Starbreeze, the renowned Swedish game developer and publisher, has achieved a significant milestone today. According to CEO Tobias Sjögren, Starbreeze is now completely debt-free following a long reconstruction process and the issuance of new shares. The press release highlighted that the demand for the shares exceeded their availability, making them oversubscribed.
In an official statement, Tobias Sjögren expressed his gratitude and pride for the strong support received from both existing and new shareholders in the oversubscribed rights issue. He emphasized that this achievement enables Starbreeze to fully execute their growth strategy, including accelerating the development of their next internal projects, expanding third-party publishing, and creating a stronger and more diversified company. Sjögren’s main focus remains on generating growth and value for players and shareholders alike.
Starbreeze was founded in 1998 and gained recognition for games like the fantasy third-person action RPG Enclave, which was released four years after its merger with OE3 Games. However, the company truly achieved global success in 2004 with the critically acclaimed first-person action stealth game The Chronicles of Riddick: Escape from Butcher Bay. This game, set as a prequel to the movie Pitch Black, received outstanding reviews due to its unique gameplay centered around escaping from a prison. Starbreeze also released two successful licensed games, The Darkness and its sequel, and made a wise move by acquiring Overkill Software and securing the rights to Payday.
While Starbreeze faced some setbacks with initiatives like the StarVR headset and the co-op shooter Raid: World War II, its real downfall came with the focus on Overkill’s The Walking Dead. The game encountered multiple delays and issues during development, which led to underperformance and middling reviews upon its release.
As a result, Starbreeze filed for reconstruction due to a lack of liquidity. The company’s offices were raided, and it had to sell Dhruva Interactive to Rockstar, as well as the publishing rights of System Shock 3 and 10 Crowns. To bounce back, Starbreeze decided to solely focus on the Payday franchise.
In late 2019, Starbreeze resumed development on Payday 2 and sought a publishing partner for Payday 3. In early 2021, Koch Media stepped in and agreed to invest over €50 million to fully finance the development, publishing, and post-launch support of Payday 3. Fans recently got a sneak peek of Payday 3 during the Xbox Game Showcase, and the game is set to launch on September 21, with availability on Game Pass from day one. Starbreeze also plans to upgrade the game to Unreal Engine 5 after its release.
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