Board game crowdfunding major Awaken Realms has made its first acquisition of another publisher by acquiring Darwin’s Journey maker Thundergryph Games.

Thundergryph will operate under its own brand following the deal, with company founder Gonzalo Aguirre Bisi continuing to lead its creative direction in his new role of game director at Awaken Realms.

The publishers said the tie-up will allow Thundergryph to focus exclusively on game design and development, with Awaken Realms taking on responsibility for operational necessities such as logistics, manufacturing, fulfillment and worldwide distribution.

The move broadens Awaken Realms’ publishing portfolio beyond the large-scale, narrative-driven and miniature-heavy titles for which it is best known, such as the hugely lucrative Nemesis series, Tainted Grail and ISS Vanguard.

Acquiring Thundergryph adds a catalogue which includes eurogames such as the highly regarded Darwin’s Journey, Tang Garden and Etherstone – and indicates an appetite from Awaken Realms to expand out into different styles of game.

Awaken Realms founder and CEO Marcin Świerkot said, “We were really impressed by the Thundergryph portfolio and how they managed to create very interesting and beautiful games over and over again.

“Because they are so different from what we usually do at AR (with all our dark and gritty taste), we believe it is a perfect fit to make our portfolio broader.”

Awaken Realms would not confirm to BoardGameWire if the acquisition represented the first of multiple M&A deals in the pipeline, but did say it sees value in “building a broader publishing ecosystem, but only if it respects each brand’s identity”.

A spokesperson for Awaken Realms told BoardGameWire, “Right now, our focus is fully on making this partnership successful and supporting the Thundergryph Team in the best possible way.

“More broadly, we are always open to opportunities that make strategic and creative sense, especially where we can help talented teams focus more on making great games while Awaken Realms supports them with production, logistics, fulfillment, and global infrastructure.

“Thundergryph is a particularly strong fit because its portfolio is different from what Awaken Realms is best known for. Their light and medium-weight games, strong visual identity, and elegant production values complement our existing line-up very well.”

He added, “In general, Awaken Realms is interested in areas that can strengthen our ability to create, produce, and deliver great games to players around the world. That can include publishing, operational infrastructure or other strategic areas.”

Discussions for the Thundergryph acquisition began more than a year ago, company founder Bisi told BoardGameWire, adding that such an arrangement was something he had been thinking about for some time.

He said, “Years ago, I had much more time to focus on game development, art direction, and product creation. As Thundergryph grew from a small publisher into a medium-sized company, the amount of organization and administration required increased significantly.

“I realized that I wanted to return to the aspects of the job I enjoy most: creating games and helping bring them to life.”

Awaken Realms says its infrastructure has delivered more than 700,000 games worldwide to date, and believes that support will allow Thundergryph to scale without adding further management burden to its creative team.

The company also retains close ties with crowdfunding platform Gamefound, which began life as part of Awaken Realms before becoming a separate entity with Ravensburger as its majority shareholder. Marcin Świerkot, the co-founder of both Awaken Realms and Gamefound, remains CEO of both businesses.

Bisi added that Thundergryph’s future if it hadn’t agreed the takeover deal would have been one “with fewer games and less time dedicated to nurturing and developing them to the standard we aspire to achieve”.

He said, “The people designing the games, developing the gameplay, creating the visual identity, and interacting with the community are still here. Our creative vision, our passion, and our commitment to making unique games remain unchanged.

“This agreement gives us the opportunity to dream bigger while staying true to what made Thundergryph special in the first place.

“It allows us to combine Thundergryph’s creative strengths with the resources and infrastructure needed to bring even more ambitious projects to life.”

Those projects will begin with Galileo’s Truth, a game by designers Virginio Gigli and Flaminia Brasini, which is set to launch on Gamefound on July 7.

Bisi spoke to BoardGameWire three years ago about the drastic decisions the company implemented during the Covid-19 pandemic in order to deliver the Darwin’s Journey crowdfunding campaign, saying that delaying the game and quickly cutting back on reprints and new production had saved the company.

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Asmodee has agreed to buy the rights to party game Time’s Up! from R&R Games, continuing an expansion push predicated on social games being the fastest growing category of the board games market.

Time’s Up!, first published by R&R in 1999, is based on classic party game Celebrities, in which players write down names on pieces of paper, which teams then take turns guessing based on a single player’s descriptions.

The game increases in difficulty over two subsequent rounds, with players having to describe the same names using just a single word alongside actions and gestures, while in round three the describer cannot speak at all.

Celebrities has been reworked into multiple different boxed releases from various companies over the years, with Peter Sarrett’s design Time’s Up! and Monikers from CMYK among the best known versions.

Asmodee has been a publisher of Time’s Up! since its 2020 acquisition of Repos Production, which had been putting out various versions of the game in Europe since 2004 through a licensing agreement with R&R.

Last year the board game giant shifted Time’s Up! to its Zygomatic studio alongside fellow small-box social games such as its bestselling Dobble range, Werewolves of Miller’s Hollow, the Timeline series and Jungle Speed.

Asmodee said the rights purchase cemented Time’s Up!’s presence as once of Zygomatic’s flagship titles, adding that the Zygomatic team would focus on focus on “expanding the IP and further strengthening its global reach particularly in English-speaking territories, where there is a significant growth potential for the brand”.

It added that it would undertake a “rationalisation and modernisation” of the Time’s Up! range in 2027, which will see it “streamline the product line, refresh the brand positioning, and ensure stronger competitiveness and accessibility across markets”.

Asmodee said Time’s Up! Express, which was launched in January, marked the first step in its refreshed strategy for the game – with its faster gameplay and broader accessibility reaching new audiences “while remaining faithful to the core experience that made the game successful”.

The company’s acquisition of Time’s Up! comes just over a month after it agreed to pay up to €250m for French social and party game publisher ATM Gaming, the publisher of titles including Speed Bac/Quickstop, Mouton Mouton and Pili Pili.

Asmodee said at the time that it expects a compound annual growth rate (CAGR) for social games of between 4% and 8% between 2025 and 2030, compared to about 4% for the wider board games market, citing mass market sales research for the US and ‘main European countries’ conducted by Arthur D Little.

Company CEO Thomas Koegler said in the company’s Q2 report last November that Asmodee had seen “good momentum” in its lower price-point products in the US mass market, singling out Exploding Kittens as a particularly strong performer in what he called a “challenging market”.

Last October the company launched a new party games studio, Moodbox Games, as part of a push into the US mass market.

Asmodee announced in November 2024 that it was preparing to “reignite” its strategy of buying up smaller board game publishers and distributors, saying at the time that it had a pipeline of more than 20 acquisition opportunities.

The ATM deal followed five other acquisitions from the past 12 months – including the buyout of Japon Brand from CMON, anchoring the board game giant’s push into a “currently untapped market” for the company.

Its other recent deals include picking up Zombicide, Cthulhu: Death May Die and Sheriff of Nottingham from CMON, which is attempting to recover from heavy losses over the past couple of years.

Speaking about the Time’s Up! deal to Board Game Beat, R&R Games president Frank DiLorenzo reportedly said multiple companies had reached out over the years to inquire about buying the title or the entire business, but added that “most offers either didn’t align with our valuation or came from partners we felt would not fully honor and support what we’ve built”.

He said of the Asmodee buyout, “We’ve had a longstanding relationship with Asmodee, particularly following their acquisition of our European partner, Repos.

“They have a deep understanding of the game and a clear vision for maintaining its longevity and appeal. Their offer was both attractive and well balanced. We believe this agreement creates meaningful benefits for both companies and for the players who love the game.”

He added that R&R would transition out of publishing the game over the next few months, winding down its remaining stock through direct sales on its website.

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