Santa Ragione

What Santa Ragione does

Santa Ragione S.r.l. is an independent Italian game development studio founded in Milan in June 2010 by Pietro Righi Riva and Nicolò Tedeschi, operating with two core founders and a rotating network of named freelancers across game design, narrative, art, and audio. The studio produces experimental, artistically ambitious video games targeting indie game enthusiasts and narrative-focused players, with a portfolio spanning first-person arcade runners (FOTONICA, 2011/2014), space exploration puzzles with shared-galaxy naming mechanics (MirrorMoon EP, 2013), narrative road-trip games set in 1970s Italy (Wheels of Aurelia, 2016), Sardinian-folklore survival horror (Saturnalia, 2022), and auteur visual novels co-produced with Italian creator Lorenzo Redaelli (Milky Way Prince – The Vampire Star, 2020; Mediterranea Inferno, 2023, IGF 2024 Excellence in Narrative winner). The studio has also organized cultural initiatives including the Milano Game Festival, LUNARCADE, and free Triennale Game Collection exhibitions for the Triennale Milano.

The studio's commercial model is one-time perpetual license sales of discrete game titles priced $2.99–$19.99 across the full indie distribution stack: Steam, GOG, Epic Games Store, Humble Store, itch.io, PlayStation, Xbox, Nintendo Switch, iOS App Store, Google Play, plus direct storefront and Bandcamp for original soundtracks. Console distribution has historically been executed through publishing partners (Fantastico Studio, MixedBag Publishing) and a board game (Escape From The Aliens In Outer Space) is distributed via Osprey Games. The studio has secured non-dilutive co-funding from the Creative Europe Programme and Fondazione Sardegna Film Commission for Saturnalia, and co-develops with international studio Big Trouble on selected titles. Core technology is a third-party game engine (likely Unity) augmented by in-house systems for procedural environment generation, branching narrative logic, and multiplayer galaxy persistence — none of which constitutes proprietary AI/ML.

The company's economic exposure is structurally fragile: end-customer concentration is low (long-tail consumer base), but distribution concentration is critical, as the studio's revenue access is mediated by ~10 third-party platform gatekeepers. The 2023 Steam and Epic Games Store bans of the studio's horror title Horses — followed by the July 2025 App Store delisting of Wheels of Aurelia — eliminated access to the largest PC and mobile storefronts and precipitated a publicly disclosed wind-down, with co-founder statements indicating the studio is likely closing. As of December 2025, the company remains nominally operating but is preparing to cease game development, with Horses' $65,000 post-ban revenue insufficient to sustain operations despite community support.

Name

Santa Ragione

Legal name

Santa Ragione S.r.l.

Website

https://santaragione.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

1–10 employees

Short description

Santa Ragione is a Milan-based independent game development studio founded in 2010 that creates experimental, artistically ambitious indie video games — including FOTONICA, Saturnalia, and Mediterranea Inferno — distributed via Steam, consoles, and mobile storefronts. The studio is reportedly preparing to wind down following platform bans of its game Horses.

Ownership category

akta.pro rank

Headquarters

HQ city

Milan

HQ country

Italy

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. Game Sales (Digital): One-time purchase of games across PC (Steam, GOG, Humble, Itch.io), console (PS4/PS5, Xbox, Switch), and mobile (iOS App Store, Google Play). Revenue is a one-time payment per unit sold with no recurring component. The Horses game sold 18,000 copies in two weeks generating $65,000 in revenue.
2. Soundtrack Sales: Original game soundtracks sold via Bandcamp. Multiple soundtracks available including FOTONICA, MirrorMoon EP, Wheels of Aurelia, and others.
3. Board Game Sales: Physical board game Escape From The Aliens In Outer Space sold via pre-order model through eftaios.com and distributed via Osprey Games.

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels7 records

Core offering

Santa Ragione is an independent Italian game development studio that designs, develops, and publishes experimental indie video games for PC, console, and mobile platforms. The studio also produces and distributes a physical board game (Escape From The Aliens In Outer Space via Osprey Games) and curates game collections released in collaboration with cultural institutions such as Triennale Milano.

Product overview

Santa Ragione is an Italian indie game development studio founded in 2010 by Pietro Righi Riva and Nicolò Tedeschi, based in Milan. The studio produces experimental games with a focus on achieving visceral player responses through unique aesthetics and unconventional gameplay mechanics. Their portfolio spans multiple genres: FOTONICA (first-person one-button runner), MirrorMoon EP (space exploration with multiplayer galaxy naming), Wheels of Aurelia (narrative road trip through 1970s Italy), Saturnalia (Sardinian folklore-inspired survival horror), and Milky Way Prince (visual novel about relationship dynamics). They also publish curated game collections (Triennale Game Collection Vol. 1 and 2) for the Triennale Milano exhibition and organize the Milano Game Festival. Their games are distributed across major digital platforms including Steam, GOG, Epic Games Store, Humble Store, itch.io, App Store, Google Play, and console stores (PlayStation, Xbox, Nintendo Switch). The studio has received recognition including IGF awards for Saturnalia and Mediterranea Inferno, and was nominated for the Diana Jones Award for Escape From The Aliens In Outer Space.

Differentiator

Problem solved

Functional benefit

Products and services

• Saturnalia A folk-horror adventure game set in Sardinia featuring procedurally driven narrative design, local multiplayer, and stylized 2D art. Targeted at indie and narrative game enthusiasts on PC, PlayStation, Xbox, and Nintendo Switch.
• Milky Way Prince – The Vampire Star A narrative space adventure about an abusive relationship, originally released as an Apple Arcade exclusive and later brought to Nintendo Switch and Steam. Targeted at adult narrative-focused players on iOS, Switch, and PC.
• Mediterranea Inferno A visual novel exploring friendship, sexuality, and identity among a group of Italian millennials in the early 2000s. Targeted at mature narrative game players on PC and Nintendo Switch.
• Wheels of Aurelia A narrative road-trip driving game set in 1970s Italy with local and online multiplayer. Targeted at narrative game enthusiasts on PC, Mac, PlayStation, Xbox, iOS, and Android.
• FOTONICA A one-button endless runner with procedurally generated levels, minimalist visual style, and a built-in level editor. Targeted at casual and indie game players on PC, Mac, Linux, PlayStation, PlayStation Vita, iOS, and Nintendo Switch.
• MirrorMoon EP A procedurally generated space exploration game blending adventure and puzzles, with local and online multiplayer. Targeted at experimental and indie game players on PC, Mac, Linux, and PlayStation 4.
• Horses A free-roaming adventure game inspired by The Legend of Zelda and Japanese RPGs, with hand-crafted 3D worlds and stylized art. Targeted at indie and adventure game players on PC, Mac, Linux, iOS, and Android.
• Escape From The Aliens In Outer Space A physical tabletop card game for 2–8 players set in a deep-space spaceship, blending hidden roles and deduction mechanics. Targeted at board game enthusiasts and group tabletop players.
• Triennale Game Collection A curated compilation of independent video games presented as cultural and design artifacts, released in collaboration with Triennale Milano museum. Targeted at cultural institution buyers and contemporary design audiences.
• Triennale Game Collection 2 The second curated compilation of independent video games released in collaboration with Triennale Milano museum, continuing the design-artifact framing of the first collection. Targeted at cultural institution buyers and contemporary design audiences.

Quantifiable outcome

• Horses sold 18,000 copies in 2 weeks despite bans from Steam and Epic Games Store, demonstrating strong community support and demand
• +3 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Fantastico StudiocoreChannel Partner/ Reseller/ Distributor · 21 June 2022Fantastico Studio published Milky Way Prince – The Vampire Star on all major console platforms (PS4/PS5, Xbox, Switch) released June 21, 2022, extending the game's reach beyond PC.
• MixedBag PublishingminorChannel Partner/ Reseller/ Distributor · 1 January 2016MixedBag Publishing handled console port and distribution of Wheels of Aurelia to Xbox One and PlayStation 4, released October 5, 2016.
• Osprey GamesminorChannel Partner/ Reseller/ Distributor · 1 January 2015Osprey Games partnered with Santa Ragione to distribute Escape From The Aliens In Outer Space board game Ultimate Edition, handling physical production and distribution.
• Big TroublecoreStrategic or Co-development PartnerInternational development studio collaborated with Santa Ragione on Saturnalia, bringing expertise from theatre, cinema, television, and cult video games. Big Trouble contributed to the survival horror adventure's development alongside Santa Ragione's creative direction.
• Fondazione Sardegna Film CommissioncoreStrategic or Co-development PartnerSardinian film commission provided funding and support for Saturnalia, a survival horror game heavily inspired by Sardinian folklore and traditions. Supported the game's cultural authenticity and regional roots.
• Lorenzo RedaellicoreStrategic or Co-development PartnerFreelance game author whose work Santa Ragione has been co-producing and publishing since 2019. Creator of Milky Way Prince – The Vampire Star and Mediterranea Inferno.

Scale indicators6 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• Playdead: Danish indie studio behind Limbo and Inside, both atmospheric puzzle-platformers with distinctive art direction. Comparable to Santa Ragione in European indie roots, minimalist artistic vision, and proven track record of award-winning original IP.
• Amanita Design: Czech indie studio behind Samorost, Machinarium, and Creaks. Comparable to Santa Ragione in European indie roots, distinctive handcrafted visual style, and emphasis on non-violent artistic interactive experiences.
• Polytron Corporation: Canadian indie studio behind Fez, a critically acclaimed 2D puzzle-platformer. Comparable to Santa Ragione in small studio scale, distinctive artistic vision, and track record of producing one landmark experimental indie title.
• Die Gute Fabrik: Small Danish indie studio behind Mutazione and Where Cards Fall, with similar artistic narrative focus, comparable studio scale, and shared emphasis on emotionally resonant experimental gameplay that appeals to indie audiences.
• Cardboard Computer: Small US indie studio behind Kentucky Route Zero, an episodic narrative adventure. Comparable to Santa Ragione in studio scale, narrative-driven design philosophy, and sustained commitment to ambitious experimental games over many years.
• Thunder Lotus Games: Canadian indie studio behind Jotun and Spiritfarer, known for handcrafted artistic games with emotional themes. Comparable to Santa Ragione in indie scope, artistic design philosophy, and focus on emotionally meaningful games, though operating at a slightly larger scale.
• Mountains: Florence-based Italian indie studio behind Florence and Old Man's Journey. Direct geographic peer to Santa Ragione with comparable artistic narrative games rooted in Italian cultural heritage and aimed at emotionally engaged audiences.
• Nomada Studio: Barcelona-based indie studio behind Gris, a critically acclaimed artistic platformer. Comparable to Santa Ragione in European indie roots, painterly visual style, and focus on emotionally evocative experimental games for a global audience.
• Sokpop Collective: Dutch collective of micro-teams releasing experimental games at a rapid pace. Directly comparable to Santa Ragione in studio scale, experimental design philosophy, and digital-first distribution across PC storefronts.
• KO_OP: Montreal-based indie studio behind GNOG and Goodbye Volcano High, focused on narrative and experimental games. Comparable to Santa Ragione in studio scale, narrative-driven approach, and experimental game design sensibility.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/santaragione
• Facebookfacebook.com/santaragione

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 Santa Ragione