What Studio Ellipsis does

Studio Ellipsis is a 16-person independent game and narrative entertainment studio headquartered in Lisbon, Portugal, and operating as a subsidiary of FunPlus International AG (Zug, Switzerland). The studio focuses on original intellectual property creation across two product surfaces: Nightholme, an in-development multiplayer co-op horror action game featuring 3-player squads, PvPvE combat, and a transformation system called Grimrunners, and Cradle of the Gods, an original 10-chapter pirate adventure graphic novel series delivered both as a free web-based digital comic via the Studio Ellipsis Comic Reader and as a premium physical Collector's Edition. Creative work is led with Eisner-nominated writers and artists, and the studio positions itself around creator vision, original storytelling, and collaborative community engagement rather than market-formula content.

The business model combines several revenue streams: in-game virtual items and virtual currency sold within games, with payments processed through Apple, Google, and PayPal; physical and digital sales of the Cradle of the Gods graphic novel, with the Collector's Edition sold exclusively through Kickstarter; and physical merchandise (hardcover books, art prints, lapel pins, exclusive artwork) tied to crowdfunding reward tiers. Go-to-market is community-led: the studio builds audiences through Discord, a YouTube Dev Diary series, Kickstarter campaigns (the Cradle of the Gods campaign surpassed 550% of its funding goal), and Steam wishlisting ahead of Nightholme's Early Access. Distribution is digital-first — Steam for the game, a web-based reader for the comic, and Kickstarter for physical goods — with multi-platform social login and account integration (Steam, Xbox, PSN, Apple Game Center, Facebook, Google, VK, WeChat) signaling preparation for a global release. No AI capabilities, no disclosed funding rounds, and no disclosed revenue figures are present in the source data.

Name

Studio Ellipsis

Legal name

Studio Ellipsis Unipessoal Lda

Website

https://studioellipsis.com

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Studio Ellipsis is a 16-person Lisbon-based game and narrative studio, subsidiary of FunPlus International AG, developing original IPs including the Nightholme multiplayer co-op horror game (pre-Early Access) and the Cradle of the Gods graphic novel series, sold to consumer audiences via Steam, Kickstarter, and a web comic reader.

Ownership category

akta.pro rank

Product category

Indie Game Development

NAICS

Software Publishers (5132)

akta.pro primary industry

Social/UGC & Sandbox Game Studios (Roblox-like) (MPAFAAAF)

Keywords

• Indie game development
• Multiplayer horror games
• Graphic novel publishing
• Co-op action games
• Original IP development

Headquarters

HQ city

Lisbon

HQ country

Portugal

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Digital Goods & Virtual Items: Licenses to use Virtual Items and Virtual Currency within games. Users purchase licenses to access virtual content, cosmetics, and in-game items. Virtual Items have no monetary value outside the games and cannot be sold or transferred for cash.
2. Virtual Currency: In-game points, coins or currencies that can be licensed by users for use within games. Users can acquire these to purchase Virtual Items within games.
3. Graphic Novel Sales: Physical and digital sales of Cradle of the Gods graphic novel and Collector's Edition through Kickstarter and direct sales. The campaign exceeded 550% of its funding goal, indicating strong demand for creator-driven content.
4. Physical Merchandise: Physical rewards including hardcover books, art prints, lapel pins, and exclusive artwork created for Kickstarter campaigns.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Studio Ellipsis develops and publishes original entertainment IPs across video games and graphic novels. The studio's core products are Nightholme, a multiplayer co-op horror action game featuring 3-player squads battling Nightwalkers in a corrupted city, and Cradle of the Gods, a 10-issue pirate adventure graphic novel series available digitally through a proprietary web reader and physically as a premium Collector's Edition. Revenue is generated through in-game virtual item sales, graphic novel sales, and crowdfunding campaigns.

Product overview

Studio Ellipsis is a game development studio focused on original IP creation, combining games and narrative entertainment. The portfolio consists of two primary products: Nightholme (multiplayer co-op horror action game) and Cradle of the Gods (epic pirate graphic novel series). Cradle of the Gods is available both as a free digital comic through the Studio Ellipsis Comic Reader and as a premium physical Collector's Edition hardcover via Kickstarter. The studio operates under FunPlus International AG and is based in Lisbon, Portugal.

Differentiator

Problem solved

Functional benefit

Products and services

• Nightholme Multiplayer co-op horror action game where 3-player squads hunt terrifying Nightwalkers, outplay rival teams, and survive an ever-shifting city consumed by the Gloom. Features strategic PvPvE combat, dynamic archetype transformations via the Grimrunner system, and persistent upgrades between sessions. Targeted at horror and gaming enthusiasts seeking social multiplayer experiences.
• Cradle of the Gods Original epic pirate adventure graphic novel series. Features childhood friends Cecily, Lavender, and Henry on a perilous journey to find the mythical Cradle of the Gods. Available as a 10-issue digital comic series and as a physical Collector's Edition hardcover, featuring Eisner-nominated writers and artists.
• Cradle of the Gods Collector's Edition Premium physical hardcover edition of the Cradle of the Gods graphic novel. A full-color 240+ page hardcover including the ten original chapters, brown faux-leather binding, protective slipcase, exclusive 20-page story 'Ricky's Retirement', creator interviews, and artist sketches. Available exclusively via Kickstarter crowdfunding.

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

Feature1 record

Partnerships

One partnership is on record.

• KickstartercoreChannel Partner/ Reseller/ DistributorKickstarter crowdfunding platform used as primary distribution channel for Cradle of the Gods Collector's Edition and physical merchandise. The platform enabled Studio Ellipsis to validate audience demand through achieving 550%+ of funding goal before producing physical goods.

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Direct peers

• Subset Games: Small indie studio behind FTL: Faster Than Light and Into the Breach, known for deep strategy games with strong replayability. Comparable as a peer with a small team focused on original IP, design depth, and a community of dedicated enthusiasts who follow each release.
• Iron Gate Studio: Swedish indie developer of Valheim, a small team that achieved breakout success with a single original title through community-driven Early Access. Comparable as a peer demonstrating how a small indie studio can leverage community engagement and one strong IP to achieve outsized commercial outcomes.
• 11 bit studios: Polish indie developer and publisher behind This War of Mine and Frostpunk, both narrative-driven original IPs with strong thematic depth. Comparable as a peer with original IP focus, narrative ambition, and a track record of building distinctive game worlds that resonate with engaged audiences.
• Thunder Lotus Games: Canadian indie studio behind Jotun and Spiritfarer, focused on original narrative-rich IPs with strong artistic direction. Comparable as a peer with a small team, original IP strategy, and similar commitment to building meaningful, story-driven experiences with strong community engagement.
• Annapurna Interactive: Independent game publisher focused on artistic, narrative-driven games from diverse creators. Comparable as a peer that champions creator-driven indie games with strong artistic vision, occupying a similar position as a curator and amplifier of original IPs in the indie gaming landscape.
• Supergiant Games: Small indie studio behind Bastion, Transistor, Pyre, Hades, and Hades II, known for narrative-driven original IPs with deep world-building. Highly comparable as a peer with a similarly small team, original IP focus, and commitment to building vast evolving universes with strong critical reception.
• Devolver Digital: Independent game publisher and developer renowned for championing original, creator-driven indie titles with a strong focus on unique artistic vision. Highly comparable as a peer that prioritizes original IP and counter-narrative positioning in the indie gaming space, with a similar ethos to Studio Ellipsis's creator-first approach.
• Motion Twin: French independent cooperative studio behind Dead Cells, operating without traditional publishing and maintaining strong community relationships. Comparable as a peer with a small independent structure, original IP focus, and proven ability to compete against larger studios in a crowded genre.

Broad incumbents

• Image Comics: Independent American comic publisher and the largest at publishing creator-owned titles, with a model that gives creators ownership of their work. Comparable as a peer to Studio Ellipsis's Cradle of the Gods publishing arm, sharing a creator-first philosophy and willingness to fund original IP comics.
• Skybound Entertainment: Multi-platform entertainment company spanning comics (The Walking Dead, Invincible), games, television, and film. Comparable as a peer that bridges creator-owned comics and games under one roof, parallel to Studio Ellipsis's simultaneous development of Nightholme and Cradle of the Gods.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@studioellipsis?si=FQE3tvhTrv8PLmPS
• Facebookfacebook.com/Studio-Ellipsis-61579813131652
• LinkedInlinkedin.com/company/studioellipsis
• Instagraminstagram.com/studio.ellipsis

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 Studio Ellipsis