Pendragon Game Studio srl

What Pendragon Game Studio srl does

Pendragon Game Studio srl is an Italian limited liability company headquartered in Milan (via Curtatone, 6) that designs and publishes hobby board games and card games for the international market. The company was founded around 2014 by Italian publishing professionals bringing more than a decade of prior experience in books, magazines, and games, and operates as a boutique publisher with a catalog exceeding 20 published titles including original designs (Last Aurora, Starship Interstellar, Aye Dark Overlord, Hexemonia, Way of the Panda, Chang'An, Volcanic Isle, 15 Men, Monsters vs Heroes, Stay Away!, Last Friday) and licensed IP adaptations (The Thing, Escape from New York, Diabolik). The studio combines internal design with an inbound prototype submission process ([email protected]) and runs a multi-year product roadmap extending into 2026.

Pendragon's core technology is conventional tabletop game publishing — physical board and card products with no proprietary digital platform or AI components. The business model rests on two revenue streams: direct-to-consumer game sales through the company's e-commerce shop at recommended retail prices ranging from EUR 15 to EUR 99 (all VAT-inclusive, shipped within the EU), and international licensing of game IPs to regional publishers who produce localized editions. Distribution is handled through a network of more than 20 international partners including Asmodee, Ares Games, Fantasy Flight Games, Edge Entertainment, Hobby World, CMON, Arcane Wonders, and Matagot, covering language markets across Europe, Asia, and South America.

The go-to-market approach combines crowdfunding campaigns on Kickstarter and Gamefound for new releases, presence at industry trade shows (Essen Spiel, Lucca Comics&Games, Modena Play), direct e-commerce, YouTube content marketing, and email newsletters. Products target hobby board gamers, party game players, and entertainment IP fans seeking themed tabletop experiences. Notable recognitions include the Gioco dell'anno 2024 award for Pianeti Sconosciuti, the MensaLudo 2024 award for Pyramido, the Dice Tower Seal of Excellence for Last Aurora: Frozen Steel, and the 2025 Kidults selection at Lucca Comics&Games for Escape from New York. The company is privately held with no disclosed institutional investors, parent company, or funding rounds.

Name

Pendragon Game Studio srl

Legal name

Pendragon Game Studio srl

Website

https://pendragongamestudio.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

Pendragon Game Studio srl is an Italian board and card game publisher founded around 2014 in Milan, producing hobby tabletop games and licensing them to 20+ international publishing partners across Europe, Asia, and South America. It serves hobby gamers, party game players, and entertainment IP fans through direct e-commerce, crowdfunding, and a global distribution network.

Ownership category

akta.pro rank

Headquarters

HQ city

Milano

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Game Sales: Pendragon Game Studio publishes and sells board games and card games directly through their e-commerce shop and through international distribution partners. Products are sold at suggested retail prices (SRP) with games ranging from €15 to €99.
2. International Licensing: The company licenses their game IPs to international publishers for localization in different languages and markets, including partnerships with Asmodee, Ares Games, Edge Entertainment, Hobby World, and others across Europe, Asia, and South America.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

Pendragon Game Studio srl is an Italian publisher of tabletop board games and card games, founded in Milan in 2019 by hobby-market professionals with more than 12 years of industry experience. The studio conceives, develops, produces, and publishes games in multiple languages, releasing them internationally through licensing partners (Asmodee, Ares Games, Edge Entertainment, Fantasy Flight Games, Hobby World, etc.) and via its own e-commerce shop and crowdfunding channels. Its catalog spans science-fiction, fantasy, horror, and comic-book themes, including IP-licensed titles such as The Thing, 1997: Escape From New York, Diabolik, and The Eternaut.

Product overview

Pendragon Game Studio srl is an Italian board game and card game publisher with over a decade of experience in the hobby market. The company produces games for the international market in multiple languages through established partners. Their portfolio includes core board games (Last Aurora, Starship Interstellar, 1997: Escape From New York, The Thing – The Boardgame, Diabolik – Heists and Investigations, Chang'An, Last Friday, Volcanic Isle, 15 Men, Hexemonia, Way of the Panda, Aye, Dark Overlord, Monsters vs Heroes, Stay Away!, Mythomkhya), expandable with modules and expansions (Starship Interstellar expansions: Danger from Kuiper, Anti Matter, Halley's Comet; Last Aurora expansions: Frozen Steel, Project Athena, Frostlands and Firelands). The company also publishes upcoming titles like The Eternaut and No More Dead: New York. Their products are distributed globally through partnerships with publishers like Asmodee, Ares Games, Fantasy Flight Games, Arcane Wonders, and others.

Differentiator

Problem solved

Functional benefit

Products and services

• Last Aurora Post-apocalyptic survival tabletop board game for hobby gamers, published in multiple languages including English, Italian, German, Spanish, French, and Polish.
• Last Aurora: Frozen Steel Expansion for the Last Aurora board game, adding new content and scenarios for existing owners of the base game.
• Last Aurora: Project Athena Second expansion for the Last Aurora board game, introducing new gameplay elements and content for the existing player base.
• Starship Interstellar Science-fiction tabletop board game for hobby gamers, published in multiple languages and distributed internationally through partner publishers.
• Starship Interstellar – Danger from Kuiper Expansion Expansion for the Starship Interstellar board game, extending gameplay with new content tied to the Kuiper Belt.
• Starship Interstellar – Anti Matter Expansion Expansion for Starship Interstellar, adding new anti-matter gameplay mechanics and content for owners of the base game.
• Starship Interstellar – Halley's Comet Expansion Expansion for Starship Interstellar, adding Halley's Comet-themed content and scenarios for the base game.
• The Thing – The Boardgame Tabletop board game based on the classic horror film The Thing, targeted at hobby gamers and fans of the franchise, released in multiple languages.
• Diabolik – Heists and Investigations Tabletop board game based on the Italian comic-book character Diabolik, centred on heists and investigations for hobby gamers and fans of the franchise.
• 1997: Escape From New York Tabletop board game based on John Carpenter's Escape From New York film, released in 2025 for hobby gamers and film-fan audiences across multiple languages.
• The Eternaut Tabletop board game based on the Argentine comic El Eternauta, crowdfunded with international late-pledge fulfilment for hobby gamers.
• Pentris Tabletop game by Pendragon Game Studio released in September 2024, available through the studio's e-commerce shop and partner publishers.
• Volcanic Isle Tabletop board game in the Pendragon catalog, published in multiple languages and distributed to international hobby markets.
• 15 Men Card game in the Pendragon catalog, published in multiple languages for hobby and casual card-game players.
• Monsters vs Heroes Tabletop/party game in the Pendragon catalog, published in multiple languages for hobby gamers.
• Way of the Panda Tabletop board game published by Pendragon in multiple languages, distributed to international hobby markets.
• Last Friday Horror-themed tabletop board game in the Pendragon catalog, published in multiple languages for hobby gamers.
• Hexemonia Tabletop board game in the Pendragon catalog, published in multiple languages for hobby gamers.
• Aye, Dark Overlord Tabletop card/party game in the Pendragon catalog, published in multiple languages for hobby gamers.
• Stay Away! Tabletop card/party game in the Pendragon catalog, published in multiple languages for hobby gamers.

Quantifiable outcome

• Frozen Steel received Dice Tower Seal of Excellence
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

23 partnerships are on record, tiered core, major and minor.

• AsmodeecoreChannel Partner/ Reseller/ DistributorAsmodee handles distribution of Pendragon games in German-speaking markets (Asmodee DE) and English markets (Asmodee USA). Asmodee is one of the largest hobby game distributors globally, managing European distribution for multiple Pendragon titles including 15 Men, Starship Interstellar, and The Thing.
• Ares GamescoreChannel Partner/ Reseller/ DistributorAres Games publishes English language editions of Pendragon games including Monsters vs Heroes (Vol. 1 & 2), The Thing Boardgame, Stay Away! (English edition), and Last Friday. Ares Games is the English language distributor for multiple Pendragon titles.
• Edge EntertainmentmajorChannel Partner/ Reseller/ DistributorEdge Entertainment publishes French and Spanish language editions of Pendragon games including Aye, Dark Overlord, Monsters vs Heroes, Storyline series, Dragon Pets, and Way of the Panda Spanish edition.
• Fantasy Flight GamescoreChannel Partner/ Reseller/ DistributorFantasy Flight Games publishes Aye, Dark Overlord in English. This is one of Pendragon's flagship titles with long-standing international distribution through FFG.
• Hobby WorldmajorChannel Partner/ Reseller/ DistributorHobby World publishes Pendragon games in Russian language including Aye, Dark Overlord, Last Friday, and Escape from New York (Russian edition planned for July 2024).
• Delta VisionminorChannel Partner/ Reseller/ DistributorDelta Vision publishes Hungarian language editions of Pendragon games including 15 Men, Aye, Dark Overlord, Hexemonia, Volcanic Isle, and Last Aurora expansions.
• Giochi UnitimajorChannel Partner/ Reseller/ DistributorGiochi Uniti publishes Italian language editions of Pendragon games including 15 Uomini (15 Men), L'Isola dei Vulcani (Volcanic Isle), Kragmortha reprint, and Last Friday Italian editions.
• Arcane WondersmajorChannel Partner/ Reseller/ DistributorArcane Wonders publishes English language editions of Pendragon games including Volcanic Isle and Chang'An (English edition planned). Arcane Wonders is the English language partner for multiple Pendragon titles.
• CMONmajorChannel Partner/ Reseller/ DistributorCMON publishes Chinese and English editions of The Way of Panda (Way of the Panda). CMON also distributes Xi'an Chinese edition.
• MatagotmajorChannel Partner/ Reseller/ DistributorMatagot publishes French language editions of Pendragon games including Starship Interstellar (French edition by Intrafin), Xi'an French edition, and Aye Dark Overlord French editions.
• Heidelbaer/Truant VerlagminorChannel Partner/ Reseller/ DistributorHeidelbaer (Truant Verlag) publishes German language editions of Pendragon games including Aye, Dark Overlord, Stay Away!, Last Friday, and Kragmortha German editions.
• Galapagos JuegosminorChannel Partner/ Reseller/ DistributorGalapagos Juegos publishes Portuguese language editions of Pendragon games including Aye, Dark Overlord (currently out of stock) and The Thing Portuguese edition.
• BlackfireminorChannel Partner/ Reseller/ DistributorBlackfire publishes Czech language editions of Pendragon games including Monsters vs Heroes Czech edition, Hexemonia European distribution, Looterz reprint, and Starship Interstellar Czech edition.
• Portal GamesminorChannel Partner/ Reseller/ DistributorPortal Games publishes Polish language editions of Pendragon games including The Thing Polish edition, Last Aurora Polish reprint, and Frozen Steel Polish edition.
• Gen X GamesminorChannel Partner/ Reseller/ DistributorGen X Games publishes Spanish language editions of Pendragon games including Monsters vs Heroes Spanish edition and Escape from New York Spanish edition.
• GrimspireminorChannel Partner/ Reseller/ DistributorGrimspire publishes German language editions of Pendragon games including Last Aurora: Frozen Steel German edition.
• Studio TreetatominorChannel Partner/ Reseller/ DistributorStudio Treetato publishes Chinese language editions of Pendragon games including Starship Interstellar Chinese edition and Last Aurora: Frozen Steel Chinese edition.
• Last LevelminorChannel Partner/ Reseller/ DistributorLast Level publishes Spanish language editions of Pendragon games including Last Friday Spanish reprint.
• KadabraminorChannel Partner/ Reseller/ DistributorKadabra publishes Lithuanian language editions of Pendragon games including Diabolik Latvian reprint and Aye Dark Overlord Lithuanian edition.
• IntrafinminorChannel Partner/ Reseller/ DistributorIntrafin publishes French language editions of Pendragon games including Starship Interstellar French edition and Waterloo: Enemy Mistakes European distribution.
• ArclightminorChannel Partner/ Reseller/ DistributorArclight publishes Japanese language editions of Pendragon games including Last Aurora Japanese edition and Storyline Japanese edition.
• GamefoundcoreStrategic or Co-development PartnerGamefound is the crowdfunding platform used for Pendragon's board game campaigns including Last Aurora Frostlands and Firelands, The Eternaut, and Escape from New York. Late pledges are also managed through Gamefound.
• KickstartercoreStrategic or Co-development PartnerKickstarter is the crowdfunding platform used for Starship Interstellar, The Thing Boardgame, Last Friday, and other Pendragon game launches. Multiple successful campaigns with stretch goals.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Ares Games: Ares Games is a European board game publisher that publishes English editions of Pendragon's games (Monsters vs Heroes, The Thing, Stay Away!, Last Friday). They share the same business model of developing or licensing game IPs and publishing them across multiple language markets with overlapping customer segments.
• CMON: CMON is a major board game publisher with a similar portfolio of licensed IP adaptations and hobby titles. They are one of Pendragon's distribution partners for Way of the Panda and Xi'an, indicating closely aligned business model, customer base, and genre focus on hobby tabletop games.
• Greater Than Games: Greater Than Games publishes Pendragon's Pentris in English. Direct peer in the hobby board game publishing space with similar product mix and target market of hobby enthusiasts.
• Edge Entertainment: Edge Entertainment publishes French and Spanish language editions of Pendragon's games (Aye Dark Overlord, Monsters vs Heroes, Storyline, Dragon Pets). Direct competitor in European hobby game publishing with similar licensing and distribution model serving overlapping hobbyist customers.
• Giochi Uniti: Giochi Uniti is the Italian-language publisher for many Pendragon titles (15 Uomini, L'Isola dei Vulcani, Last Friday). Direct peer operating in the same domestic Italian market with comparable product offerings and customer base.
• Portal Games: Portal Games is a Polish board game publisher that publishes Pendragon's games in Polish (The Thing, Last Aurora, Frozen Steel). Direct peer with similar product mix, publishing model, and customer target in the hobby tabletop segment.
• Matagot: Matagot is a French board game publisher that publishes Pendragon's games in French (Starship Interstellar, Xi'an, Aye Dark Overlord). Direct peer with comparable product portfolio, customer target, and hobby publishing model serving the European market.

Regional players

• Hobby World: Hobby World is a major Russian-language board game publisher that publishes Pendragon's titles in Russian (Aye Dark Overlord, Last Friday, Escape from New York). Regional peer focused on the Russian/CIS market with comparable product portfolio and hobby publishing model.

Broad incumbents

• Asmodee: Asmodee is the largest global hobby game distributor and publisher. They distribute Pendragon's games across German and English markets (15 Men, Starship Interstellar, The Thing). As a broad incumbent, they overlap significantly with Pendragon but operate at much larger scale across many game categories and own major IPs (Catan, Ticket to Ride).
• Fantasy Flight Games: Fantasy Flight Games publishes Aye, Dark Overlord in English and is one of the largest hobby game publishers globally. Broad incumbent with a deep IP portfolio (Star Wars, Lord of the Rings) and overlaps with Pendragon on thematic, sci-fi, and horror game categories.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat3 records

Key risks4 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCn7rQYKYwsxouP_7nSza9qQ
• LinkedInlinkedin.com/company/pendragon-game-studio-srl

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 Pendragon Game Studio srl