across major digital platforms (Steam, PlayStation Store, Xbox Store, Nintendo Switch eShop, GOG, Epic Games Store), supplemented by publishing royalties from co-published titles and the unrealized value of its investment portfolio. Operating geographies span Poland, USA, UK, Germany, and France. The company has also faced governance and reporting challenges — including a June 2023 trading suspension on NewConnect and a 10,000 PLN fine for late publication of its 2022 annual report — and Łukasz Rosiński serves as both CEO and largest shareholder at 43.63% (8,748,191 shares).

Name

VARSAV Game Studios

Legal name

VARSAV Game Studios S.A.

Website

https://varsav.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

VARSAV Game Studios S.A. is a publicly traded Polish game development studio that develops and publishes indie games for PC, console, and VR platforms, while operating as a financial investor across five Polish game studios.

Ownership category

akta.pro rank

Product category

Independent Game Development

NAICS

Software Publishers (513210)

SIC

Services-Computer Programming Services (7371)

akta.pro primary industry

Indie Game Studios (MPAFAAAC)

Keywords

• Game development studio
• Indie game publishing
• Pc console games
• Vr game development
• Gaming sector investments

Headquarters

HQ city

Warszawa

HQ country

Poland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Game Sales: Revenue from publishing and selling own-developed games (Bee Simulator, Giants Uprising, Barkour) and published indie titles through digital distribution platforms.
2. Indie Publishing: Co-publishing and co-developer arrangements for games produced by subsidiary and partner studios such as Everdream Valley (Mooneaters S.A.) and The Path of Calydra.
3. Gamedev Investments: Financial and industry investments in five Polish game studios including Ovid Works S.A., Mooneaters S.A., Perimeter Games Sp. z o.o., Cyber Rain Games Sp. z o.o., and Warhound Games Sp. z o.o.
4. Everdream Valley Sales Revenue: Sales report shows 41,371 net units sold for Everdream Valley (April-June 2023), generating $866,000 gross revenue. Platform breakdown: Steam 41%, Nintendo Switch 38.9%, PlayStation 4/5 18.6%, Epic Store 1.1%, GOG 0.4%.

Go-to-market motion2 records

Distribution channels7 records

Marketing channels3 records

Core offering

VARSAV Game Studios develops and publishes PC and console video games, with a niche focus on titles featuring animal or unconventional protagonists (e.g., Bee Simulator, Giants Uprising, Barkour). The company operates a 40-person in-house production studio for own-IP development while simultaneously acting as an indie co-publisher and co-developer for titles such as Everdream Valley, The Path of Calydra, and Tattoo Punk, and as a financial investor in five Polish game studios.

Product overview

VARSAV Game Studios S.A. is a Polish game development studio, indie publisher, and investor in the gaming industry. The company operates as a 40-person production studio focused on own projects including Giants Uprising, Bee Simulator, and Barkour. As an indie publisher, it co-publishes Everdream Valley and co-produces The Path of Calydra. The company also maintains strategic investments in five Polish game studios: Ovid Works S.A., Mooneaters S.A., Perimeter Games Sp. z o.o., Cyber Rain Games Sp. z o.o., and Warhound Games Sp. z o.o.

Differentiator

Problem solved

Functional benefit

Products and services

• Bee Simulator A family-friendly simulation game where players experience the world from a bee's perspective, featuring racing, pollination, and exploration mechanics inspired by New York's Central Park; intended for general consumers / indie gamers on PC and consoles.
• Giants Uprising A game featuring giant creatures as protagonists, part of VARSAV's portfolio focused on animal protagonists in gaming experiences; intended for indie gamers on PC and consoles.
• Barkour An upcoming game featuring a military combat dog as the main protagonist, a special forces agent (previously known as 'CHASE' / Project Aria); intended for indie gamers on PC and consoles.
• Everdream Valley A game created by majority-owned subsidiary Mooneaters S.A. and co-published by VARSAV; features multiplayer co-op mode for up to 4 players and was released on PC and consoles. Intended for indie gamers.
• The Path of Calydra Co-developed game where VARSAV serves as co-producer alongside the primary developer; intended for indie gamers on PC and consoles.
• Tattoo Punk A narrative game with simulation and management elements set in year 2100, where players own a cyber-tattoo studio; developer Cyber Rain Games, publisher VARSAV Game Studios with No Gravity Games; intended for indie gamers.

Quantifiable outcome

• Bee Simulator acquired approximately 150-200 thousand players since 2019 launch
• +2 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and minor.

• Untold Tales S.A.coreChannel Partner/ Reseller/ Distributor · 17 April 2024Publishing agreement for Bee Simulator and Bee Simulator: Ultimate Edition games signed with Untold Tales S.A.
• Ovid Works S.A.minorStrategic or Co-development Partner · 6 November 2023Mooneaters S.A. (subsidiary) entered an agreement with associated company Ovid Works S.A. for development of Everdream Valley VR version for Oculus Quest 2 and Quest 3.
• Untold Tales S.A.coreChannel Partner/ Reseller/ Distributor · 2 November 2023Untold Tales S.A. is the publishing partner for Giants Uprising and Bee Simulator: Ultimate Edition. VARSAV Game Studios entered a publishing agreement for the full version of Giants Uprising and the Ultimate Edition of Bee Simulator.
• Meta Platforms Technologies LLCcoreChannel Partner/ Reseller/ Distributor · 11 August 2023Mooneaters S.A. (subsidiary) signed a publishing agreement with Meta for co-financing and distribution of Everdream Valley in VR version on Oculus Quest 2 and Oculus Quest 3 devices.
• Untold Tales S.A.coreChannel Partner/ Reseller/ DistributorUntold Tales S.A. serves as co-publisher for Everdream Valley, providing sales reporting (41,371 units, $866,000 gross revenue April-June 2023) and achieving recoup threshold.
• BIGBEN InteractiveminorChannel Partner/ Reseller/ DistributorBIGBEN Interactive is the publisher for Bee Simulator on console platforms (PlayStation, Xbox, Nintendo Switch).
• Mooneaters S.A.coreStrategic or Co-development PartnerSubsidiary developing Everdream Valley. VARSAV holds 594,723 shares (approximately 55.32% stake). Everdream Valley multi-player mode launched March 2024, Xbox version released November 2023.
• Biuro Bieglych Rewidentow EKO-BILANS Sp. z o.o.minorOthersAudit firm engaged for financial statement auditing for years 2022 and 2023.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• 11 bit studios: Polish independent developer and publisher (Frostpunk, This War of Mine) with a similar hybrid model of internal development plus publishing services for external studios. Closely comparable in country of origin, size, and hybrid developer/publisher economics.
• PlayWay S.A. Polish indie developer and publisher operating a portfolio-of-studios model — VARSAV's hybrid developer/publisher/investor stance closely mirrors PlayWay's smaller-studio aggregation strategy. Both rely on budget PC/console premium titles.
• Bloober Team: Mid-sized Polish game studio listed on the WSE main market, focused on premium indie-style titles (Layers of Fear, Observer). Comparable in country, public-market listing, and indie-premium positioning.
• Artifex Mundi: Polish independent game developer and publisher of premium casual/hidden-object titles, listed on WSE. Compares closely on Polish origin, indie premium positioning, and developer-publisher hybrid model.
• tinyBuild Games: Independent developer and publisher of premium indie titles (Hello Neighbor) with a hybrid developer/publisher model. Comparable in size tier and hybrid economics to VARSAV.
• No Gravity Games: Polish indie publisher that co-published Tattoo Punk alongside VARSAV. Comparable at the same size tier, same Polish indie market, and similar premium indie catalogue focus.
• All in! Games: Polish indie publisher and developer listed on WSE, similar hybrid developer/publisher model focused on premium indie titles. Comparable on country, listing venue, and indie publishing economics.

Broad incumbents

• Devolver Digital: A larger, established indie publisher whose portfolio includes many premium indie titles. Comparable as a publisher counterpart to VARSAV's indie publishing arm, with considerably broader scope and scale.
• Team17: UK-based public indie publisher (Worms, Overcooked) whose developer-partner publishing model is comparable to VARSAV's publishing relationships with Mooneaters, Cyber Rain Games, and other portfolio studios.
• Techland: Polish game studio (Dying Light, Dead Island), much larger but in the same country and WSE-listed. Provides a Polish comparable at significantly greater scale than VARSAV.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/varsavgame

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

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 VARSAV Game Studios