ENGARDE
Realms of Aetheria
A debt unpaid by sunset becomes the sky's debt by midnight.
Company · Investment
EnGarde Games · Series A
A profitable, growing studio building one connected medieval-fantasy world across three game forms — CCG, RPG, and tabletop. We're raising €8M Series A to expand into North America and ship the next two seasons. This page summarises the opportunity for partners and investors.
€6.4M
ARR 2025
▲ 38% YoY
280K
Registered players
▲ 62% YoY
38%
EBITDA margin
profitable since 2023
€26
ARPPU monthly
▲ 14% YoY
24
Team (FTE)
scaling to 36
01 The opportunity
Hobby games are no longer a hobby. The global collectible card game market hit $9.5B in 2024 and is forecast to reach $15.8B by 2030 (CAGR 8.8%). The tabletop / board game market sits at $14.2B and is growing 11.5% CAGR. The pen-and-paper RPG market is smaller in absolute terms ($1.1B) but is the fastest-growing of the three at 15% CAGR, lifted by streamed play.
Each market is mature in isolation. None of them connect. Players of Wizards' top CCG rarely cross into its RPG. Buyers of one publisher's boxed game rarely encounter their card line. EnGarde is built from day one around a single world told across all three forms — a network effect that keeps players inside an expanding hobby instead of choosing between them.
Total addressable market · $B
CCG · Tabletop · RPG — 2024 vs. 2030 forecast
2024
2030 fcst
Forecast CAGR · %
Compound annual growth 2024 → 2030
Sources: Mordor Intelligence, ICv2, Grand View Research, EnGarde internal estimates.
02 Product
One IP, three forms, one player wallet. Every product reinforces the others.
Form 01 · CCG
EnGarde CCG
Online + paper. 50-card decks, six factions, six sets a year. Free-to-play with paid expansions. Daily active engine.
Form 02 · Tabletop
Blades of Aetheria
Boxed strategy game. 2–4 players, 90 min. €65 RRP. Expansion strategy: 2 boxes a year, season-linked.
Form 03 · RPG
EnGarde RPG
Tabletop RPG. Single rulebook + GM companion + season supplements. €40 core. Streamed play, official partners.
A player who buys the boxed game finds in the rulebook a code redeemable for cards. A CCG player exploring the codex follows links into the RPG world. A streamed RPG arc resolves a CCG-set storyline. The three feed each other.
03 Traction
Profitable since 2023 on a bootstrapped €450k seed. We held back marketing spend until product retention crossed our internal benchmarks; now the unit economics support paid growth.
Annual revenue · €M
2021 → 2025 actual, 2026–2028 plan
Actual
Forecast
Player base · K registered
62% YoY growth, churn falling
| Metric | 2023 | 2024 | 2025 | 2026 plan |
|---|---|---|---|---|
| Revenue (€M) | 3.4 | 4.6 | 6.4 | 11.0 |
| EBITDA margin | 12% | 28% | 38% | 22%* |
| Registered players | 110K | 173K | 280K | 410K |
| Monthly active | 22K | 41K | 72K | 120K |
| ARPPU (€/mo) | 18 | 22 | 26 | 28 |
| D30 retention | 31% | 38% | 44% | 46% |
*Margin dips in 2026 as we deploy growth capital into NA marketing & team scaling.
04 Business model
Four revenue streams, all healthy. Diversification means no single stream is more than 45% of revenue — we are not exposed to a single channel.
Revenue mix · 2025
€6.4M total · diversified across formats
CCG digital — 45%
CCG paper booster — 22%
Tabletop boxed — 18%
RPG books — 9%
Sponsorship & events — 6%
Unit economics · per acquired player
Steady-state cohort, blended digital + retail
| CAC (blended) | €8.40 |
| LTV (24 mo) | €78.20 |
| LTV / CAC | 9.3× |
| Payback period | 3.8 mo |
| Gross margin (digital) | 82% |
| Gross margin (physical) | 47% |
| Net rev. retention | 126% |
05 Roadmap & future goals
| Horizon | What we ship | Why it matters |
|---|---|---|
| 2026 H2 | Season 8 launch · NA retail entry · 2 new CCG sets | First territory expansion with paid marketing. |
| 2027 H1 | Companion mobile app · live tournaments network | Mobile MAU unlock; events as a marketing flywheel. |
| 2027 H2 | Tabletop expansion box #3 · Bell Cup global finals | Anchor IP moment per year. |
| 2028 | Cross-game seasonal narrative platform · IP licensing pilot | From product company to franchise. |
| 2030 | €40M+ ARR · adjacent media partnership (animated series) | EnGarde becomes a recognisable consumer IP. |
06 The Series A ask
We are raising €8M at a pre-money valuation of €32M. Targeted close: Q3 2026. Lead written, follow-on slots open.
Use of funds · 40%
Growth marketing
Performance + brand spend, focused on the NA launch. Built on proven CAC ≤ €10.
Use of funds · 30%
Team scaling
12 hires across design, engineering, AI, sales, narrative. Detailed in the Careers plan.
Use of funds · 20%
Product & content
Mobile companion app, two extra CCG sets per year, RPG supplements.
Use of funds · 10%
Reserves & runway
Buffer carrying us past the milestone gates without needing a bridge.
07 Get the full deck
The 26-slide investor deck, audited financials, and detailed metrics dashboard are available under NDA. We respond to qualified investors within two business days.
This page is informational and is not an offer to sell or a solicitation of an offer to buy any security. Forward-looking statements are subject to risk and uncertainty.