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Miniclip acquires a majority stake in a Romanian gaming studio

The Bridge to Inclusive Finance
Image credit: Green Horse Games
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Miniclip, a game developer and publisher with over 250 million active monthly users, has become a majority shareholder in a Romanian gaming company – Green Horse Games. The headquartered in Bucharest studio, which is behind the popular Football Rivals title will continue to operate as an independent organization while receiving marketing, tech and HR support from Miniclip, which on its turn is part of Tencent, the world’s biggest game publisher.

The deal comes after in 2020, Green Horse Games generated about €4M in revenue and is on a steady growth trajectory. “At the moment, we have hundreds of thousands of active players and very good retention rates. We were not actively looking for an exit, because we were in an excellent position. The growth was exponential, we were well funded, the team was excellent and very importantly we had a vision of growth for the coming years. Miniclip contacted us and from the first discussions, we realized that we can do excellent things together,”, shared in front of George Lemnaru, co-founder and CEO of Green Horse Games.  Previous investors in the Romanian studio included 3TS’ Catalyst fund as well as Malin-Iulian Stefanescu and Ana-Maria Andronic.

For Miniclip, this investment is an opportunity to enter the emerging gaming ecosystem in Southeast Europe and further grow its presence in the mobile sports segment. In its current portfolio, one can find mobile hits like 8 Ball Pool, Golf Battle, and Football Strike, and, which have been downloaded over 2 billion times.


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Etien Yovchev is a co-founder and Chief Editor at The Recursive, online media dedicated to the emerging tech and startup ecosystems in Southeast Europe. He has told the stories of over 200 ventures from the region and aims to provide high-quality constructive reporting on the progress of the SEE innovation ecosystem, making sure that the stories of promising local founders reach global audiences. Etien holds a MSc degree in Innovation Management from RSM, Erasmus University Rotterdam and has more than 4 years of experience in the commercialization of new products, having worked with many early-stage companies and a few corporate innovation departments across Bulgaria, The Netherlands, and the USA.