Cold River Games, a Swedish indie game studio, has announced it has secured $2 million in funding to complete the development of its upcoming free-to-play action RPG, Crystalfall.
The investment round was led by Beam Investments, with additional support from Partnerinvest Norr, CoinFund, Avalanche Foundation, and A100X. The game is set to launch on Steam in 2025.
A Unique Vision for ARPG Fans
Set in a post-apocalyptic steampunk world, Crystalfall blends fast-paced hack-and-slash gameplay with deep character customization. Players take on the role of animal-human hybrids—such as lion-like Knights, fox-like Gunners, and crow-like Technomancers, each offering distinct combat styles and abilities. The game introduces a loot system where gear comes with procedurally generated skill trees, encouraging creativity and strategy in character builds.
The team aims to deliver a fresh take on the ARPG genre by combining classic gameplay elements with modern features like randomized dungeons, online co-op, and seasonal resets that keep the experience evolving over time.
Exploring Blockchain Integration
While blockchain will not be a core focus, Cold River Games is exploring how the technology could improve item security and trading. CEO Åke André believes that blockchain has a meaningful role in ARPGs, particularly in supporting fair item exchanges and reducing fraud.
He emphasized that the studio’s top priority remains player enjoyment and that any blockchain integration will be done in a way that avoids disrupting the gameplay. Items could become traceable on-chain, adding transparency to the in-game economy while preserving user experience.
Experienced Team Behind the Project
Founded in 2021 and based in Umeå, Sweden, Cold River Games was previously known as Crypto Rogue Games. The studio is led by CEO Åke André and creative director Daniil Sanders, both with deep roots in the Swedish game development scene. Their 23-person team includes veterans from studios behind well-known titles like Path of Exile, Warhammer: Vermintide, and Stellaris.
Their focus on meaningful loot, strategic depth, and co-op gameplay reflects their past experience and passion for the genre.
Community Momentum and Future Plans
The studio has already gathered early community interest, with more than 20,000 players adding Crystalfall to their Steam wishlist and over 12,000 members joining the official Discord server. Around 100 player ambassadors are also supporting the game’s growth and visibility online.
With a steampunk aesthetic rarely seen in modern ARPGs, Cold River Games is aiming to fill a gap in the market. As development continues toward the 2025 launch, the studio hopes to deliver a game that appeals to both old-school fans and new players alike.