Ishtar Games
Ishtar Games is a French indie game development studio (founded 2005, acquired by NACON in 2021) that creates complex, genre-blending video games — survival management, tactical RPGs, roguelites, and village simulations — sold directly to global consumers via Steam, GOG, and console platforms, while also publishing third-party indie titles.
- Company typePrivate
- Founded2005
- HeadquartersTourcoing, France
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What Ishtar Games does
Ishtar Games is a privately held French indie game development studio headquartered in Lille with a secondary office in Bordeaux. Founded in 2005 as CCCP and rebranded to Ishtar Games in 2021, the studio designs complex, genre-blending video games — primarily survival management, tactical RPGs, roguelites, and village simulations — anchored by the 'Dead in' franchise (Dead in Bermuda, Dead in Vinland, Dead in Antares), The Last Spell, and Lakeburg Legacies. The Last Spell sold more than 160,000 units in Early Access with a 92% positive rating on Steam, and per-title production budgets have scaled from roughly €100k to ~€1M over five years. Ishtar Games was acquired by NACON in 2021, providing financial backing and access to console distribution (PlayStation, Nintendo Switch, Xbox) while preserving full creative independence; founder and CEO/Creative Director Matthieu Richez and co-founders remain in place.
The studio's core technology stack centers on proprietary simulation systems rather than AI/ML, including a procedural character generation engine with genetic inheritance, a full lifecycle simulation (baby to old age with distinct visual stages), an event-driven narrative system where villager relationships drive emergent drama, and a matchmaking and royal succession system. Self-published games are distributed globally via Steam and GOG, with NACON serving as the console publisher. The studio also operates an indie publishing label that provides third-party developers with funding (up to 50% of development budget), game design assistance, QA, localization, marketing, and distribution in exchange for publishing rights and revenue share; disclosed partners include Koi Snowman Games (Spirited Thief), Ludogram (Worlds of Aria), and Cannibal Goose (Forgotten Mines).
Ishtar Games generates revenue through three streams: one-time perpetual license sales of self-published games priced $7.99-$24.99, revenue share from publishing third-party indie titles, and licensing royalties on console sales distributed via NACON. The go-to-market is primarily direct-to-consumer through Steam and GOG with NACON-powered console reach, supported by community-led marketing through Discord, dev journals, social media, Steam wishlists, and press coverage including an E3 2021 PC Gaming Show announcement. The studio employs roughly 28-32 people as of early 2022, doubling in two years, with an unusual ~43% women and non-binary composition and serves indie-game enthusiasts who prefer non-hand-holding, genre-blending experiences.
Ishtar Games firmographics
Firmographics- Name
- Ishtar Games
- Legal name
- Ishtar Games
- Website
- https://ishtar.games
- Company type
- Private
- Founded year
- 2005
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Ishtar Games is a French indie game development studio (founded 2005, acquired by NACON in 2021) that creates complex, genre-blending video games — survival management, tactical RPGs, roguelites, and village simulations — sold directly to global consumers via Steam, GOG, and console platforms, while also publishing third-party indie titles.
- Ownership category
- akta.pro rank
Ishtar Games industry classification
Industry- Product category
- Indie Video Game Development
- NAICS
- Software Publishers (5132)
- akta.pro primary industry
- Indie Game Studios (MPAFAAAC)
- akta.pro secondary industries
- Strategy/4X/Management Game Studios (MPAFAAAK), Regional/Local Market Publishers & Distributors (Territory Rights, Localization-led Publishing) (MPAFABAH)
Keywords
Where Ishtar Games is headquartered
LocationHeadquarters
- HQ city
- Tourcoing
- HQ country
- France
- HQ region
- Europe
Offices2 records
Markets served
Ishtar Games business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations
Revenue model
- Game Sales (Self-Published): Direct sales of games developed and self-published by Ishtar Games, including Lakeburg Legacies, The Last Spell, and the Dead in series. Sold via Steam, GOG, and console platforms.
- Publishing Revenue: Revenue from publishing third-party indie games (Spirited Thief, Worlds of Aria, Forgotten Mines) under the Ishtar Games publishing label. Provides funding (up to 50% of total budget), game design assistance, QA, localization, marketing, and distribution services to partner studios in exchange for publishing rights and revenue share.
- NACON Publishing Revenue (Console): NACON, which acquired Ishtar Games in 2021, acts as the publisher for Ishtar's titles on console platforms (PlayStation, Nintendo Switch, Xbox), handling distribution and sales on those channels.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Pay-as-you-go | Dead in Antares – Standard Edition |
| One time/ perpetual license | Pay-as-you-go | The Last Spell – Standard Edition |
| One time/ perpetual license | Pay-as-you-go | Dead in Vinland – True Viking Edition |
| One time/ perpetual license | Pay-as-you-go | Lakeburg Legacies – Standard Edition |
| One time/ perpetual license | Pay-as-you-go | Spirited Thief – Standard Edition |
| One time/ perpetual license | Pay-as-you-go | Worlds of Aria – Standard Edition |
| One time/ perpetual license | Pay-as-you-go | Forgotten Mines – Standard Edition |
| Other | Multi-year contract | Publishing Funding Support |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels7 records
Ishtar Games product offering
Product offeringCore offering
Ishtar Games is an indie game development studio that designs, develops, and self-publishes genre-blending video games — primarily tactical RPG roguelites, survival management sims, and village management titles — sold on Steam, GOG, and consoles (PlayStation, Nintendo Switch, Xbox). Through its in-house publishing label launched in 2021–2022, the studio also provides funding, game design, QA, localization, marketing, and distribution services to external indie developers in exchange for publishing rights and revenue share.
Product overview
Ishtar Games is an indie game development studio offering a portfolio of video game titles across multiple genres. Their core products include the 'Dead in' series (Dead in Bermuda, Dead in Vinland, Dead in Antares) featuring survival management with RPG elements, tactical RPGs like The Last Spell and Forgotten Mines, management simulations like Lakeburg Legacies, and heist games like Spirited Thief. The studio also operates as a publishing platform for indie developers, offering funding, development support, marketing, and distribution services. Their games span PC and console platforms with multi-language support.
Differentiator
Problem solved
Functional benefit
Products and services
- Dead in Antares Turn-based survival management RPG set on an alien planet. Players manage a crew of survivors stranded after a spaceship crash, balancing resource management, crew well-being, and moral choices involving space colonialism themes.
- The Last Spell Tactical RPG roguelite. Players defend the last bastion of hope with a squad of heroes, exterminating hordes of monsters with magic and brute force by night and rebuilding their battered city by day. Released across PC, PS4, PS5, and Nintendo Switch.
- Forgotten Mines Dwarven tactical roguelite RPG where players retake lost mines from goblins, orcs, skeletons, and demons, building the perfect expedition team for challenging, fast-paced runs. Developed by Cannibal Goose and published by Ishtar Games.
- Spirited Thief Tactical turn-based heist simulator with a stealth twist. Players scout ahead as spirit Trin and grab goods as thief Elaj in a medieval fantasy world. Developed by Koi Snowman Games and published by Ishtar Games.
- Lakeburg Legacies Social-based village management simulation focused on its inhabitants. Players act as matchmakers, creating couples between villagers to make them more effective in their jobs across generations and winning prestige within the allocated time.
- Dead in Vinland Survival/management game mixed with RPG and adventure elements about a Viking family trying to survive on a mysterious island filled with danger.
- Dead in Bermuda Survival management game with RPG and adventure elements where players lead a team of survivors from a plane crash, researching and crafting new items, exploring the island and solving its mysteries.
- Worlds of Aria Cooperative adventure game inspired by tabletop RPGs. Developed by Ludogram and published by Ishtar Games. Available on PC and Nintendo Switch.
- Ishtar Games Publishing Publishing arm of Ishtar Games that supports indie developers by providing funding (up to 50% of development budget), game design/code assistance, QA support, localization, marketing/PR/community management, and distribution through PC platforms (Steam, GOG, Epic) and consoles (Sony, Microsoft, Nintendo). Focused on games with Management, RPG, Strategy, Survival, Adventure, or Roguelite components.
Quantifiable outcome
- 160,000+ units sold for The Last Spell within early-access phase (as of early 2022)
- +3 more outcomes
Companies that use Ishtar Games
Customer profileSegments3 records
Ideal customer profiles2 records
Ishtar Games technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Ishtar Games partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered minor.
- Cannibal GooseminorCannibal Goose developed Forgotten Mines, a dwarven tactical roguelite RPG. Ishtar Games publishes Forgotten Mines under its publishing label. The game released in July 2024.
- Koi Snowman GamesminorKoi Snowman Games is a one-person indie studio that developed Spirited Thief, a turn-based tactical stealth heist game. Ishtar Games publishes Spirited Thief under its publishing label. The game released in September 2023.
- LudogramminorLudogram developed Worlds of Aria, a cooperative tabletop RPG-inspired adventure game. Ishtar Games publishes Worlds of Aria under its publishing label. The game launched a successful Ulule crowdfunding campaign in 2022 and released in September 2024 on PC and Nintendo Switch.
- Professional Translation AgencyminorIshtar Games engaged a professional translation agency to localize Lakeburg Legacies from French to English, German, and other languages, ensuring the medieval and light-hearted style was preserved by working closely with the agency's linguists under the supervision of narrative designer Ambrune.
Scale indicators7 records
Recent moves8 records
Expansion highlights5 records
Ishtar Games competitors and assessment
Company assessmentDirect peers
- Devolver Digital: Indie game publisher and developer (publisher of Hotline Miami, Slay the Spire, Cult of the Lamb). Directly comparable as a peer that combines publishing support for indie developers with development of complex genre-blending titles.
- Humble Games: Publishing arm of Humble Bundle focused on indie games including tactical RPGs, roguelites, and management titles. Functionally parallel to Ishtar Games' emerging publishing label in target genre and indie developer support model.
- Klei Entertainment: Canadian indie studio behind Don't Starve and Oxygen Not Included — survival management games with RPG and crafting depth. Directly comparable to Ishtar's Dead in series and Lakeburg Legacies in genre and design philosophy.
- Supergiant Games: California-based indie studio behind Hades, Bastion, and Pyre — genre-blending narrative RPGs with roguelite mechanics. Closely mirrors Ishtar's approach of combining RPG depth, tactical combat, and dark storytelling in a tightly scoped indie package.
- Motion Twin: French indie game studio (Bordeaux) known for Dead Cells, a genre-blending roguelite action game. Most comparable peer given shared French origin, indie focus, genre-blending DNA, and Bordeaux office overlap with Ishtar's second office.
- Raw Fury: Swedish indie publisher supporting titles like Norco, Sable, and Dome Keeper. Comparable as a focused indie publishing label that funds and distributes narrative- and genre-driven games from small studios, similar to Ishtar's publishing model.
Broad incumbents
- Asobo Studio: French studio based in Bordeaux (same city as Ishtar's second office), developer of A Plague Tale series and co-developer of Microsoft Flight Simulator. Comparable as a French regional indie-turned-incumbent with crossover RPG/adventure focus.
- Paradox Interactive: Swedish publisher/developer specializing in strategy, management, and 4X games (Cities: Skylines, Stellaris, Crusader Kings). Comparable to Ishtar's management and simulation focus but operates at much larger scale and broader market reach.
- Amplitude Studios: French strategy game studio (Endless series, Humankind) under Sega ownership. Comparable in management/strategy genre and French origin, though operating at meaningfully larger scale as a broader incumbent.
Emerging players
- Sloclap: French indie studio (Paris) behind Absolver and Sifu — character-action games with deep mechanical systems and roguelite-adjacent design. Comparable as a French indie studio with similar genre-blending, mechanically deep design philosophy.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Ishtar Games social profiles
Digital presenceIshtar Games financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ishtar Games leadership team
Management profileNumber of profiles
Profiles8 records
Ishtar Games funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ishtar Games M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ishtar Games
What does Ishtar Games do?
Ishtar Games is an indie game development studio that designs, develops, and self-publishes genre-blending video games — primarily tactical RPG roguelites, survival management sims, and village management titles — sold on Steam, GOG, and consoles (PlayStation, Nintendo Switch, Xbox). Through its in-house publishing label launched in 2021–2022, the studio also provides funding, game design, QA, localization, marketing, and distribution services to external indie developers in exchange for publishing rights and revenue share.
Is Ishtar Games a public or private company?
Ishtar Games is a private company. It is classified as corporate owned and is currently operating.
When was Ishtar Games founded?
Ishtar Games was founded in 2005. It employs 11 to 50 people.
Where is Ishtar Games based?
Ishtar Games is headquartered in Tourcoing, France, in the Europe region.
How does Ishtar Games make money?
Three revenue lines are on record. Game Sales (Self-Published) is the primary driver. The others are publishing Revenue and NACON Publishing Revenue (Console).
Who are Ishtar Games's main competitors?
Direct peers on record are Devolver Digital, Humble Games, Klei Entertainment, Supergiant Games, Motion Twin and Raw Fury. Broad incumbents are Asobo Studio, Paradox Interactive and Amplitude Studios. Sloclap is listed as an emerging player.
Does Ishtar Games have an API?
No public API is recorded for Ishtar Games.
What industry is Ishtar Games in?
Ishtar Games's product category is Indie Video Game Development. Its primary akta.pro industry code is MPAFAAAC, Indie Game Studios, with a secondary code of MPAFAAAK, Strategy/4X/Management Game Studios. Its NAICS code is 5132.