What Frogwares does

Frogwares is a Kyiv-based independent video game development studio founded in 2000 that specializes in narrative-driven, Lovecraftian-themed games for global consumer markets. Its core IP is The Sinking City franchise — the 2019 original introduced open-world detective mechanics in a flooded Arkham setting, while the sequel The Sinking City 2, released August 18, 2026, pivoted to a linear survival horror format with combat, inventory management, and puzzle-solving, built on Unreal Engine 5 for PC, PS5, and Xbox Series X|S. The studio's portfolio also includes Sherlock Holmes: The Awakened and the upcoming action-adventure title Resonance: A Plague Tale Legacy (scheduled August 27, 2026), signaling gradual genre diversification beyond pure horror.

Frogwares operates a direct-to-consumer business model, selling titles through Steam, Epic Games Store, PlayStation Store, Xbox Store, and Nintendo eShop with one-time perpetual licenses priced at $49.99 for the new flagship (below AAA benchmarks) and aggressively discounted catalog and bundle pricing on older titles. Marketing relies on earned media through gaming press (IGN, GameRant, GamesRadar, PC Gamer, Tom's Guide) and influencer/YouTube trailer coverage, with no disclosed enterprise sales, partnerships, or institutional funding. The studio has continued product delivery throughout Russia's invasion of Ukraine despite documented operational disruptions including drone strikes, missile attacks, and power outages, with development of The Sinking City 2 delayed from 2025 to 2026 as a result. Headcount stands at 51-100 employees, the company is privately held with no parent organization or subsidiaries, and no management team, partnerships, or M&A activity is disclosed in available sources.

Name

Frogwares

Legal name

Frogwares

Website

https://frogwares.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

51–100 employees

Short description

Frogwares is a Kyiv-based independent video game studio founded in 2000 that develops narrative-driven Lovecraftian horror titles for global consumers. The company sells games directly through digital storefronts, with The Sinking City franchise as its core IP.

Ownership category

akta.pro rank

Product category

Video Game Development

NAICS

Software Publishers (513210)

akta.pro primary industry

Indie Game Studios (MPAFAAAC)

Keywords

• Video game development
• Survival horror games
• Lovecraftian games
• Detective adventure games
• Narrative action games

Headquarters

HQ city

Kyiv

HQ country

Ukraine

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Video Game Sales: Frogwares generates revenue through direct video game sales of titles like The Sinking City 2 ($49.99 standard price) and catalog titles. The company also conducts promotional sales through digital storefronts such as the Nintendo Switch eShop, offering deep discounts on the original The Sinking City: Deluxe Edition (92% off at $5.19) and Lovecraftian bundles (90% off at $7.49).
2. Upcoming Title Releases: Additional revenue stream from upcoming game releases including Resonance: A Plague Tale Legacy scheduled for August 27, 2026, available on PS5, Xbox Series X/S, and PC via Steam and Epic Games Store.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

Frogwares is a Kyiv-based video game development studio that designs, develops, and publishes narrative-driven video games, primarily survival horror and detective adventure titles set in Lovecraftian universes. The studio sells its games through digital storefronts (Steam, Epic Games Store, PlayStation Store, Xbox Store, Nintendo eShop) as one-time purchases on PC, PS5, Xbox Series X|S, and Nintendo Switch platforms.

Product overview

Frogwares is a video game development studio offering a portfolio of narrative-driven games. The core products include The Sinking City series (original 2019 release and the 2026 sequel The Sinking City 2), along with Sherlock Holmes titles and the upcoming Resonance: A Plague Tale Legacy. The portfolio consists primarily of survival horror and detective adventure games with Lovecraftian themes.

Differentiator

Problem solved

Functional benefit

Products and services

• The Sinking City 2 A Lovecraftian survival horror game set in a flooded 1920s Arkham, Massachusetts. The sequel shifts focus from detective work to combat and exploration, featuring a standalone narrative with atmospheric horror elements, third-person gameplay, inventory management, and puzzle-solving. Priced at $49.99.
• The Sinking City The original 2019 Lovecraftian detective game set in flooded Arkham, Massachusetts, featuring investigative mechanics and horror gameplay. Available in Deluxe Edition for Nintendo Switch.
• The Sinking City: Deluxe Edition Enhanced version of the original 2019 release available on Nintendo Switch, featuring additional content or improvements over the base game. Currently sold at promotional discount (92% off at $5.19).
• Sherlock Holmes: The Awakened

Quantifiable outcome

• Critical scores of 81 OpenCritic and 79 Metacritic for The Sinking City 2, significantly more positive than the mixed reception of the original 2019 title
• +1 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Techland: Techland develops globally distributed action and survival-horror games, most notably the Dying Light franchise. It is broader in genre and scale but competes for many of the same PC and console customers.
• Konami Group Corporation: Konami owns the Silent Hill franchise, a benchmark in narrative survival horror. It competes directly for the same horror audience through exploration, puzzle-solving, combat, and premium console releases.
• Capcom: Capcom publishes the Resident Evil franchise and operates at substantially greater scale. Resident Evil competes directly with Frogwares' atmospheric survival-horror proposition across PC and consoles.
• Eidos-Montréal: Eidos-Montréal develops large-scale action-adventure franchises for global PC and console audiences. Although it spans multiple genres, its narrative world-building, exploration, and premium multi-platform model are comparable to Frogwares' delivery model.

Direct peers

• Bloober Team: Bloober Team develops narrative-driven psychological and survival-horror games for PC and consoles. Its focus on atmospheric horror and exploration closely overlaps Frogwares' target audience and product category.
• Asobo Studio: Asobo Studio creates narrative action-adventure games with exploration, puzzle-solving, and cinematic storytelling. Its product design and PC/console audience closely resemble Frogwares' combination of investigation, atmosphere, and third-person gameplay.
• Frictional Games: Frictional Games is an independent developer focused on immersive horror titles such as Amnesia and Soma. It is comparable through its emphasis on atmospheric storytelling, exploration, puzzle-solving, and premium PC/console releases.
• Remedy Entertainment: Remedy develops premium narrative action-adventure games with strong atmospheric world-building, including Alan Wake and Control. Its gameplay structure, console orientation, and target customer base substantially overlap with Frogwares' action-adventure portfolio.
• Red Barrels: Red Barrels develops the Outlast survival-horror franchise for PC and consoles. It serves the same horror-focused customer segment through story-led, atmospheric, and resource-constrained gameplay.
• Supermassive Games: Supermassive Games specializes in narrative horror and interactive-drama titles, including Until Dawn and The Dark Pictures Anthology. Its cinematic storytelling, exploration, and multi-platform delivery are closely comparable to Frogwares' premium narrative-action model.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/frogwares

Revenue estimate

Valuation estimate

Number of profiles

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 Frogwares