The venture is providing project financing in exchange for revenue share rather than equity deals
Image credit: Lior Elovitch, VGames News by Alex Forbes-Calvin Contributor Published on June 25, 2026 Venture capital firm Vgames is launching a new $10 million Indie Fund.
The organisation is giving project financing to smaller studios in exchange for a share of revenue, rather than equity. The Indie Fund is specifically aimed at premium PC and console titles with the aim of creating "commercially ambitious titles" that don't rely on free-to-play monetisation.
Speaking to GamesIndustry.biz , investor Lior Elovitch said that while the firm has seen "very strong returns" and observed "a very healthy exit environment" in the mobile market, the same cannot be said for PC and console, hence the specific focus of the Indie Fund.
"In recent years, the exit environment for PC/console has been more challenging, in the number of exits and their size," he said. "So we're changing our investment strategy to revenue share/project financing rather than equity, for those kinds of studios."
He continued: "For PC/console studios, we believe this model can generate better returns for our limited partners compared to equity investments. It's also better suited for those studios that are used to the revenue share model publishers offer."
Elovitch adds that Vgames is planning to back between 10 and 20 studios with investments of between $500,000 and $1 million each.
"Our check size varies depending on the studio-specific needs," he said.
Vgames also said that it has no say in a studio's product roadmap or creative direction, as well as go-to-market discussions. The VC added that studios keep their independence and retain IP rights.
"Independent developers are building some of the most important games in the industry today," partner Daniel Mironov said.
"Technology is allowing smaller teams to compete at a level that simply wasn’t possible a few years ago. But financing models haven’t evolved at the same pace. We believe studios need funding structures that match the realities of modern game development - flexible capital that supports growth without forcing founders into unnecessary dilution or loss of control."
Vgames was founded back in 2020 and initially raised $30 million to support Israeli and Eastern European studios. To date, the organisation has funded over 50 companies, including SuperPlay, 1047 Games and Pocket Haven.